December 1

Superior credit union provides option to payday advances

Superior credit union provides option to payday advances

After 5 years of fighting for state laws on predatory lending, Superior leaders could have discovered a solution to breaking the spiral that is downward of loans.

It didn’t originate from Madison or by town decree.

The remedy originated in a credit union that is local.

By January, Superior solution Credit Union will likely be providing Good Money loans, an item comparable to a pay day loan at half the cost.

“It is a good answer that is private-sector predatory lending,” stated Superior Mayor Dave Ross. “You’re doing things that are cutting-edge when it comes to poorest borrowers in the neighborhood.”

“we are going for the opportunity,” stated Gary Elliott, SCCU president.

Predatory financing has a company foothold in Wisconsin, the state that is only the country without any regulations from the training. In 1996, there have been 64 payday lending outlets in their state, based on the Wisconsin Department of finance institutions. Presently, you can find 512, seven of which conduct business in Superior. The yearly interest for a quick payday loan ranges from 542 to 780 %.

Ross and Superior Public Functions Director Jeff Vito have actually traveled to Madison often times to necessitate state action. The Superior City Council has limited where title and payday loan companies can put up store and how close they can be one to the other. Continue reading

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