The $1 billion
Langley Federal Credit Union,
based in Hampton Virginia, has developed a low-cost payday loan
alternative that has netted its members over $230,000 in savings,
according to the Credit Union Times.
Called QuickCash, offers members emergency loans at a fraction of
the cost of a traditional payday loan. For example, a two week loan
from a traditional padyay lender might cost the borrower over $75 to
borrower $500. QuickCash, offers the same product at just 18%, or a
little over $3.00 for the same loan.
Langley FCU uses a common bond field of membership, offering this
product to specific businesses, organizations and associations in the
Hampton area.
