Payday Lending Alternatives, Award-Winning Lending Programs Addressed in Two New White Papers

CUNA Councils
April 29, 2008 | COMMENTS

Credit unions can learn how to develop a payday lending alternative program and about the 2007 Excellence in Lending Award winners in two new white papers from the CUNA Lending Council.

“Payday Lending: The Credit Union Way” guides credit unions through the process of developing a payday-alternative loan program. The paper begins by explaining what a payday loan is and who uses them, then offers possible alternatives to these programs. The paper then touches on the various options that credit unions need to consider when offering a short-term loan and includes an appendix to help with these decisions.

The final white paper is an illustration of the successful lending programs put together by the winners of the eighth annual Excellence in Lending Awards, presented by the CUNA Lending Council and CUNA Mutual Group. “Building on the Basics: 2007 Excellence in Lending Awards Recognize Results and Innovation” describes the consumer lending, mortgage lending, and lending to members of low-to-modest means programs of the following five credit unions: Sound CU in Tacoma, Wash.; 360 FCU in Windsor Locks, Conn.; Boulder Valley CU in Boulder, Colo.; Syracuse Cooperative FCU in Syracuse, N.Y.; and North Island CU in Chula Vista, Calif.

CUNA Council members are entitled to complimentary copies of these white papers; non-members may purchase the white papers for a price of $50 per copy.

The papers are available online in the white paper section of each council site - select the “Lending” tab for both papers.