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Credit union attempts pay day loans

The Everett branch associated with Washington State Employees Credit Union is a component of the pilot task to maneuver the company in to the cash advance business.

This program, called Q-Cash, has raised some eyebrows within the monetary solution industry, where payday financing is seen with a few distaste, stated Kevin Foster-Keddie, the president for the organization that is olympia-based.

“We get that response a great deal,” he stated.

Nevertheless the objective is decrease the number of credit union people who will be depending on the short-term, high-interest loans which will make ends fulfill, he stated. “We think we are able to actually replace the method payday financing is done and set an innovative new standard for exactly just how it is done right.”

The credit union established the test earlier in the day this month at five branches in Everett, Tacoma, Lakewood, Spokane and Chehalis. Thus far, the solution can be acquired and then WSECU members. The aim is to expand it to payday money center fees all the 19 branches, provide the ongoing service on agreement with other credit unions and expand it to non-members over the following half a year, Foster-Keddie stated.

The credit union is regarded as a handful — less than a half-dozen — nationwide to own entered in to the cash advance business, he stated.

The test got its start whenever a teller took note associated with the number that is surprisingly high of requesting cashiers checks made down to payday loan providers, Foster-Keddie stated.

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