New Payday Loan Study Positive for the Industry

By | May 14, 2010

“The survey evidence paints a negative picture of how consumers view credit union payday loans,” the report said. “Most payday borrowers indicate a strong preference for a less restrictive but high-price standard payday loan; very few prefer the credit union version of a payday loan. Borrowers’ distaste for the credit union payday loan is driven most strongly by credit unions’ shorter hours of operation, a lack of privacy conferred because credit union payday loans do not ‘keep my payday borrowing separate from my other banking, for personal reasons,’ and the fact that defaulting on a credit union payday loan harms one’s credit score.”

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