Six Lincoln credit unions launched their Credit Union QuickCash program to provide their members with an alternative to high interest payday loans.
During today’s press conference, People’s Choice Federal Credit Union President/CEO Dale Springer said, “Members will now be able to apply and qualify for a $500 small loan with an annual percentage rate (APR) of 18% with a payback term of 60 days in a fast and convenient way without the hassle of a credit report.” Under the program, credit union members are required to provide proof of income and by federal regulation, are required to be, or have been, a member of the respective credit union for at least 30 days to qualify for the loan.
The six credit unions currently offering the Credit Union QuickCash program include Liberty First Credit Union, LincOne Federal Credit Union, MembersOwn Credit Union, Nebraska State Employees Credit Union, People’s Choice Federal Credit Union, and University of Nebraska Federal Credit Union. More Lincoln credit unions may decide to offer the program in the near future and the Nebraska Credit Union League has said that they hope the program will be spread throughout the state as well.
For more information, please contact Brandon Luetkenhaus at (402) 333-9331 ext. 202 or visit the Nebraska Credit Union League at http://www.nebrcul.org/.