GRAND RAPIDS, Mich.—CU*Answers’ Lender*VP has announced a new “Just Turn It On” program for Payday Alternative Loans (PALs).
PAL is an NCUA-endorsed, small-dollar lending program for federal credit unions that seeks to protect their members from the practices of potentially predatory payday lenders.
“PALs give credit unions a chance to transition borrowers to more traditional products offered by credit unions and break the cycle of reliance on payday loans,” Lender*VP said. “By adding this product to the current suite of ‘Just Turn It On’ offerings, it allows credit unions to flip the switch and dive in immediately.”
CU*Answers said it will configure the product, provide training, policy examples and ensure the credit union is prepared to leverage results and help members.
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