Payday Alternative Loan Rule Will Generate More Alternatives for Borrowers
Last Payday Alternative Loans Rule Provides Greater Flexibility
Federal credit unions should be able to provide more payday alternative loan choices under your final rule (starts brand brand new window) authorized, 2-1, because of the NCUA Board.
“The PALs II guideline is a free-market solution that reacts to your importance of small-dollar lending when you look at the marketplace,” NCUA Chairman Rodney E. Hood stated. “This will make a distinction by assisting borrowers build or repair credit documents, permitting them to graduate with other main-stream lending options. You want to encourage accountable financing that enables customers to handle instant needs while working towards fuller economic addition. Read more
