Lincoln credit unions offer payday loan alternative
LINCOLN — Six Lincoln credit unions are teaming up to offer small loans for 60 days as an alternative to payday lenders.
The plan was detailed Thursday by the Nebraska Credit Union League.
Lincoln has 27 registered payday lenders.
"There is obviously a market out there," said Brandon Luetkenhaus, a spokesman for the league.
The Quick Cash loans, as they're called, will be for $500. Borrowers will pay a $20 processing fee and an 18 percent annual interest rate, which calculates to about $11 for the 60-day term. There are no early payment penalties, according to the league.
Luetkenhaus said that's much less than payday lenders charge.
Credit checks won't be conducted, but borrowers will be required to provide proof of income, such as a pay stub. The borrower also will be required to be a member of the credit union for at least 30 days before applying for a loan. The credit unions also will offer financial counseling.
Cash-advance lenders, also known as delayed deposit services, are limited to a 34-day term.
State Sen. Amanda McGill of Lincoln, a supporter of the new program, said payday loans can lead to a cycle of debt because it's easy for a borrower to take out loan after loan, often to pay off a previous payday loan.
"This is a great way to keep that from happening," said McGill, who has proposed a bill to require a database of payday lenders.
Liberty First, LincOne Federal, MembersOwn, Nebraska State Employees, Peoples Choice Federal and University of Nebraska Federal Credit Unions will offer the loans.
A similar program also exists in Columbus, Neb. The Columbus United Federal Credit Union started its program three years ago after noticing it had seven payday lenders in Columbus, Neb., a town of about 20,000.
Brian Christensen, the credit union's president, said 50 to 100 such loans typically are given out each month, depending on the time of year.
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