Rob McCord, Pennsylvania State Treasurer is continuously admiring a payday loan program of a credit union. This program has been reported to save its members worth $15 million.

The $125 million Cross Valley Federal Credit Union was visited by Rob McCord to find out about its Credit Union Better Choice program. According to the Treasury Department of Pennsylvania, this program was said to have given assistance to three women who were faced with unexpected expenses. This Wilkes-Barre, Pa.- based credit union has been reported to have issued around 280 Better Choice payday loans to about 101 of its members since the year 2007.

Better Choice Payday loan was launched in 2006 through a joint venture between Pennsylvania Credit Union Association and the state. Since then, the participating credit unions was said to have made about 43,000 Better Choice loans that amounted to a total of $20.5 million.

Officials said that the loans have given its members a total savings that amounted to $15 million. This cost includes fees especially interest charges that goes with most payday lending products. Better Choice Payday Loan is available at about 79 credit unions in almost 222 Pennsylvania locations.

Mc Cord said that the Better Choice Program is especially designed for people who seek payday lenders because of economic struggles that lead to difficulties in making ends meet. He adds that this program is a better option for these people.

The President and Chief Executive officer of Cross Valley FCU, Edward Kaushas, said that the decision to offer the loan came easily. Their company is happy to know that the program is able to reach out to many people and make a big impact in their lives and in their families.

The typical charge for a $500 payday loan is about $15 for every $100 that is borrowed in a two week period. For a 90-day period, the fees for the same loan will reach about $450. However, in the Better Choice program, the cost of this type of loan for a 90 day period is about $42.50. By the end of the loan period, the borrowers save about $50.

Mc Cord highly spoke about the Better Choice payday loan program. He said that this helps Pennsylvanians expand their dollars for emergency needs without falling into bad debt that most traditional lenders may create.

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