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INFLUENCE: Credit union swaps pay day loans for friendlier offering

INFLUENCE: Credit union swaps pay day loans for friendlier offering

Credit union falls controversial loan providing after iWatch News investigation

Introduction

A Utah-based lender showcased prominently in a iWatch Information research of payday financing at credit unions has stopped attempting to sell the controversial loans and it is rather providing a far more consumer-friendly product.

Mountain America Credit Union had provided its 320,000 member-owners a “MyInstaCash” loan that topped down at an 876 % yearly rate of interest for a $100, five-day loan.