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Michigan

TexasTowelie

(126,947 posts)

2. Yes, it's high for a credit union.

Reply to msongs (Reply #1)

Sat Jun 29, 2019, 09:37 PM

Jun 2019

When I was a state employee loans were at 14% while the interest rate for deposits was around 6%.

However, loans at a payday loan company are at 400% or more. So the credit union is getting $68 on the maximum loan of $ 750 after six months. The payday loan company is getting around the same amount every two weeks if the customer keeps rolling the loan over every paycheck.

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Highlight:

How one Michigan credit union is helping ease customers from payday loans [View all] TexasTowelie Jun 2019 OP

18% interest is gouging nt msongs Jun 2019 #1

Yes, it's high for a credit union. TexasTowelie Jun 2019 #2