Springfield TV viewers learned more about the benefits of credit unions when CU Community Credit Union (Springfield, Mo.) President/CEO Judy Hadsall was interviewed in a recent news story.
KOLR-10 News reported on a banker-supported bill (SB 254) which would allow financial institutions to charge higher fees for "open-ended" credit loans. The bill would raise the advance fee up to $75 or 10 percent of the contract.
Hadsall was interviewed on June 18, 2013, when she pointed out that consumers do have another alternative for smaller loans: credit unions.
“We do small consumer loans every day,” says Hadsall. “We don’t have a set amount. We don’t charge up-front fees. Unfortunately, they [consumers] think the only option they have is payday lenders.”
Hadsall explained that she has long worked with members and potential members to find an alternative to payday loans.
“We know that there’s need out there for the consumers to have some other alternative other than going to a payday lender. Once they get in, they can’t seem to get out.”
The bill passed the Missouri General Assembly and is waiting for Governor Jay Nixon to sign into law or veto. If he takes no action, it will take effect in August.
You can watch the KOLR-10 news story here. If it doesn’t load immediately, try refreshing the page.