Credit union swaps loans that are payday friendlier offering

Credit union falls controversial loan providing after iWatch News investigation

Introduction

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

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