NEW YORK–( BUSINESS WIRE ) JPMorgan Chase & Co. plus the nationwide Federation of Community developing Credit Unions have selected six credit unions in five states to produce and develop options to high-cost “payday” loans for customers.

Beginning year that is early next the lender is going to work because of the credit unions in Ca, Illinois, Louisiana, ny and Ohio to simply help low-income customers whom now utilize short-term loans to hold them over until their next paycheck. With few alternatives, these clients are up against high charges and prices for loans as short being a 14 days.

” by way of an approval that is rigorous, we selected these credit unions due to their strong records of enhancing the communities they provide,” stated Lewis Jones, president for the J.P. Morgan Chase Foundation. “These brand brand brand new lovers will be able to work difficult within the year that is next find practical options which will help customers and their own families keep a lot more of their hard-earned cash.”

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