Michigan Credit Unions Providing Lower Cost Loan to Beat Payday Loans Lenders

BAKERSFIELD, Calif. - July 19, 2013 - PRLog -- A study lead by Pew Charitable Trust exposes that most of the people of United States of America uses payday loans services to pay their expenses and dues bills which includes rent, phone bills, car repair bills etc.

Most of the people favor going to private lenders as an alternative of Government loans because of composite loan application form and lot of document necessities. This is the reason Credit Unions in Michigan are throwing themselves as solutions for individuals who are underserved by more conventional banks.

The payday loans organizations are especially recognized for providing easy and simple access to credit by offering cash money within few hours or in one business day.

The report which is lead by Pew Charitable Trust demonstrate that loan presented by these USA Payday Loan lenders such as of $375 cost upto $520 with interest rate. Therefore, debtor have to pay huge amount while refunding the loan money and Pew Charitable Trust also saw that this is the main cause most of the loan debtor get stuck in the credit debt.

Lee Kirk also said that borrower get in condition where they have only consequences and enormous interest rate on the loan. And most of the loan borrowers are incapable to pay the loan principal because of vast interest rate. No any moneylenders can reject that they are presenting loan at low interest rate.

According to the report of Pew Charitable Trust, Cash USA Loans borrowers spend $7.4 billion in one year on these high-interest loans. This report also reveals that approximately 20,000 payday loans websites in the USA which is offering high interest loan.

To attract these all client from high cost payday creditors Credit Unions are providing fitness courses to their customers to help people to stay on the right monetary track. It is said by Lee Kirk who is the project director at Community Promise Federal Credit Union.


For more info visit- http://usa-payday-loan.org