The CEO of just one associated with biggest credit unions in Nevada indicated concern Wednesday about their users’ usage of pay day loans but stated short-term loans offered through their credit union was included with cheaper prices and better solution compared to those provided through storefronts or online.
The CEO of 1 for the credit unions that are largest in Nevada expressed concern Wednesday about their users’ usage of pay day loans but stated short-term loans offered through their credit union was included with cheaper prices and better solution compared to those provided through storefronts or online.
Brad Beal, president and CEO associated with the 75,293-member One Nevada Credit Union, stated the credit union re-entered the pay day loan company a year ago utilizing the launch of Advance Pay.
“It was well received,” he said. “We problem several hundred loans a month”
Beal declined to reveal the final amount of loans given. He cautioned people that payday advances are a “very costly method to borrow money.”
“We do not suggest it,” he stated. “If an associate is making use of it somewhere else, it is our responsibility to provide it better value.”