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Pay day loans for legislative staff now a statew

Wednesday, November 4th, 2020

Pay day loans for legislative staff now a statew

Sacramento can’t claim to possess started trends that are too many. But there is however a notion that began here which includes now spread statewide: payday advances for legislative staffers during our budget that is annual crisis.

Golden 1 Credit Union began the styles into the very early 1990s, providing low-to-no interest loans to legislative staffers whom weren’t getting compensated during a spending plan standoff. The Sacramento-based Golden 1 nevertheless continues to be the provider that is largest of such “payday” loans. But credit unions over the state are now actually engaging in the work, often providing the solution to just a members that are few.

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While there have traditionally been payday solutions open to staff check out here that is sacramento-based the last few years have experienced some anecdotal proof of region staffers being kept call at the cold. This will be one thing regional credit unions have already been wanting to address—and possibly used to attract users in the act.

“Redwood Credit Union has been doing this for a long time,” said that company’s COO, Anne Benjamin. “We think of it as a part solution. It’s really core from what the credit union is about.”

Benjamin stated Redwood has provided the ongoing service since about 2002. This season, they’ve five people using advantage of it—out of 143,000 clients, with $1.8 billion under deposit. (more…)