Why can’t things just be explained in black and white terms when the topic is simply that,black and white?
Seems the national Credit Union Administration just can not work that way, even if it is simple black and white facts like FCU payday loans are illegal.
The National Consumer Law Center did them a favor and reminded them that they had 9 credit unions still offering these loans and that they need to stop as they are illegal.
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They pointed out to the FCU that all 9 credit unions in violation are offering payday loans that are in the triple digits in APR, and FCU’s are not to exceed 18% APR.
The credit unions response is a ruse. They disguise the true interest rate by calling it an application fee, when in reality it is part of the APR, bumping it up from 15% APR on a $400.00 2 week loan to without the free to 223% APR with it.
Black and white!
While giving the NCUA credit for initially taking action in 2010 by getting 52 of 58 FCU’s to stop the practice, they have done nothing since and some FCU’s have actually about faced and resumed the practice of offering these loans.
It is quite simply black and white as far as the law goes. These loans are illegal, and the FCU’s need to stop this practice immediately There are no excuses or reasons the NCUA could possibly come up with to allow these to have continued, period, and it is inexcusable the NCUA would turn their heads and let these 9 continue this ruse.
These are your credit unions. They are federal and they are member owned. Why would we the people want something we own to offer damaging loans that take advantage of people who are struggling already?
Summary
I guess the questions that I need to keep asking is how long are we the people of the USA going to allow government agencies, and member owned companies to continually lie to us and take advantage of us?
If you came to this site you probably are in need of help with payday loan debt. I can honestly say with all confidence you will not get any false hopes here, only people who are willing to help you in any way we can. Please check out our Payday Loan Repayment Plan and see how we can help you with your payday loan debt.
Are you ready to take back a bit of your freedoms? I know I am!
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