GRAND RAPIDS, MI (December 3, 2014) -- CU*Answers Lender*VP has announced a new “Just Turn It On” program for Payday Alternative Loans (PALs). PAL is an NCUA endorsed small-dollar lending program for federal credit unions which serves to protect their members from the practices of potentially predatory payday lenders. PALs give credit unions a chance to transition borrowers to more traditional products offered by credit unions and break the cycle of reliance on payday loans. By adding this product to the current suite of “Just Turn It On” offerings it allows credit unions to flip the switch and dive in immediately. “Our clients tell us go and we make it happen,” said Mary Dwyer, Lender*VP Account Executive. CU*Answers will configure the product, provide training, policy examples and ensure the credit union is prepared to leverage results and help members.
Dwyer continued, “Our credit unions don’t always have the time to launch the programs they want. They sit on the shelf and never seem to make it to the final execution. The “Just Turn It On” initiative from CU*Answers is meant to take those ideas off the shelf and to put them into practice by managing the rollout for the credit union.”
CU*Answers looks forward to helping credit unions offer this alternative to their members with a focus on educating the member not only on fair lending, but responsible borrowing. PALs are not only the economical choice compared to traditional payday loans; they can strengthen the member’s credit history. When a member can be removed from the negative cycle of payday lending they can be successfully moved toward more traditional forms of lending.
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 1.7 million members and $15.7 billion in credit union assets. For more information, visit www.cuanswers.com.