On the list of leaders in payday options are credit unions, member-based organizations with a brief history of serving low-income communities.

On the list of leaders in payday options are credit unions, member-based organizations with a brief history of serving low-income communities.

North Side Community Federal Credit Union in Chicago introduced small-dollar loans 20 years back, whenever payday advances had been simply becoming popular. Couple of online installment loans in Massachusetts years ago, it began providing bigger loans by having a borrow-and-save requirement, a feature that is increasingly popular of options. Borrowers could be offered monetary guidance, an attempt to nudge them further across the road to long-term stability that is financial.

“It’s a complex problem,” claims Sarah Marshall, North Side’s CEO. […]