Credit Unions Look to Fill In Gap if Payday Lenders Leave Ohio

Jun 10, 2008

The payday lending industry is threatening to pull out of Ohio after passage of tough new regulations covering short term loans.

Now, at least two dozen credit unions are preparing to fill in the gap by offering an alternative they call "stretch pay."

Members have access to $250 line of credit for an annual fee of $35 and lower interest rates than those of payday lenders.