Payday Alternative Loans, known as PALs, help small-dollar borrowers avoid the debt trap created by traditional payday loans. PALs are regulated by the National Credit Union Administration, which created the program in 2010. The loans must be: Issued to borrowers who have been credit union members for at least one month. Granted in amounts between...
The article What Is a Payday Alternative Loan? originally appeared on NerdWallet.
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