Credit Unions Slowly Fill Void As Payday Lenders Leave D.C.
By Jordan Weissmann
Source: Washington Post
Saturday, July 26, 2008

“…In January, legislation went into effect capping interest rates in the District at 24 percent, effectively driving out the area’s payday lenders, whose business model is wedded to annualized rates of 300 percent and above. Credit unions are now slowly filling the void in small-dollar loans. At least half a dozen District institutions are attempting to reinvent the loans as a tool to help bring hard-pressed borrowers closer to financial health…”  Click here to view the full article.