The Everett branch associated with Washington State Employees Credit Union is component of the pilot task to maneuver the business to the cash advance business.
This program, called Q-Cash, has raised some eyebrows within the economic solution industry, where payday lending is seen with a few distaste, stated Kevin Foster-Keddie, the president regarding the Olympia-based company.
“We get that response a great deal,” he stated.
However the objective is decrease the number of credit union people that are depending on the short-term, high-interest loans to create ends satisfy, he stated. “We think we could actually replace the method lending that is payday done and set a brand new standard for just exactly how it’s done appropriate.”
The credit union established the test early in the day this at five branches in Everett, Tacoma, Lakewood, Spokane and Chehalis month.