ALEXANDRIA, Va.—NCUA has produced a video that educates consumers on payday loans and their alternatives.
The video, “Understanding Payday Loans,” is available on NCUA’s YouTube channel.
The video explains how payday loans work and highlights important features of the loans that consumers should understand, the agency stated. The video also provides an overview of CU payday alternatives.
“By providing information about payday loans and alternatives to payday loans, we can help consumers make informed choices and avoid a potential cycle of debt and dependency,” NCUA Board Chairman Debbie Matz said. “NCUA’s payday alternative loan program seeks to meet borrowers’ short-term financial needs while promoting greater financial security in the long run.”
The video is part of NCUA’s Consumer Report series developed by the Office of Consumer Protection.