EDMONTON, Alberta–Servus Credit Union has introduced the “Fast Forward Small Loan” as an alternative to payday loans. The credit union said it developed the new socially responsible loan product to provide cash very quickly at a low cost of borrowing to give people an alternative to payday loans and help them become more financially fit.
"Our new Fast Forward Small Loan offers Albertans a flexible and affordable option," said Servus President and CEO Garth Warner in a statement. "An option that can help Albertans through those times when their income doesn't cover unexpected expenses, or when they need a short-term bridge until their next pay cheque."
The product was announced at a news conference where Hon. Stephanie McLean, Minister of Service Alberta and Minister of Status of Women, spoke about the government's efforts to end payday lending.
"We are proud to work with Servus Credit Union and community partners to put strong, responsible alternatives in place. Servus Credit Union's new Fast Forward Small Loan is fair, fast, and helps Albertans build their credit instead of spiralling into crushing debt," said McLean.
The Fast Forward Small Loan charges a rate of 19%.