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The NCUA Doubles Amount Credit Unions Could Possibly Offer for Payday Alternative Loans
The National Credit Union Administration (NCUA) voted 2-1 to approve the final rule related to expanding payday alternative loan options (PAL II) at the September open meeting. Even though NCUA clarified within the last guideline that the PAL II will not change the PAL I, the flexibleness regarding the PAL II will generate brand brand brand new possibilities for borrowers to refinance their payday advances or other debt burden beneath the PAL II lending model. Notably, though, credit unions might only provide one variety of PAL up to a borrower at any time.
The key differences when considering PAL we and PAL II are as follows: