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New NCUA Video Educates Consumers on Payday Loans, Alternatives
Friday, July 31, 2015 6:40 AM

Each year, nearly 12 million Americans take out a payday loan, which can have higher interest rates and fees than other forms of credit, according to a new video released by the National Credit Union Administration.

NCUA's video, “Understanding Payday Loans,” is now available on NCUA’s YouTube channel. The video explains how payday loans work and highlights important features of these loans that consumers should understand. The video also provides an overview of payday alternative loans available to members of federal credit unions that offer them under an NCUA regulation.