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Loans and Cash

Issues related to the financial happenings within the county.

Credit unions offer alternative to costly payday loans

By Dan Petrella/CU-CitizenAccess – A few local institutions do offer alternatives to payday loans at a significantly lower cost.

Central Illinois Credit Union, which has locations in Champaign and Urbana, has been offering a “payday alternative loan” to its members since 2005, when its president, Cheryl Merkel, saw a group of UI law students present a report they had written about similar products at other credit unions across the country.

Dan Petrella/Advance America Cash Advance store in Champaign.

Payday lenders find profitable market in Champaign-Urbana

By Dan Petrella/CU-CitizenAccess â€“ Connie Harrison doesn’t live like a spendthrift.

The 58-year-old University of Illinois graduate shares her modest, two-bedroom house in rural Fithian with several cats, mostly strays she’s taken in over the years. She has more than 200,000 miles on her 1996 Geo Metro.

Darrell Hoemann/The News-Gazette/Valerie McWilliams, managing attorney of the Land of Lincoln Legal Assistance Foundation, in her Champaign office.

¨ Copyright 2011 CU-CitizenAccess.