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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.

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