BY CATHERINE HERRING
The article featuring former employees of Check 'n Go ("Check 'n Go under fire," Sept. 13) spotlights the burgeoning payday lending business and highlights one of the not-unusual circumstances borrowers find themselves in - a consumer who borrowed $500 in 2001 who finally paid his loan off in 2007 - six years and nearly $15,000 later. I encourage consumers to consider Stretch Pay, a low-cost, small-dollar loan offered by more than 30 Ohio credit unions, including four in Greater Cincinnati.
Ohio credit unions have designed StretchPay with terms and conditions that are straightforward, transparent and easy to understand. Our goal is to work with our members to avoid problems like those we are seeing in other financial sectors.
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