Mission SF Credit Union has payday loans at 18%, compared to 400% in the industry, and worth a reminder in these tough economic times. Both Mayor Gavin Newsom and the District 9 Supervisor Campos agree that payday loans are predatory, and residents of the district are probably more vulnerable than the rest of San Francisco because of their lower levels of income.
According to Ivan Barriga, Mission SF Federal Credit Union’s Outreach and Financial Education Coordinator, “We are the first in the country to offer such a program.” The organization serves anyone associated with the neighborhood. Associated is a very loose requirement and membership is only $5. Mission SF Federal Credit Union is a pioneer of payday loan programs, and exist to help the neighborhood’s residents.
If you need help with a payday loan, consider Mission SF Federal Credit Union’s innovative program in the neighborhood before alternatives. The credit union also offers financial counseling so that you can escape the payloan cycle. This is a member-based organization, and for $5 you get them in your corner. Mr. Barriga is justifiably proud of this innovative payday program, and can be contacted at firstname.lastname@example.org or 415.206.0846 x20 for more information.