Secondly, the closest credit union to me (Wright-Pat) that offers Stretch pay is well over an hour’s drive from my home. Plus once I get there I would only be kicked out because I don’t meet the membership requirements.

Third – There are many other factors that contribute to the VALUE of the payday loan product.
- People want convenience (location, hours…) and will pay for it.
- People go where they are treated with respect.
- Some people don’t want to be entered into a state database.
- Some don’t want mandatory financial counseling.
- Some may have more than four emergencies per year (the limit under HB 545).
- Many have already been treated poorly by credit unions and banks and want to minimize their contact with these institutions.
- The flat 15% charged for a payday loan is simple and easy to understand. I doubt that many credit unions post their loan price on the wall as payday loan stores do.

In short, there are many factors that contribute to the VALUE that the customer receives. Credit Unions have a hard time competing with this. Is it any wonder that anti-payday funding comes from a credit union?

Vote NO no Issue 5. Let the consumer make the decision of which product they prefer.