Servus Credit Union announces a fair and flexible alternative to payday loans

EDMONTON, AB--(Marketwired - December 07, 2016) - Albertans looking for an alternative to payday loans now have a province-wide option in the Servus Credit Union Fast Forward Small Loan. Servus developed the new socially responsible loan product to provide cash very quickly at a low cost of borrowing to give people an alternative to payday loans and help them become more financially fit.

"Our new Fast Forward Small Loan offers Albertans a flexible and affordable option," said Servus President and CEO Garth Warner. "An option that can help Albertans through those times when their income doesn't cover unexpected expenses, or when they need a short-term bridge until their next pay cheque."

The product was announced at a news conference where Honourable Stephanie McLean, Minister of Service Alberta and Minister of Status of Women spoke about the government's efforts to end payday lending.

"We are proud to work with Servus Credit Union and community partners to put strong, responsible alternatives in place. Servus Credit Union's new Fast Forward Small Loan is fair, fast, and helps Albertans build their credit instead of spiralling into crushing debt," said Minister McLean.

On behalf of Servus Credit Union, Warner congratulated the Government of Alberta on taking these significant steps towards strengthening consumer protection. Warner also said he was pleased the government chose to work with credit unions as they implement this legislation. "We are proud to be working with the Alberta government to help improve the financial fitness of Albertans, and to be offering Albertans a fair alternative."

The Fast Forward Small Loan will cost borrowers much less than what is charged by payday lenders with an interest rate of only 19%. It is available now in all Servus branches (more than 100 in 62 Alberta communities), and people will be able to apply online or through our contact centre, and finish the application at a branch.

About Servus Credit Union Ltd.
Servus Credit Union is a member-owned financial institution serving members from more than 100 locations in 60 communities. The credit union's vision of building a better world one member at a time inspires their commitment to provide sound, advice-based financial products and services; help members achieve personal satisfaction, enjoy financial stability and a good quality of life; and improve the communities where its members live and work. For more information, call toll-free 187SERVUSCU / 1.877.378.8728 or visit servus.ca.