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HASTINGS—The scenario had become all too familiar to Amy Byers.

Would-be consumers would come right into Thornapple Credit Union branches south of Grand Rapids, hopeless to leave of payday advances.

“Half the full time they might appear in very nearly in rips, saying, ‘I don’t have the funds to pay for them right back, ’” recalled Byers, CEO associated with Barry County-based credit union.

A name borrowed from a golfer’s second chance at correcting an errant tee shot, which carries an 18-percent interest cap so the credit union launched what it calls a Mulligan Loan.

Into the seven years since, Byers stated, a huge selection of borrowers have actually looked to the mortgage in this area that is rural of, most of them stuck in payday financial obligation. Read the rest of this entry »