Tag: financial inclusion

For many, traditional banks are unaffordable due to high balance requirements, leading people to rely on costly alternatives like check-cashing services and payday loans. Low-income credit unions (LICUs) offer a potential solution, serving member-owned, not-for-profit institutions that cater to individuals with limited financial histories. LICUs provide essential banking services like check cashing and bill payment at low or no cost, and offer smaller, lower-interest loans—including Payday Alternative Loans (PAL