StretchPay, a salary-advance loan, is now available to credit unions in the First State, according to the Delaware Credit Union League in New Castle, which represents 34 credit unions with more than 200,000 employees. Borrowers pay a $35 annual fee to obtain a $250 line of credit, to be repaid within 30 days at an annual interest rate of about 18 percent. A $250 loan from a typical payday lender would cost the borrower about $75 in fees and interest over a 28 day-period, according to the Credit Union Outreach Solutions Inc. Because it costs less to borrow money, StretchPay also makes it easier for members to build good credit histories by repaying loans on time. So far, more than 30 credit unions in the District of Columbia, Maryland, Ohio and Wisconsin have rolled out the program in partnership with CUOCI. Read More