Payday Alternative Loan

The loan amount will be $2,000.00

The credit union will collect a $20.00 application fee from all applicants before accepting or submitting the application (fees will be collected and kept whether approved or denied)

The interest rate for this loan will be 28%

The loan term will be 12 months

Payment Example: $2,000.00 for 12 months @ 28.00% APR = $192.81

Applicant must be at least 18 years of age

Applicant must be a member for at least 120 days (4 months)

Applicant must be currently employed for at least 180 days (6 months)

Applicant cannot be past due on any other loans with the credit union

Applicant cannot have a negative balance in any account with the credit union with the exception of power pay funds

No credit check required

Applicant’s income must be verifiable

Applicant must have a payroll deduction to a savings or checking account at the credit union with a minimum amount of $100.00 monthly

Applicant may only have one “PAL” loan on their account at any given time.

Maximum number of “PAL” loans for one applicant within a 6-month period will be three (3)

Late fee of $15.00 will be charged on loans that are 15 or more days past due

Applicant must have demonstrated an on-time pay history on any previous “PAL” loans

Not all applicants will qualify.

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