Pay-Day Alternative Loan
Our “PAL” loan is here when you need a helping hand or want to try and establish a credit history. It is a fixed amount of $1000 and has a maximum repayment term of 12 months. How does this help you to establish credit or rebuild your credit standing if you have had problems in the past? CFCU loans you $1,000, but deposits $500 of the loan proceeds into a Share savings account to get you started on building a back up savings plan for future needs or emergencies. This keeps you from going to those high-interest payday lenders that can charge you 500% interest on your next loan. After you pay off your CFCU loan, you still have the $500 in your Share account. We recommend you take the monthly payment amount after your loan is paid in full and start a direct deposit to your Share account. We bet you won’t even miss the money since you were able to make the monthly loan payment.