Payday Alternative Loan
Fast cash to cover emergency expenses.
We’ve got you covered
Emergencies happen. If you need an early paycheck to cover unexpected expenses, it shouldn’t cost you an arm and a leg in the long run. Our short-term, fixed-rate loan offers a viable alternative to predatory payday loans should you find yourself in a pinch.
Features
Fixed-rate loan
Payday loans can charge up to 400% annual percentage rate, which can be hard to pay off. Ours is 18% APR3 so you can get cash quickly and pay it off easily.
Immediate access
If you need your paycheck early, it’s probably for something urgent. We’ll immediately deposit the funds in your account, so you don’t have to wait to get the money you need.
Flexible terms for up to $2,000
You can get a loan from $200 to $2,000 with flexible terms as long as 12 months. Includes a $25 processing fee.
Are you eligible?
You qualify for this loan option if you:
- Have been a member in good standing for at least six months
- Have been employed for at least two years with the same employer
- Have not taken out more than two Payday Loan Alternatives within a 180-day period
Members who apply for a second Payday Loan Alternative must provide proof that they have participated in financial counseling.
Apply for a Payday Loan Alternative
If you are already a member and want to apply online, it’s easier to open an account once you’ve logged into online or mobile banking. That way we can save you time by pre-filling the application with your information.
Disclosures
- 3.
The 18% interest rate and an automatic $20 processing fee included in the required loan amount result in a 32% APR. Payment Example: a $520 loan for 5 months will result in a $109.50 monthly payment. A maximum of two loans are allowed per 180-day period. Payment by automatic transfer from an EastRise account is required.