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Payday Alternative Loan

Fast cash to cover emergency expenses.

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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.

Benefits

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Fixed-rate loan of $520

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.

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Immediate access

If you need your paycheck early, it’s probably for something urgent. We’ll immediately deposit $500 in your account, so you don’t have to wait to get the money you need.

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No credit pull

As long as you qualify, we’ll approve your loan with no impact on your credit score.

Are you eligible?

You qualify for this loan option if you:

  • Have been a member in good standing for at least five months
  • Have been enrolled in direct deposit for at least five months
  • Have been employed for at least five consecutive months with the same employer
  • Have not been denied for any consumer loan within the last 30 calendar days
  • 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.

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Current rates

Payday Loan Alternative

Loan Amount

Term3

APR
Rates effective 10/12/2024

APR = annual percentage rate and reflects the current minimum APR offered. Other rates and terms may be available. APR may be adjusted based on your individual credit standing and term.

Loan Amount

$520

Term3

5 months

APR

18.00%

You might also want to explore:

Financial Counseling

Finances can feel intimidating, and you don’t have to figure it out all by yourself. Let’s ease your financial stress, reduce your debt, boost your savings, and move towards achieving your goals with our team of financial counselors and other educational resources.
Talk to our financial counselors

Financial Health Advice

Check out our range of resources you can use to continue building your financial skillset, from free financial counseling to regularly published articles on the EastRise blog.

Browse our financial health advice

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.

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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.

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