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PAYDAY ALTERNATIVE LOAN

Have you been using payday loans to help you get from paycheck to paycheck? Our Payday Loan is an alternative to help break the cycle of using lenders that charge a high cost for credit.

Here's how it works

  • Initial loan amount of $300 - $500
  • Must be 18 years of age or older
  • Must be employed at current job for at least 6 months (social security, pension and unemployment benefits may be considered sources of employment)
  • Must provide a recent paycheck stub
  • Income must be at least $1,000 net per month
  • Must disclose purpose of the loan
  • Must not have any delinquent loans with First Choice Credit Union in the last 60 days
  • Must not have any NSF activity in the last 60 days
  • Must not have any bankruptcy in the last year
  • Must not be participating with any Credit Counseling service
  • Repayment plan up to 6 months
  • Must be a member of First Choice Credit Union for at least 6 months
  • Must have payroll deduction or direct deposit occurring at least twice before the loan is disbursed
  • Repayment plan for up to 6 months
  • $25 processing fee to be paid at time of application (may not be financed into the loan amount)
  • No more than one Payday Alternative Loan per member at a time

For further details, contact our Loan Department at 815-434-5860 Ext. 12.