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Credit unions exist to help members become more financially stable, and PALs are structured to help borrowers make on-time payments, with low interest rates and no added fees.
That's a stark contrast with traditional high-cost, short-term payday loans. Payday lenders make money when borrowers who can’t repay the loans roll them over and pay additional “fees," their term for interest.
A typical fee for a payday loan is $10 to $30 per $100 borrowed, according to the Consumer Financial Protection Bureau, and payment is typically due in two weeks. If a lender charges $15 for a $100 two-week loan, that’s a 391% APR. -
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Many credit unions that offer PALs don't require good credit to qualify. They're more interested in borrowers' income and ability to repay. You may be asked to provide proof of income when you submit your application.
Not all credit unions offer PALs. The best way to find out if your local credit union offers these loans is to visit its website or call. If you aren’t yet a member, ask about eligibility requirements.
Credit unions are not-for-profit, member-owned cooperatives that can extend membership based on where you live, what religious organization you belong to, your employer, military service or other causes and associations you may be involved in.
There is usually a one-time membership fee, which can be as little as $5, and you may need to make an initial deposit to fund your account. -
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Payday alternative loans, or PALs, are small loans offered by some federal credit unions that cost less than traditional payday loans and have longer repayment periods.
These features can help borrowers avoid the potential debt trap created by high-cost, for-profit lenders.
What is a payday alternative loan?
Credit unions can provide two types of payday alternative loans, according to the National Credit Union Administration (NCUA). Here are the requirements for each
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