A payday alternative loan (PAL) is worth considering if you’re struggling with severe credit problems and need a small-dollar loan to get you through an unexpected financial emergency. PALs are released by some federally insured credit unions. You are able to choose a credit union in your area at MyCreditUnion.gov.
The most it is possible to borrow by having a PAL happens to be simply $1,000. Nevertheless the rate of interest is capped at 28%, making PALs an even more option that is affordable pay day loans and also some online personal loans for bad credit.
Reduced rates of interest than pay day loans plus some online loans that are personal
Minimal application fee is capped at no more than $20 nationwide
Small maximum loan quantity of $1,000 may possibly not be adequate to meet up your borrowing needs
Minimum account period within the credit union may be needed, with respect to the loan provider
Other information that is important
- Minimum/maximum amount you are able to borrow: as much as $1,000
- APR range: 28% (present optimum)
- Costs: Application cost may not be a lot more than $20
- Recommended minimal credit history: No credit check required with several credit unions
- Other certification needs: demands differ from lender to lender, but can sometimes include deposit that is direct, on-time payment history with other loans through the credit union, and verification of work.
- Repayment terms: 1 to 12 months
- Limitations: you need to consult with your credit that is individual union see if PALs can be obtained of course any restrictions apply