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Payroll Savings Loan


Many payday lenders charge exorbitant rates and fees for paycheck advances. Our Payroll Savings Loan provides a lower-cost alternative to payday lenders and offers a quick and confidential way for Members to get a cash advance until their next paycheck. Funds can be used for just about anything, such as bills, groceries, and more. By providing a more cost-effective way to get a paycheck advance, we hope to help Members avoid a repetitive payday loan borrowing cycle.

Features
  • No application fee or funding fee
  • Draw period of 12 months
  • Loan amounts up to $500, which can be borrowed and repaid on a revolving basis during the draw period
  • Five percent of each loan advance will be placed in a dividend-earning Payroll Savings Share account. The share deposits and accumulated dividends can be withdrawn at the end of the draw period.
  • Payroll Direct Deposit is required to participate in the program.
  • Loan balance and accrued interest will be repaid via automatic transfer from a SchoolsFirst FCU Savings or Checking account on the next scheduled payday.
  • Loan subject to credit approval
Payroll Savings Loan Rate
The rates quoted are effective as of 4/16/2014 and are subject to change without notice.

APR Loan Amounts Draw Period
17.90%* Up to $500 12 months

* Each loan advance must be approved. The Payroll Savings Share account will earn dividends at the Share Savings rate, and is pledged as collateral for the Payroll Savings Loan. If an early withdrawal from the Payroll Savings Share account is requested, the loan must be repaid in full, and borrowing privileges from the Payroll Savings Loan may be suspended. The loan balance and accrued interest will be repaid via automatic payment from an SchoolsFirst FCU Savings or Checking account on the next scheduled payday. Rate quoted includes a percentage point discount for automatic transfer. Interest example: The interest on a $500 loan for two weeks would be approximately $3.27.

To apply for a Payroll Savings Loan, call our Telephone Service Center at 714/258-4000 or 800/462-8328, Monday through Friday, 7 a.m. to 7 p.m., or visit any branch location.





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