A payday loan is a short-term loan, generally for $500 or less, that is typically due on your next payday. Payday loans generally have three features:
Some ways that lenders might give you the loan funds include: providing cash or a check, loading the funds onto a prepaid debit card, or electronically depositing the money into your checking account.
The cost of the loan (finance charge) may range from $10 to $30 for every $100 borrowed. A typical two-week payday loan with a $15 per $100 fee equates to an annual percentage rate (APR) of almost 400%. Yikes!
Don’t fall into the trap of borrowing time and again with never ending interest rates. You usually pay back double the amount you borrowed, if not more! Payday lenders usually bait you with “FAST CASH” gimmicks, but that convenience is often accompanied by outlandish high interest rates and fees. Borrowers who cannot repay their loan within two weeks are often forced to roll over the loan, and can get trapped in the cycle of borrowing over and over! Contact us and see how we can help.
Foothill Credit Union is a full-service credit union with California branches in Arcadia, Covina and Glendora.
"I have been a member for 20 years or so and I have nothing but positive things to say about you guys. We have used summer skip for a car loan, house loan, Summer Savings program and I am very happy with Foothill Credit Union."
- Thomas R.
A savings account that has your back. Build up your reserves and earn extra money to help with you finances down the road.Learn More