Last year, Heritage South Credit Union began offering to their membership an alternative
to Payday lenders in an effort to help them break the cycle of debt.
Our goal is to help members and potential members who find themselves in a situation
where they need emergency funds avoid the trap of payday lenders and also establish
a means to change their economic situation. |
Unexpected Expenses? |
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Fast and Easy alternative to Payday Lenders! |
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The CU Thru Loan program is fast and easy for people to use and ultimately helps
members manage their financial needs without resorting to high-cost products such
as payday lenders. |
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See how a CU Thru Loan compares to a typical payday lender |
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CU Thru Loan |
Payday Lender Loan |
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$500.00 Loan |
18% APR |
400% APR |
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Bi-Weekly Payment |
$73.42 |
$75.00 (still owe $500) |
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Cost in 90 Days |
$513.89 |
$1025.00 (cost if did not have full $500.00 at the end
of 2 weeks and rolled debt for 90 days) |
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Here are the guidelines for a CU Thru Loan and how you can apply today: |
- Minimum age of 19
- Must have been a member for 30 days
- *No credit score required for approval
- $10.00 application fee - can be financed
- 18% annual percentage rate
- Only one CU Thru loan at a time
- $500.00 maximum loan
- 5% deposit to savings (on hold until loan is paid off)
- Maximum 90 day loan term (repayment is the same as your payroll schedule - 3 monthly,
7 bi-weekly, 6 semi-monthly, or 13 weekly payments)
- Load repayment must be automated - must have an established payroll deduction or
direct deposit. First payment date must coincide with payroll deposit date.
- Must have proof of employment. (current pay stub, proof of disability, or social
security benefits)
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IMPORTANT NOTE: If the CU Thru becomes delinquent, courtesy pay
will be turned off until loan is in good standing again. |
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If you meet the qualifications listed above, come by one of our branches today to
apply! |