An unexpected event or emergency expense can turn your budget upside down. CACCU offers a smart alternative to costly payday loans... a fast, affordable option to get the cash you need to help get you back on your feet.
Amounts from: $200.00 to $1,000.00
Six (6) months to repay
NO credit check
Low, Fixed Rate of 18.00% APR*
Application Fee is $20.00.
Why is our Emergency Loan a smart alternative to a payday loan?
Payday loans carry extremely high interest rates and short repayment terms. Part of the reason payday loans can get borrowers into trouble is due to their extremely short repayment terms. The repayment period on a payday loan is typically two weeks (the term with CACCU is 6 months!). The Consumer Finance Protection Bureau (CFPB) notes that on a two-week loan that carries a $15 fee per $100 borrowed, you would pay 400 percent interest (the Annual Percentage Rate with a CACCU Emergency Loan is only 10.00%!)
Payday loans likely won't help your credit. In many cases, payday lenders don't report on-time payments and loan payoffs to credit bureaus. This means these products don't help borrowers build credit. CACCU reports all payments to Experian and TransUnion. But, if someone misses payments or fails to repay the loan, the payday lenders will often report the delinquent account, further dragging down the borrower's credit score and making it that much harder to obtain better financing products in the future.
How to Avoid needing an Emergency Loan in the future. Open a separate savings suffix and have a portion of your direct deposit made to that suffix each time it is received. Start with a small amount such as 1% and increase it over time. Each time you receive a pay raise, put at least 10% of the amount into your savings account...you won't miss it since you were not receiving it in the first place.
Emergency Loan Requirements:
NO credit check required
Must be a member in good standing
Must have direct deposit or payroll deduction of a portion of your paycheck into your account with CACCU.
Provide your most recent paycheck stub showing year-to-date income.
*Annual Percentage Rate. On Approved Credit, Some Conditions Apply. Representative example: For a $500.00 loan with a 6-month term funded at 18.00% APR*, with a first payment due date set at 30 days from the origination date, the payment would be $87.80 for 5 months, with a final payment of $87.79.
Learn more about our other loans and current rates by visiting this link.