Loans

 

Payday Loans
This program is designed to give our members an alternative option for high cost credit. The purpose to give the member fair priced credit, a place to learn about finances, an opportunity to break the cycle of payday lending and provide a way for our member to establish credit. The ultimate goal would then be for the member to learn about savings. The objective of Financial Partners Credit Union is to also make the process quick and easy while keeping risk at a minimum.

Maximum Amount:	$320 initial loan amount (may be increased to $500 after the member has demonstrated ability to repay in 3 months)
Age Requirement:	18 and older
Rate:	Fixed at 27%
Repayment:	No longer than 6 months
Security Required:	None
Processing Fee:	$20
Income Required:	$1000 net income / month
Underwriting:	Must be a member for 6 months Establish direct deposit or payroll deduction (at least once before the loan is granted) No credit check No debit ratio calculation Must not be delinquent with CU Paystub must be submitted for granting loan (must verify employment) Must have valid hoe and work or cell numbers The purpose of the loan must be disclosed Must be employed at current job for the last 6 months Can not have filed bankruptcy within the last 2 years Can not be participating in Credit Counseling