Tired of the PAYDAY LOAN CYCLE?
Do you know the real cost of a PAYDAY LOAN?
According to the Consumer Financial Protection Bureau (CFPB), the true cost in terms of an interest rate of a two-week payday loan can be almost 400% APR! That does not include renewal fees or late payment fees, or if the loan is on a prepaid debit card. The better choice is a low-cost CashNOW loan!
Brazos Star Credit Union offers our CashNOW Loan as short-term small dollar loan, which is a more affordable option than typical high interest payday loans. These loans are available for up to $2,000 with a 12-month maximum term!
- A $20.00 application fee is required from all applicants before accepting or submitting the application (fees will be collected and kept whether approved or denied)
- Interest rate is 28% APR
- Applicants must be at least 18 years of age and must be a member for at least 12 months
- Applicants must be employed for at least 7 months with the same employer
- Applicant’s income must be verifiable
- Applicants cannot be past due on any other loans with the credit union
- Applicants cannot have a negative balance in any account with the credit union.
- No credit report required to obtain this loan
- Applicants must have a payroll deduction to a savings or checking account at the credit union.
- Applicants may only have one CashNOW loan on their account at any given time.
- Maximum number of loans is 2 within a 12- month period