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Alternatives to Payday Loan: Credit Union Loans

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Credit unions are nonprofit organizations and there’s a genuine interest in helping people eliminate the need for short-term loans.The Credit Union National Association’s search tool can help you find a credit union in your area. Not every credit union offers short-term loan programs, but many do. So calling them is a good start when you begin looking for the options. But before taking any loan, you must find out and understand well the dollar amount you’ll have to pay back for that short-term loan, and what the interest rate looks like annually. credit union loans

Credit Union members are should be the first ones to see when you are in need of  payday loan alternative. Mostly because they live and work in the same community that they serve. In 2001, Salary Advance Loan program, known as SALO, was launched by the North Carolina State Employees’ Credit Union, which offers no-fee loans with a 12 percent interest rate.

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