Protect yourself from predatory lenders
Predatory payday loans can trap you in an ongoing cycle of debt. Our short-term, fixed-rate loans offer a viable alternative if you find yourself in a pinch.
Benefits
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Fixed-rate loan of $520
This includes a $20 processing fee. Payday loans can charge up to 400% annual percentage rate, making them difficult to pay off. Compare that to our 18% APR.4
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Financial counseling
Get access to financial counseling through Greenpath to help establish new habits and avoid financial difficulties down the road.
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Immediate access
Your loan will be deposited immediately into your VSECU account, so you won’t have to wait to access your funds.
Are you eligible?
You qualify for this loan option if you:
- Have been a member in good standing for at least five months
- Have been enrolled in direct deposit with VSECU for at least five months
- Have been employed for at least five consecutive months with the same employer
- Have not been denied for any consumer loan within the last 30 calendar days
- Have not taken out more than two Payday Loan Alternatives within a 180-day period
Members who apply for a second Payday Loan Alternative must provide proof that they have participated in GreenPath financial education.
Apply for a Payday Loan Alternative
If you are already a member and want to apply online, it’s easier to open an account once you’ve logged into online or mobile banking. That way we can save you time by pre-filling the application with your information.
Disclosures
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- – Other rates and terms may be available. APR may be adjusted based on your individual credit standing and term.
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- – The 18% interest rate and an automatic $20 processing fee included in the required loan amount result in a 32% APR. Payment Example: a $520 loan for 5 months will result in a $109.50 monthly payment. A maximum of two loans are allowed per 180-day period. Payment by automatic transfer from a VSECU account is required.