Embold Payday Alternative Loan
Accepts ITIN, Oregon
- Rate
- 15.00%
- Loan amount
- $200-750
- Term
- 1-6 months
Only: OR
Apply now
on the Embold Federal Credit Union website
on the Embold Federal Credit Union website
Payday loans: what they cost and how to compare
A payday loan is a small loan, usually $500 or less, that you repay from your next paycheck, typically in 2 to 4 weeks. You can get the money fast.
To pick a good option, compare the fee per $100, the term and the APR.
Credit union loans (PAL) - up to 28% APR
Federal credit unions offer payday alternative loans: $200 to $1,000 for 1 to 6 months, or up to $2,000 for up to 12 months. The application fee is $20 or less, and the rate is now capped at 28%. You need to be a member.
Downey FCU Payday Alternative Loan (PAL)
Up to $2,000, Los Angeles
- APR
- 18-28%
- Loan amount
- $200-2,000
- Term
- Up to 12 months
Only: CA
Apply now
on the Downey Federal Credit Union website
on the Downey Federal Credit Union website
Kit FCU Holdover Loan (PAL)
Louisville residents
- APR
- 28.00%
- Loan amount
- Up to $1,000
- Term
- 6 months
Only: KY
Apply now
on the Kit Federal Credit Union website
on the Kit Federal Credit Union website
GHS FCU Payday Alternative Loan (PAL)
Available right after joining
- APR
- 28%
- Loan amount
- Up to $2,000
- Term
- Up to 12 months
Only: NY, PA
Apply now
on the GHS Federal Credit Union website
on the GHS Federal Credit Union website
Installment loans
Larger amounts and several months to repay, but the rate is also high. Compare the APR and the total you pay back.
OppLoans Installment Loan
Installment loan No minimum credit score
- APR
- 99-195%
- Loan amount
- $500-5,000
- Term
- 9-24 months
Apply now
on the OppLoans website
on the OppLoans website
Possible Loan
Installment loan 4 payments over 8 weeks
- Fee per $100
- $15-25
- Loan amount
- Up to $500
- Term
- 8 weeks
Apply now
on the Possible Finance website
on the Possible Finance website
Payday loans
Step by step
- 1
Work out the fee per $100
Depending on state law, the fee is usually $10 to $30 for every $100. The CFPB example: borrowing $300 with a $15 per $100 fee costs $345 to pay back.
- 2
Compare the APR
The lender shows the APR before you sign. It makes loans with different terms easy to compare. Credit union payday alternative loans (PAL) are capped at 28%.
- 3
Check the license in your state
Not all states allow payday lending. Check the lender's license with your state regulator or attorney general.
- 4
Repay on time
A rollover means paying another fee. The CFPB example: rolling over a $300 loan costs another $45.
Questions people ask
What if I cannot repay on time?
Contact the lender right away and ask for an extended repayment plan: smaller payments over a longer time. It may be free or carry a fee, depending on state law.
Can I be arrested for not paying?
No. You cannot be arrested for not paying a payday loan. However, if you are sued and ignore a court order to appear, a judge may issue a warrant for your arrest. A lender can take money from your wages only with a court order.
How do I stop automatic withdrawals?
Revoke the payment authorization (ACH authorization) with the lender. To stop the next payment, give your bank a stop payment order at least 3 business days before it; banks often charge a fee. You still owe the loan.