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Payday Alternative Loans

At Kansas City Credit Union, we are committed to bringing you the products and services necessary for you to reach your financial goals. That’s why we are pleased to offer a Payday Alternative Loan. Similar to a traditional payday loan, our alternative is a small, short-term loan. But there are important key differences: No sky-high interest rate and a longer repayment period.

FAQ...

What are the minimum and maximum amounts I can borrow?

For first-time borrowers, the minimum is $300 and the maximum is $500. After successfully paying off the first loan, the subsequent maximum is $1,000.

What are the minimum and maximum interest rates?

The minimum is 25% based on repayment through direct deposit or payroll deduction. The maximum we can charge is 28%.

Can I have more than one Payday Alternative Loan at a time?

Only one is allowed at a time and no more than three granted in a six month period. This is a closed-end loan and must be paid in full before applying for another; cannot be added to or rolled over into a new loan.

What are the qualifications to apply?

Must be a member of KCCU for at least three months, have an active Savings Account and meet our “Member in Good Standing” policy requirements. Additionally, cannot have been denied a loan by the credit union within the 30 days prior to application date, or presently in bankruptcy or in the process of filing for bankruptcy. Must be able to verify employment and/or income going back at least three months.