Sat
Nov 18 2017
11:45 pm

Seems like good things that folks may not know about. How do folks that are susceptible to payday loans get this sort of information?

​PALs include specific consumer protection features:

Loan amounts between $200 to $1,000.
The borrower must be a member of the federal credit union for at least 1 month.
The term of the loan must range from 1 to 6 months.
The federal credit union can charge an application fee only in the amount needed to recoup the actual costs associated with processing the borrowers application, up to $20.
The PAL cannot be rolled over.

Some credit unions additionally offer free financial counseling services to their members.

Are there alternatives to payday loans?

B Harmon's picture

FWIW, this reminded me of the

FWIW, this reminded me of the only time I needed a small short term loan. I was in nursing school in Denver and the day before rent was due, my two roommates said they did not have their rent! I had my $80 but not enough to cover theirs. The lease was in my name so I was on the hook. Luckily, the Univ of Colo had a short term loan program so I was able to get some cash (cannot remember exactly how much), paid the landlord for 2 weeks (at least he did not want it for the whole month) and enough for deposit and rent on small basement apartment close to campus (no roommates!). Paid them back in the required time. Crisis averted.
Back story on this incident... The female roommate had never paid the deposit and when she declared she "did not owe me a penny" I was stunned. The silly girl went back to Aspen (her home town) for the weekend leaving all her stuff in the house. Saturday was the last day of the month, so we moved out everything, including her stuff. She had to beg us to get her stuff back. I kept the pieces I needed and felt covered the cost of her leaving us in the lurch.

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