Otero Federal Credit Union
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Loans

Payday Alternative Loans

 PAL (Payday Alternative Loan)

The PAL loan is a short-term, small amount loan designed to allow borrowers to break their dependency of predatory payday loans. Each loan can be granted from $200.00 to $700.00. They will be done as closed-end loans with an interest rate of 18% and a four-month term. A $20.00 application fee must be paid by the borrower at the time of the loan, and cannot be funded by loan proceeds.
 
Loan Qualifications:
 
Must be a member of OFCU for six months with an account in good standing
 
Must have continuous employment for six months
 
Must have payroll direct deposit with OFCU for two months
 
Total loan amount cannot exceed the members’ net monthly income
 
One PAL at one time
 
No more than two within a six-month period
NCUA Equal Housing Lender
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