Credit Unions

Credit unions are the best alternative to payday loans. They offer low-cost salary advance loans and free debt management programs as loss-leader incentives to join. These are concrete solutions for short and long-term financial problems.

With credit unions easing affiliation requirements and banks introducing absurd monthly debit charges, there has never been a better time to explore credit unions.

A credit union is a financial institution that:

  • is not-for-profit
  • is controlled and owned by members
  • charges lower interest on loans than banks

What short-term solutions can credit unions offer? Some credit unions offer salary advance loans at 15-18% APR. The APR on payday loans can range from about 200% to 1500% or more.

What long-term solutions can credit unions offer? Many credit unions offer Debt Management Programs – frequently at no charge.

Credit unions are an excellent alternative to payday loans and they’re now easier to join because affiliation requirements are less strict than in days past.

Credit unions with payday loan alternatives include the Navy Federal Credit Union, the Nevada Federal Credit Union and the Summit Credit Union.

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