PCCU’s 30-Day Loans Beat Payday Loans

Did you know 46% of Americans would have a tough time coming up with $400 in an emergency? Although $400 may not seem like that much money to some people, what would you do if your car broke down and it’s still a week until payday? Or your child needs money for picture day or a field trip that all of their friends are going on? Many people see no option but taking out a Payday loan.

Hands of car mechanic with wrench in auto repair service.
30-Day Loans Can Help In a Pinch

The problem is when you pay back that Payday loan, including the interest and fees, you’re back in the same boat – short on cash with your next payday a long way off. Caught in this catch-22 many people take out another Payday loan. It’s a vicious cycle, and once you get in, it’s hard to dig your way back out. If you’re stuck in this cycle PCCU may be able to help you break free. Our loan officers are trained to find solutions and make plans to help you break away from Payday lenders and breathe easy again.

For those of you who’ve walked this path before and don’t want to go back, or for those that want to avoid it in the first place but don’t feel like you have much of a choice, PCCU offers our 30-Day Loan as a lower cost alternative to Payday Loans and overdraft charges.

Our 30-Day Loan has a $5.00 application fee and carries an interest rate of 36% APR. Or to put it more simply, you’ll pay $3.00 in interest per $100 that you borrow, for example, if you borrowed $350 on December 20th, you would pay back $360.50 by January 20th. The amount you qualify for is based on how much you make, up to 20% of your gross monthly income OR $600, whichever is less. And unlike many Payday Lenders, with PCCU you’ll have thirty days to pay the loan back, which means you could use several paychecks to pay it off.

We are unable to offer this product to those who are self-employed, and it does require credit approval. The maximum you may borrow is $600 or 20% of your gross monthly income, whichever amount is less. First-time borrowers on this product who are new members may borrow no more than $200, even if their gross monthly income would otherwise qualify them for more. First time borrowers must also wait 30 days after paying off their first 30-Day Loan before they may qualify for another.

Ask us about 30-Day Loans, and skip the stop at the Payday Loan shop! For more details ask a loan officer or check out ourĀ 30-Day Loan product info here.