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Q: What is a payday loan?
A:
A Payday loan provides you with a short-term cash advance until your next payday. Individuals like you often choose payday loans to cover small, unexpected, expenses and to avoid costly bounced-check fees or late payment penalties and other less desirable short-term credit options. You will need to be employed, have a permanent address, and an active checking account. See "What are the requirements for approval". A payday loan may also be called a Payday Advance or a Deferred Deposit Loan.
Q: What can I
use a loan for?
A: You can use a CU on Payday loan for anything you like such as car bills, phone bills, etc.
Q: What are the
requirements for approval?
A:
Payday lending services
are provided by CU on Payday, and the credit union is not the lender.
Approvals are subject to CU on Payday's underwriting standards. The
following basic requirements must be met to prequalify:
 | Gross income of
at least $1,000 per month. If receiving social security or other
benefits as income - $800 per month. Maximum loan amount is 25% of net monthly income. |
| Credit Union checking account active for a minimum of 90 days. |
| Payroll deposited to your checking account regularly. |
| Continuous employment for the last six (6) months. |
| Minimum 18 years of age. |
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Q: How much can
I get advanced and how much does it cost? [Back to Top]
A: State law generally regulates the maximum loan amount
and Fees.
Within the allowed amount, you
qualify for a particular advance amount based on your current income.
Q: What is an
APR? [Back to Top]
A: An APR is the annualized percentage rate of your payday loan.
Please refer to our fee table. The APR for your loan will be displayed once your loan is approved.
Q: What if I
have no credit or a bad credit bureau on file? [Back to Top]
A: No problem! Unlike many
other loans, we do not require that you have good credit or, for that
matter, any credit history at all. See "What are the requirements for
approval" or
contact us.
Q: Can I apply
by fax rather than online? [Back to Top]
A: Click here
for a
downloadable application (Requires Adobe Acrobat). Print and complete the loan application.
First time applicants must fill out the application completely. Members
who are repeat applicants must complete their name, checking account
number, date of next payday and the dollar amount requested. Once you
have completed your application, you will need to fax the application
from any fax machine to (877) 507-6071 between 9 am and 5 pm, PST.
Applications received after 5 pm will be processed on the next business
day.
You will receive a faxed response within minutes. Upon
approval the following will be faxed to you:
| Instruction
Cover Sheet |
| Privacy
Disclosure Statement |
|
Authorization for automatic debit |
| Copy of the Note
and Disclosure. |
Sign, date and fax
back the Note and Disclosure to (877) 507-6071. Funds will be deposited to
your checking account immediately. If you are
not a member, Click here.
Q: How long does
it take to get my cash? [Back to Top]
A: Applications received
Monday-Friday between 9 am and 5 pm (PST) will be processed immediately.
Upon approval and your acceptance of the loan, funds will be deposited to your checking account
immediately. Applications received after 5 pm will be processed on the
next business day. If you are not a member, click here.
All National Holidays are observed, and requests will
be processed the following business day.
Q: How do I get
the money and how do I repay? [Back to Top]
A: When you apply for a payday loan, you authorize us to directly deposit the funds into your credit union checking account upon approval. You also authorize us to automatically withdraw the amount of the advance, with the appropriate fee, on your next payday.
| Go to an ATM machine and withdraw the cash. |
| Go to your financial institution and withdraw the cash. |
| Write a check or checks
Or any other way in which you withdraw funds from your checking account |
Q: How do I
determine my due date? [Back to Top]
A: All loans are due on your next payday that is 31-40 days from today.
Q: How are the fee amounts
established? [Back to Top]
A: In the best interest of credit union members, the
fee charged is typically lower than the law allows. It is our goal to offer
you a quality service at a competitive price.
Q: Can I
request more than one advance at a time? [Back to Top]
A: Your payday advances with CU on Payday may not exceed the allowable
loan amount for your state . Once your previous advance payment has been received, you may then
request another advance.
Q: Is my payday
loan secure and confidential? [Back to Top]
A: Security and
confidentiality is a top priority. We transact all our loans on our
secure SSL server, utilizing the industry's highest standard. Your
nonpublic information is completely confidential and protected by our
company Privacy Policy.
Q: What happens
if I don't have the funds necessary to repay you on my due date? [Back to Top]
A: Please contact us
immediately to make arrangements for payment. If sufficient funds are not available in your account on the due date to cover the debit entry, you agree to pay us a NSF fee of $25.00 in addition to any fees charged by your financial institution.
Q: Can I get an
extension on my payday loan? [Back to Top]
A:
No, unfortunately we will not offer extensions/rollovers in Oregon.
Q: Can I pay my
loan back early?
[Back to Top]
A: You can pay your loan back
early. Contact us to let us know that you want us to debit your account
earlier than the due date. If you pay in advance, you will receive a refund of the portion of unearned interest. The minimum fee earned by us at the time the loan is funded is 10% of the principal amount of the loan.
Q: What about
loan requests on Fridays or the weekends? [Back to Top]
A: All Friday loan requests
after 5:00 PM (PST) from members will be funded on Monday. All weekend requests will
be treated as Monday's requests.
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