CU Payday Alternative Line of Credit
There's a better solution than traditional payday advance lenders.
Introducing the Payday Alternative Line of Credit with an annual percentage rate that will not exceed 18%!!
- Limits from $100 to $400, depending upon your monthly salary, not to exceed 20% of your monthly gross earnings or amount equal to direct deposit.
- Annual Percentage Rate not to exceed 18% and is only charged for the time you have a balance.
- Easy repayment- $50 minimum monthly payment. (Option to pay in full on next payday)
- Access your account via SunNet, SunTel, MCC or at your local branch.
*$25 non refundable application fee. No Overdraft Privilege while Alternative Line has a balance.
Qualification Criteria
- Must have verifiable income or retirement income and be able to provide a current pay stub or direct deposit statement.
- Membership must be open at least 3 months.
- Membership must be in good standing (no delinquent accounts, no negative accounts, no over limit credit card accounts, no current workout loans).
- Any Payday Alternative Line of Credit Account more than 20 days past due is automatically closed. The line remains closed for 6 months after the balance is paid in full at which time a new application can be submitted. A new application fee will be collected at this time.
- Your loan will be repaid by automatic transfer or payroll deduction.
- No active bankruptcies or foreclosures in process or bankruptcy discharges or foreclosures completed within the last 24 months, no more than 15 days past due on Suncoast accounts; no previous losses to the credit union.
If you have questions about your finances or need help to break the payday loan cycle, feel free to walk into a branch or call the Members Contact Center at (800) 999-5887 to ask questions, gather information and look at other avenues available to you through your membership at Suncoast.