What's New

New Requirements for Payday Alternative Loans (PAL)

St. Joseph’s Hospital Federal Credit Union offers Payday Alternative Loans (PAL) as a convenient alternative to payday lenders. This loan allows our members to borrow money quickly, with no credit check, and repay the loan over a 1 to 6 month period. We want to continue to offer this valuable product but the credit union must manage the risk associated with these loans and build stronger relationships with the members who borrow them. To that end, below are the new requirements for borrowing a PAL. 

Requirements. A member must… 

  • Be a member of the credit union in good standing for at least six months

  • Have a direct deposit of:

    • At least $500 if the full paycheck is greater than $500

    • 100% of the net amount if the full paycheck is less than $500

  • Provide proof of employment or income for two consecutive pay periods

  • Pay the $20 processing fee at the time of the request 

Restrictions. A member may not… 

  • Request more than the average of two pay consecutive paychecks (maximum amount is $1,000)
  • Have more than one PAL at a time

  • Receive a new extension of credit while repaying a PAL

  • Rollover the loan

  • Take out more than three PALs in a six month period


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