Whatever Loan - Providing what Payday Lenders Can’t
We have all been there before. A time in our lives when the bills are piling up and all due at the same time. A job that doesn’t pay quite enough to meet all of life’s necessities. An emergency vehicle repair that wasn’t included in the budget. Or any other financial situation that makes life a little (or a lot) more stressful!
While financial stress is common in life, it’s not what we want for our members. It’’s our hope that by changing our Whatever Loan into a year-round offering, it will help to meet our members where they are, at any point in time.
We understand the temptations to utilize a payday lender. After all, there is one on nearly every corner and the process is quick and easy. However, there are serious dangers that come with payday loans. Here in Michigan, the average $300 payday loan comes with a 370% annual percentage rate (according to the Center for Responsible Lending). For context, an average credit card interest rate is about 16%. These loans quickly become impossible to pay back, which causes many consumers to begin a vicious payday lending cycle, taking out more payday loans to attempt to pay back the ones they already understandably cannot pay back.
While the credit union movement remains committed to fighting against legislation that looks to expand payday lending authority even further, we also realize we need to actively provide our communities with fair, affordable alternatives to these payday loans.
To help mitigate the payday lending problem, we have taken our members' recommendations and changes to the Whatever Loan are here! Members First’s Whatever Loan is now available year-round. The Whatever Loan gives you $1,000 for the moments that matter most. Use it on groceries, utilities, unplanned expenses, or whatever else life throws your way.
It’s ok to be in need of a small loan to make ends meet. It’s also ok to need a small loan to make all of your current dreams come true. But we want to ensure you are always able to do so in a safe and fair way. This is what the credit union difference was built on and what we still stand for today.
Stop in to your local branch today, or apply for a Whatever loan online. Still have some questions? Chat with our team at 855.835.6328.
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