Payday and cash advance loans charge extremely high interest rates, outrageous fees and often trap borrowers in a seemingly never-ending cycle that digs them deeper into debt.
- The average payday loan ranges from $100 to $1,000 and has an interest rate of 400% or more! (1)
- If that’s not enough to make your head spin, 12 million Americans take out payday loans each year, and those who borrow pay an average of $520 in fees on an average loan of $375. (2)
When the unexpected happens and you find yourself short on cash, Beach Municipal FCU can provide you with a better alternative to payday lenders.
And since the loan is reported to the credit bureaus, your on-time payments can improve your credit score!
Apply online or contact us for more information.
*Based on information from the CFPB, NCLS and Virginia laws. **APR = Annual Percentage Rate. Rates, terms and conditions are subject to change without notice and vary based on creditworthiness and qualifications. Example payment based on 17.95% APR, Beacon score of 549 or less and 6 month term. Other restrictions may apply. Please see a Loan Officer for complete details.