NET Federal Credit Union has a variety of loan packages that our members can use for reasons including, but not limited to:
- Debt Consolidation
- Home Repairs
- Taxes (income, school, property, etc.)
Pay Day Loans
We also offer a Better Choice Pay Day Loan designed for members who need a small dollar amount to carry them until they receive their next regularly-scheduled income check.
Here’s how the program works:
- 90 day term, must be paid in full within 90 days
- Maximum loan amount: $500
- Minimum loan amount: $200
- Interest Rate: 18%
- Monthly payment will be $195.88
- Simple Interest
- Non-refundable application fee: $20
- 10% of loan amount must be in a Vacation Savings
- Must be a member in good standing for at least 30 days
- Only two payday loans within a six-month period
Disclosure: For a $500 loan for a term of 90 days with an 18% APR, the monthly payment will be $195.88. The rate will not be increased after consummation.
To apply you will need:
- Application – must be submitted in person at either the Scranton or Olyphant office.
- Verifiable proof of income for six months – if applying during the first six months of the year (January 1 – June 30), you must provide a current pay stub and the last pay stub of the previous year or a W-2 from the previous year.
- Driver’s license