PayDay Alternative Loans

No surprises or hidden fees

Credit-building opportunity

Easily borrow without a credit check

A smarter way to borrow

The perfect solution for emergency expenses, building or rebuilding credit, and more.

When unexpected expenses pop up, we’re here to help—without the sky-high rates and stress of traditional payday lenders. Our PayDay Alternative Loans are designed to give you quick access to funds, flexible repayment terms, and a path toward financial success.

PayDay Alternative Loan I

Loan Details

  • Loan amounts from $200 to $1,000
  • Repayment terms from 1 to 6 months
  • 26% APR* with convenient PFCU payroll deduction
  • 28% APR* if using another payment method
  • $20 non-refundable application fee (cannot be financed into the loan)
  • Loan will be reported to credit bureaus

Eligibility Requirements

  • Must be a PFCU member for at least 6 months
  • Must have 1 month history of direct deposit greater than or equal to the contracted payment
  • Maximum of 3 PALs within any 6-month rolling period
  • Only one active PAL at a time per borrower
  • No co-borrowers or loan rollovers allowed
  • No credit check required

PayDay Alternative Loan I

Loan Details

  • Loan amounts from $200 to $1,000
  • Repayment terms from 1 to 6 months
  • 26% APR* with convenient PFCU payroll deduction
  • 28% APR* if using another payment method
  • $20 non-refundable application fee (cannot be financed into the loan)
  • Loan will be reported to credit bureaus

Eligibility Requirements

  • Must be a PFCU member for at least 6 months
  • Must have 1 month history of direct deposit greater than or equal to the contracted payment
  • Maximum of 3 PALs within any 6-month rolling period
  • Only one active PAL at a time per borrower
  • No co-borrowers or loan rollovers allowed
  • No credit check required

PayDay Alternative Loan II

Loan Details

  • Loan amounts from $1,000 to $2,000
  • Repayment terms from 1 to 12 months
  • 26% APR* with PFCU payroll deduction
  • 28% APR* with other payment methods
  • $20 non-refundable application fee (cannot be financed into the loan)
  • 20% of loan placed in a pledged savings account earning dividends (savings released to you when the loan is paid off)
  • Loan will be reported to credit bureaus

Eligibility Requirements

  • Must be a PFCU member for at least 1 year
  • Must have 3 months of direct deposit history of an amount equal to or greater than the loan payment
  • Maximum of 3 PALs within any 6-month rolling period
  • Only one active PAL at a time per borrower
  • No co-borrowers or loan rollovers allowed
  • No credit check required

PayDay Alternative Loan II

Loan Details

  • Loan amounts from $1,000 to $2,000
  • Repayment terms from 1 to 12 months
  • 26% APR* with PFCU payroll deduction
  • 28% APR* with other payment methods
  • $20 non-refundable application fee (cannot be financed into the loan)
  • 20% of loan placed in a pledged savings account earning dividends (savings released to you when the loan is paid off)
  • Loan will be reported to credit bureaus

Eligibility Requirements

  • Must be a PFCU member for at least 1 year
  • Must have 3 months of direct deposit history of an amount equal to or greater than the loan payment
  • Maximum of 3 PALs within any 6-month rolling period
  • Only one active PAL at a time per borrower
  • No co-borrowers or loan rollovers allowed
  • No credit check required
Ready to Apply?

If you meet the eligibility requirements and are ready to take the next step, we’re here to support you! PALs are a safe, affordable, and responsible way to manage short-term financial needs.

TOOLS TO GET YOU AHEAD

Saying 'I Do' to Financial Bliss: Wedding Season Budgeting Tips

Planning a wedding is an exciting milestone but can also be financially daunting. At PFCU, we understand the importance of starting your marriage on solid financial ground.

Read More about Saying 'I Do' to Financial Bliss: Wedding Season Budgeting Tips
Unexpected? Be prepared for anything.
With loan payment protection that provides you and your family the security you may need in the event of a disability or another unexpected event.
Loan Payment Protection

Philadelphia Federal Credit Union is a full-service financial institution with locations in Philadelphia, Montgomery and Columbia County, PA.

disclosures

*APR = Annual Percentage Rate. Rate reflects all possible discounts. This is the credit union’s best rate. Other rates and terms are available. Rate and approved loan amount will vary depending on each borrower’s credit history/eligibility, underwriting criteria and market conditions. Offer of credit is subject to credit approval. Rates as low as 26% APR for terms up to 6 months for PAL I and terms up to 1 year for PAL II. For each $100 borrowed over a term of 6 months, pay approximately $17.95 a month. Must be a PFCU member for six months to be eligible for Payday Alternative Loan I (PAL I). Must be a PFCU member for one year to be eligible for Payday Alternative Loan II (PAL II). Must be in good standing. No more than three PALs will be approved per rolling six months. Maturity date(s) will be based on loan amount(s). Only one active PAL at any given time per borrower. One-month history of Direct Deposit greater than or equal to the contracted payment required. PAL application fee is $20 and non-refundable. Rates and terms are subject to change without notice.