A payday loan seemed like a really good idea at the time…
They can seem like a lifesaver if you need cash quickly, but the high fees and short payment terms can lead to a cycle of debt. If you're looking to escape the cycle, we may be able to help!
Our Cash & CarrySM Loan is designed for members~ who are looking to break the cycle of payday loans. No credit check required! Stop paying those excessive payday loan rates, and instead get up to $1,000.00 from FedChoice quickly and reasonably. We can get you the cash you need for as little as $10.00.
- Choose how much you need: $500.00 or $1000.00.+
- Pay your application fee* - $10.00 per $500.00 borrowed (maximum fee is $20.00).
- Pay over 60 days, payments are scheduled to coincide with your paychecks!#
Eligibility Requirements
There are some eligibility requirements for the Cash & Carry Loan listed below. Members must:
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Be active as a FedChoice member for at least 90 days
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Be enrolled in paycheck direct deposit OR provide FedChoice legal proof of income^
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Not have more than 3 previous Cash & Carry loans in a rolling 6 month period
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Apply for this loan in person at a FedChoice Financial Service Center=
Stop by your local Financial Service Center to submit your application and break the cycle today!
Add Debt Protection
Don’t let an unexpected change put your family’s finances at risk. Debt Protection covers your monthly loan payments in the event of death, disability or involuntary unemployment. Add this low-cost coverage to your FedChoice Personal Loan today! Click here for all of the details.
~Member must be in good standing. Member in good standing means that the member has not caused a loss for FedChoice at any point and their accounts are currently positive. Additional restrictions may apply.. Members who have defaulted on a previous Cash & Carry loan at any time are also ineligible to re-apply.
+Members who have not previously held any other loan with us must begin with a $500 loan; eligibility to increase to $1,000 is contingent upon successful repayment of existing obligations as agreed. Member may only have one Cash & Carry loan taken out at any point. This loan requires automatic payments. Additional restrictions may apply.
*This loan carries an application fee rather than an interest rate. Member will be charged the application fee at the time of application.
#Payments take place over 60 days and payments match a member's direct deposit and automated payment. A member who receives weekly payments will have eight payments, a member with bi-weekly payments will have four payments and a member with monthly payments will have two payments.
~Member must be in good standing. Member in good standing means that the member has not caused a loss for FedChoice at any point and their accounts are currently positive.
^Member will be required to provide the most recent paystub to allow FedChoice to verify the amount being shown via direct deposit into their account. Direct deposit amount must be enough to cover the loan payment.
=Application for this loan must be done in person at a FedChoice Financial Service Center. There are no alternative methods of application.