Payday Loan Consolidation (Our Top 2 Solutions)
One of the most effective ways to get out of payday debt is through payday loan consolidation. With reasonable interest rates and payment plans, payday loan consolidation is often a much-needed antidote to the debt cycle created by predatory lending companies.
Payday loans create debt traps because of their exorbitantly high-interest rates, their payment due dates as soon as your next payday, and their high late fees. These types of loans often leave borrowers with loads of debt that only keep accruing as they take out new loans in order to cover their expenses.
If you’ve found yourself accruing debt due to payday loans, you’re not alone. Predatory lending companies can be incredibly convincing without giving you the full details to make an informed decision. They take advantage of people in their time of need.
At River City FCU, we’re committed to providing financial services that meet the needs of those in economic hardship. Our goal is to provide safe and affordable products. In this way, we strive to combat predatory companies that do not provide sound or fair solutions. We offer several payday loan consolidation solutions to help you get back on track, including our signature loan and MYCash PAL.
What is Payday Loan Consolidation?
Payday loan consolidation helps you pay off your payday loans and consolidate them through a different loan with more reasonable terms, such as a lower interest rate and more flexible pay-off due dates. Payday loan consolidation can help reduce debt accrual, get back on stable financial footing, and build toward a strong financial future.
Which Payday Loan Consolidation Option is Right for You?
Below are our top 2 payday loan consolidation products. Consider which one fits your needs best, and don’t hesitate to give us a call if you’d like to talk it through.
Signature Loan
With River City FCU’s Signature Loan, you can pay off payday loan debt and consolidate the debt into a more manageable loan. Our Shared Security Loan is another type of signature loan. It is secured by a member’s Share Account or Share Certificate. This loan guarantees a lower interest rate loan.
Both loans offer the following:
Flexible terms and competitive rates
No collateral necessary
Unsecured loan
Rates:
| Signature Loan | APR* |
|---|---|
| 0 to 24 Months | |
| 25 to 36 Months | |
| 37 to 48 Months | |
| 49 to 60 Months |
*APR means Annual Percentage Rate effective as of January 27, 2023 and subject to change without prior notice. Rates shown are the lowest available for each term listed. All loans subject to approval, your rate may be higher based on credit performance. Rates apply to new Signature Loans or loans refinanced from other institutions.
Ready to break free from payday debt? Apply now for a Signature Loan, and consolidate your debt today.
MyCash PAL
MyCash PAL (Payday Alternative Loan) provides you with emergency funds when you’re in need but with more flexible terms than a payday loan. This option is a good fit when you’re low on cash but also want to consolidate your payday loans.
MyCash PAL offers the following:
No credit checks (additional requirements apply)
Short-term loan with up to 12 months to pay back
Borrow as little as $250.000 or as much as $1,000.00
$20 application fee (non-refundable)
Fast and contactless application (product available online only)
Immediate funding upon approval
Available 24/7
Rates:
| Term | APR* As Low As |
|---|---|
| Up to 6 months | 28.00% |
*APR means Annual Percentage Rate as of January 1, 2023, and is subject to change without prior notice. Member must pay their current MyCash PAL in full before getting another MyCash PAL. Member cannot have more than 3 MyCash PALs within a 6 month period.
Need emergency funds while you pay down payday debt? Apply now for a MyCash PAL.
By taking advantage of one of River City FCU’s payday consolidation loans, you can achieve financial stability and get out of a harmful debt cycle. With affordable, safe financial solutions and personalized support available, we’re always committed to your financial wellness.
Need something else?
River City FCU has been committed to helping our community in San Antonio since 1936. Whether you would like to get started with financial counseling, opening a savings account, or exploring our personal loans, we would be happy to help.
If you have any questions about our debt relief options or would like to learn more, please call us at (210)-225-0708 or visit us online at www.rivercityfcu.org.