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Early Payday is a payday loan alternative designed for members who need up to $500 cash quickly. Early Payday does not require a minimum credit score.
How is Early Payday different than a payday loan?
- It doesn't have to be paid back in one lump sum at your next paycheck. Applicants can make payments over 90 days - payments are scheduled according to your payroll dates.
- The application fee and interest rate for Early Payday are much lower than comparable payday loan products.
- $10 of the application fee goes in a special savings account for you, and will be available to you after 1 year.
- You get a $10 discount for Direct Deposit!
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When you are ready to apply, you must visit a branch location.
The credit union also offers other products which may be suitable and cost less depending on your credit or income situation, such as lines of credit. When you apply, a credit union rep will discuss your options with you.
Check out the online module on subprime credit products: payday loans, finance company loans, expensive credit cards, car-title loans, and pawn shop loans. In many cases, a credit union product can meet your needs at a much lower cost. |
FAQ's
Please review the information below. When you are ready to apply, you willl need to bring in your:
- Government issued ID and a secondary ID
- Most recent bank statement
How can I apply?
First, you must be a member of Cal State L. A. Federal Credit Union over the age of 18, and then a short application must be filled out in the credit union office, either at 2445 Mariondale, Los Angeles or 4989 Huntington Dr N, Los Angeles. You will be required to show proof of identification, and provide your most recent pay stub (paid within the last 30 days). You'll also need your checkbook and your most recent checking account statement.
What if I am not a member?
Borrowers must meet credit union membership requirements and be over age 18 for Early Payday. You are eligible to join if you live, work, worship or go to school in El Sereno, or are an employee of or student at CSULA, a CSULA Alumni Association member or certain other membership groups. Part of your first advance may be used to open your membership share savings account. The minimum deposit is $25 for savings plus a $10 membership fee.
Can I get an EARLY PAYDAY advance with bad credit?
Yes. We will run a Teletrack report, which is an information sharing service used by payday loan agencies, to see that you have no unpaid cash advances.
How much can I borrow?
You can borrow $250 if you have been a member of the credit union for 60 days or less. You can borrow up to $500 if you have been a member for 61 days or more. The funds will be deposited in your credit union account.
How soon will I know if I am approved?
Upon completion of the application, the Member Service Representative assisting you will process your application while you wait. Once approved, funds are deposited into your Cal State L.A. Federal Credit Union account the same day.
How much does it cost?
There is a non-refundable application fee of $35 if you have Direct Deposit with the Credit Union, or $45 if you do not. The interest rate is 17.90% APR. Our fees are competitive and in accordance with applicable law. In most cases, you will find we charge a great deal less than other payday lenders.
$10 of the fee will be set aside in a savings account for you. It will be available to you after 1 year. If you request an early withdrawal from the special savings account, you must pay your loan in full, and your Early Payday privileges may be suspended. Please note that maintenance fees may apply to your regular savings account if you do not select an option for a free account. See Fees.
When do I have to pay my Early Payday advance back?
Your payments will be scheduled according to your payroll dates. You have up to 90 days to repay your loan (but you may pay it off sooner, there is no penalty). Depending on how you are paid, your payments may be weekly, semi-monthly, or monthly.
Example is estimate of payment. Your actual payment may vary.
| Amount Borrowed |
Term |
# of Payments |
Payment Amount |
| $500.00 |
monthly |
3 |
$171.73 |
| $500.00 |
semi-monthly |
6 |
$ 85.36 |
| $500.00 |
weekly |
12 |
$ 42.61 |
Term: 90 days. Interest accrues daily; example assumes payments are made on the due date. Annual Percentage Rate 17.9% APR. If you make your payment after the due date, the additional daily interest will accrue. Daily Periodic Rate: 0.049041. Rates, terms, program and conditions subject to change.
What if I can’t repay the EARLY PAYDAY advance in full on my due date?
We’ll work with you, provided you contact us as soon as you know that there’s a problem. If you contact us before the due date, in most cases we can make arrangements to extend your EARLY PAYDAY advance until your next payday. If we attempt to withdraw funds that aren’t there, we incur extra expenses that we pass onto you. By staying current with your original EARLY PAYDAY advance, you limit any additional charges or collection fees assessed to your account.
How many open EARLY PAYDAY advances can I have with the Credit Union?
Just one. Each EARLY PAYDAY Advance will need to be paid in full before you may reapply.
What if I only have a savings account?
You must have an open checking account at a financial institution and be able to provide us with your most recent checking statement. (Statement not required if the checking account you will be making your payment from is with CSLA-FCU.) Opening a Cal State L. A. Federal Credit Union checking account and setting up direct deposit to the account will save you time and money.
How often should I use this service?
Whenever an immediate or urgent need arises, Cal State L.A. Federal Credit Union is here to help. It is important to remember that an EARLY PAYDAY advance is a short-term answer to an immediate cash need. EARLY PAYDAY is not intended for repeated use in supporting an on-going budget situation from payday to payday. Repeated use or reliance on EARLY PAYDAY can create serious financial difficulties. If you need help with credit, budgeting or debt management, please contact Credit Union so we may be of assistance. The Credit Union offers free, impartial and confidential counseling through BALANCE, toll free at 888-456-2227.
How do I qualify?
Please review the qualification guidelines below. A Teletrack report will be reviewed at the time of the application, but no credit report or debt ratio calculation is needed. We may review your credit report to determine if we could provide you with a loan at a lower cost to you than Early Payday. We also may be able to offer you other options that may help, such as auto refinance to lower your payments, or debt consolidation.
The non-refundable application fee of $45 (or $35 for members with Direct Deposit to their credit union account) must be paid on receipt of a completed application. Please review the qualification guidelines below before submitting your application. Applications must be submitted in person.
You must be a Cal State L.A. Federal Credit Union member and 18 or over
You may not have caused a financial loss to the Credit Union
You may not have a past due or charged off loan(s) with the Credit Union
You will be required to show proof of identification. (Government issued photo ID, and a secondary form of ID such as a student ID or utility bill.)
You must fill out the loan application in person.
You must have an open checking account with a financial institution and provide your most recent bank statement.
Your most recent check stub is required, dated within 30 days or less. You must be currently employed.
A post dated check or ACH pre-authorization for payment(s) in full will be required.
A Teletrack report will be reviewed at the time of application. You must have no adverse history or unpaid loans with other payday lenders.
If you have an Early Payday loan with the credit union, it must be paid before you can open a new loan.
I am ready to get an EARLY PAYDAY advance. Where do I go to apply?
Great! You can apply at one of our convenient branch locations, 2445 Mariondale Avenue, Los Angeles or 4989 Huntington Dr N, Los Angeles from 9:00am-5:00pm Monday through Friday. You must apply in person.
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