Early Payday

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.

Early Payday applications are not available online. Please come into the Credit Union during business hours to apply. Please bring in your:

  • Government issued ID and a secondary ID
  • Most recent paystub
  • Checkbook
  • Most recent bank statement

Early Payday Loan Requirements:

  • You must be a Cal State L.A. Federal Credit Union member and 18 or over
  • You must be a Cal State L.A. Federal Credit Union member for 31 days or more to qualify for $250, and 61 days or more to qualify for $500
  • 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
  • Your Credit Union account may not have a negative balance at the time of your application
  • 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 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.
  • You may not exceed three (3) Early Payday loans in a (6) six-month period.

There is a $20 application fee for Early Payday. 

This fee is non-refundable. Please review the requirements above to ensure you will qualify before you apply. Payments may be scheduled according to your payroll schedule.  If you are paid weekly, bi-weekly or bi-monthly, we will schedule your payments to coincide with your payroll dates. There is no pre-payment penalty.

Rate and Payment Examples Amount APR* Monthly Payment # of Payments Term in Months
Monthly Payments $250 28.00% $129.40 2 2
  $500 28.00% $258.80

2

2

       

 

 

Weekly Payments $250 28.00% $32.01

8

2

  $500 28.00% $64.03

8

2

       

 

 

Bi-Monthly Payments $250 28.00% $64.33

4

2

  $500 28.00% $128.67

4

2

       

 

 

Bi-Weekly Payments $250 28.00% $64.20

4

2

  $500 28.00% $128.40

4

2

*APR = Annual Percentage rate. A 2% rate discount is available on Early Payday Loans with Direct Deposit or Payroll Deduction to your CSLA-FCU account. Please note that late or missed payments will cause the total amount you will owe to increase.  Rates, terms, fees and programs subject to change, effective June 21, 2012.

Early Payday FAQs

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 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 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. You may not exceed 3 Early Payday loans in any six month period.

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.

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.

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