Top 5 Reasons to Consider Payday Alternative Loans

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Key takeaways

Payday alternative loans (PALs) have lower interest rates, fewer fees, and longer repayment terms than traditional payday loans.
PALs are available through federally insured credit unions and may be accessible even with bad credit.
These loans can help you borrow small amounts quickly while also supporting your credit-building efforts.

When you’re short on cash and need a little extra to get by, most people think of payday loans. The problem with these loans is their high price tag. Many lenders engage in predatory lending practices, which can easily land you in a cycle of debt.

Payday alternative loans offered by some federal credit unions aim to correct that. You can borrow money quickly, even on the same day, without the hefty fees. The only catch is that you must be a credit union member.

If you’re saying I need cash now, payday alternative loans may offer a more affordable solution for quick cash.

What is a payday alternative loan?

A payday alternative loan (PAL) is a type of small-dollar loan offered by some federal credit unions. They are designed to be a safe and affordable substitute for payday loans.

Federal credit unions offer two types of PAL loans:

PALs I

Requirement: Credit union member for at least one month
Loan amounts: $200 to $1,000
Maximum APR: 28%, including a $20 application fee
Repayment terms: 1 to 6 months

PALs II

Requirement: Credit union membership is established
Loan amounts: Up to $2,000 (no minimum)
Maximum APR: 28%, including a $20 application fee
Repayment terms: 1 to 12 months

Credit unions can only issue one PAL at a time and no more than three PALs within a six-month period.

Reasons to consider payday alternative loans

If you’re in a pinch, $255 payday loans online on the same day might seem like a solution, but always read the fine print first. A payday alternative loan is likely more affordable.

Reason 1 – Lower interest rates than payday loans

The National Credit Union Administration (NCUA) caps the interest rate at a 28% annual percentage rate (APR), far lower than what most payday lenders charge.

Small payday loans online with no credit check often come with fees equivalent to triple-digit APRs. The Center for Responsible Lending reported that APRs on $400 payday loans can be as high as 662% in Texas and 652% in Missouri. The highest affordable APR is 36%.

Reason 2 – Safer repayment term

Payday alternative loans are repaid in installments over one to twelve months. The longer loan terms give you more time to repay without falling into a debt trap. With fixed monthly payments, PALs provide a predictable and manageable payment plan.

On the other hand, you repay payday loans in full on your next payday. You make a balloon payment (both the loan and fees) in seven to fourteen days. The short repayment period makes them harder to repay. The Consumer Financial Protection Bureau found that 4 out of 5 payday borrowers roll over or renew the loan.

Reason 3 – No hidden fees

Federal regulations prohibit excessive fees. The application fee is limited to the amount needed to recoup the actual processing costs, up to $20. Credit unions may charge other fees, like late payment fees. Carefully review your loan agreement to understand all potential costs.

Payday lenders often levy a financing charge of $10 to $30 per $100 borrowed. A $400 loan with a $15 financing charge will cost $60.

Potential additional charges include rollover fees to extend the loan or late payment fees if you miss a due date. Payday lenders may also attempt to withdraw money from your bank account if you are late. If your account lacks sufficient funds, you may incur an overdraft fee. According to Bankrate’s 2024 Checking Account Survey, the average overdraft fee is $27.08.

Reason 4 – Credit score friendly

Credit unions typically do not require a minimum credit score for payday alternative loans. They are more interested in your income than your rating.

While your score is less important, you typically won’t find payday alternative loans with no credit check. Most credit unions will still conduct a hard inquiry to assess your reliability. The difference is that they do not place as much emphasis on your credit history.

The NCUA encourages credit unions to report payments to the three major credit bureaus: Experian, Equifax, and TransUnion. If your credit union reports payment activity, making on-time payments on your PAL will help improve your credit score.

Payday lenders offer loans with no credit check. They do not consider your credit score, financial situation, or report on-time payments.

While repaying the loan on time will not help your score, defaulting can hurt it. Some payday lenders report missed payments to the credit bureaus or send unpaid accounts to collections. Having an account in collections will result in a negative mark on your credit report.

Reason 5 – Available through trusted sources

Payday alternative loans are only available through federally insured credit unions. Federal credit unions are member-owned, nonprofit financial cooperatives regulated by the National Credit Union Administration. The regulations ensure that PALs follow strict guidelines on interest rates, fees, and repayment terms.

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Payday lenders, on the other hand, often operate with little oversight. Few federal laws exist, and regulations vary drastically by state. While they are the closest thing to bad credit loans with guaranteed approval, they are not worth the risk. Many lenders are predatory and not reputable.

Payday alternative loans vs. payday loans

Payday alternative loans and payday loans are both small, short-term loans that place less emphasis on your credit score. While similar, there are key differences between the two.

	Payday alternative loans	Payday loans
Lender	Federal credit unions	Storefront or online payday lenders
Loan amounts	Up to $2,000	Under $500
Repayment terms	One to 12 months	Two to four weeks
APRs	Up to 28%	Can be over 400%
Fees	Application fee up to $20	No more than three loans in a six-month period
Requirements	Credit union membership and proof of income	Proof of income, valid ID, and a checking account
Restrictions	No more than three loans in a six month period	Varies by state
Credit reporting	Probably	No

Where to find payday alternative loans for bad credit

You can find payday alternative loans exclusively at federal credit unions. Not all federal credit unions offer PALs, so ask if they do before you become a member. Use the NCUA credit union locator to find a credit union near you.

Most credit unions are incredibly easy to join. Membership is based on where you live, worship, who your employer is, military service, or other groups you belong to. You may have to pay a small one-time membership fee and make a deposit to open an account.

Besides PALs, federal credit unions offer small personal loans with interest rates capped at an 18% APR. The requirements for these loans tend to be stricter than for PALs but more lenient than those of large commercial banks.

State-chartered credit unions also offer small personal loans with lower interest rates. They operate under their state’s regulations, so interest rate caps will vary.

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How to qualify for payday alternative loans

Most federal credit unions that offer payday alternative loans online only require membership and proof of income. You do not need a good credit score to get approved for a PAL. In fact, many credit unions do not consider your score.

They will review your income and employment to ensure you can afford the loan.

Typically, you can apply for a PAL II as soon as you are a member. Most impose a waiting period of one month before you can apply for a PAL I.

Are payday alternative loans right for you?

Payday alternative loans can be the right choice if you need quick access to a small amount of cash. They are emergency loans for bad credit that do not come with excessive fees.

You must be a member of a federal credit union that offers PALs or be willing to join one. You will also need to demonstrate the ability to repay the money.

If you’re dealing with an emergency and looking for a responsible borrowing option, PALs may be the right fit. Other short-term loan products tend to be much more expensive.

In a pinch for cash?

How to get 200 dollars fast.

Additional loan alternatives

Cash advance apps

Cash advance apps let you borrow small amounts against your next paycheck with little to no fees. They do not check your credit, nor do they charge interest. Instead, they link to your bank account to assess income.

These apps are a fast way to get cash with few requirements, but your next paycheck will be short. Only use them if you’re able to handle a smaller paycheck.

Buy now, pay later

Buy now, pay later (BNPL) services let you split purchases into smaller, interest-free payments over several weeks. Pay on time and you may improve your credit, but if you miss a payment, you may incur a late fee. Be careful since the ease of using BNPL services can lead to overspending.

Family loans

Borrowing from a family member or friend can be a low or no-interest option when you’re in a bind. Write out a loan agreement that states how and when you’ll repay the money to avoid strained relationships.

Financial assistance programs

Many nonprofit organizations, churches, and government agencies offer help with rent, utilities, food, and medical bills. These programs provide temporary relief without requiring repayment. Contact 211 or visit benefits.gov to find programs you may qualify for based on your income and location.

Frequently asked questions

1. What is the difference between payday loans and payday alternative loans?

Payday loans and payday alternative loans are both short-term, small-dollar loans. They differ significantly in their cost, terms, and regulatory oversight. Payday loans charge excessive fees, require repayment in four weeks or less, and create a cycle of debt. The NCUA caps PALs’ rates at 28% APR, and you repay them over a few months to a year, making them more affordable.

2. How can I qualify for a payday alternative loan?

To qualify for a PAL, you must be a member of a federal credit union. You will need to show proof of income (pay stubs or recent tax return) and the ability to repay. Some credit unions will do a hard inquiry, while others will not. Either way, you can access money even with less-than-perfect credit.

3. How much can I borrow with a Payday Alternative Loan?

The amount you can borrow with a payday alternative loan depends on the type. A PAL I lets you borrow from $200 to $1,000, while a PAL II offers loan amounts up to $2,000. Federal guidelines and the credit union’s policy set loan limits to ensure you don’t take on more debt than you can manage.

4. How quickly can I receive funds from PALs?

Credit unions generally disburse funds quickly, often within one to two business days after approval. Some credit unions offering PALs online may provide same-day funding if you meet eligibility and submit documentation promptly. While not instant, PALs are still a timely option for urgent financial needs with far better terms than payday loans.

Bottom line

When you need to borrow money to tide you over until payday, consider a PAL. These small-dollar loans let you borrow affordably, even with less-than-perfect credit. You must join a federal credit union, but it may be well worth it. PALs are a safer and more affordable alternative to payday loans.

As with all borrowing options, make sure you can repay the money as agreed. Making on-time payments can help you build credit if your union reports payments, and most do. As your score improves, you’ll be eligible for other personal loans at even better rates.

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18. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

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22. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

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33. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

34. Tipping or not tipping has no impact on your eligibility for SpotMe®.

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36. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

37. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

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39. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

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41. MyPay is only offered in select states

42. To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 – $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply.

43. Not affiliated with Empower Annuity Insurance Company of America (www.empower.com). Not everyone will qualify. Offers range from $10-$300 for first-time customers; $10-$400 for all others. Offers are based on our eligibility requirements and can go up with on-time payments. In Feb 2025, the average offer was $95 for first-time customers; $187 for all others. Instant delivery is optional—see fees in Empower’s Terms. Empower offers a 14-day trial for first-time customers followed by an auto-recurring $8/month subscription fee. Cancel anytime.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor's credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor's degree in journalism and an MBA.

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Top 5 Reasons to Consider Payday Alternative Loans

Key takeaways

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What is a payday alternative loan?

Reasons to consider payday alternative loans