I found out about this idea from Cari Chenkin, a very nice lady!
As you know from my prior posts and my new report, I am not so fond of short term payday type loans. Well, here is one with a twist that I actually like.
Heritage Community Credit Union, a Sacrameno area credit union, has a new loan called PASS – Payday Advance Savings Solution. The loan allows you to get up to $500 and create a savings account as well. Very interesting idea.
As they say on their website: Almost everyone has had an unexpected emergency occur just when it’s least convenient! We understand there are times when you may need a short-term loan to hold you over until your next paycheck. There are companies that specialize in this type of loan, and they advertise themselves as the solution. However, the ads never mention the very high annual percentage rates these payday lenders typically charge – as high as 500% or even higher!
If you are looking for a short term loan, you should consider Heritage Community Credit Union or find a credit union in your area and see if they have something similar for you.