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StretchPay Loans

MONEYStretchPay EMERGENCY?

You could save hundreds of dollars when you choose a StretchPay cash advance instead of an expensive payday loan.

WHAT IS STRETCHPAY? StretchPay is a 60-day loan of either $250 or $500 to help you pay urgent bills or make an emergency purchase. Your credit union understands  your “cash crunch” and offers StretchPay as a lower-cost alternative to outrageous PayDay Lender interest charges and penalties.

HOW DOES STRETCHPAY WORK? You apply and pay an annual fee of $35 (for a $250 loan) and $50 (for a $500 loan). You pay a low interest rate of 18% on your 60-day loan. After you pay back your loan, you can borrow again without paying the annual fee.

 

LENDER LOAN AMOUNT INTEREST & FEES ANNUAL PERCENTAGE RATE (APR) TERM TOTAL FINANCE CHARGES
Sample Commercial Payday Lender $250 $15 FEE PER $100 BORROWED FOR EACH 14-DAY TERM 391.07% 28 DAYS $75.00
Sample Commercial Payday Lender $250 18% APR PLUS A $35 ANNUAL ENROLLMENT FEE 18% 30 DAYS   $3.70
STRETCHPAY SAVINGS (NOT INCLUDING $35 ENROLLMENT FEE) $71.30

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