This page uses JavaScript. Your browser either does not support JavaScript or you have it turned off. To see this page properly please use a JavaScript enabled browser.
Gas & Electric Credit Union is committed to providing a website that is accessible to the widest possible audience in accordance with ADA standards and guidelines. If you are using a screen reader or other auxiliary aid and are having problems using this website, please contact us at 800-793-3610.

Any external links or websites to alternative sites are not operated by Gas & Electric Credit Union. We are not responsible for the content of the alternative sites or their accessibility standards.

Payday Alternative Loans (PALs)

Stop the payday loan cycle with our new Payday Alternative Loan program.

We all know that payday loans are rarely a good idea, but we also know life happens. Payday loans often solve the problem in the short term- getting the cash you need, however they tend to make the situation worse in the long run. DId you know that most payday loans are due in full within 2 weeks and average an APR of 391%? The typical borrower will end up paying over $500 in fees. As you Credit Union, we want to be able to offer our members a better alternative- to help end the cycle of payday loans. That is why we are now offering PALs or Payday Alternative Loans.

To be eligible for a PAL- you must meet the following criteria:

  • Be a member at the Credit Union for at least 6 months.
  • Be employed for at least 6 months.
  • Receive your direct deposit at the Credit Union.

As long as you meet these 3 simple requirements, you are eligible for the loan. There is no credit report pulled. Upon application, member may be approved for up to $1,000 for the initial request and may be increased upon request later. The loan charges a $25 fee and is financed at a rate of 21% APR.

PALs can also be a useful tool for building stronger credit. While most other loans all require a credit score, PALs do not and therefore give members with lower credit scores an opportunity to show credit worthiness. 

Apply for a PAL online now!

FacebookYouTubeTwitterInstagram
Equal Housing Lender National Credit Union Administration
Federally Insured by the National Credit Union Administration.

We do business in accordance with the Fair Housing Law and Equal Opportunity Credit Act

2300 4th Avenue Rock Island, IL 61201 | Routing/ABA number: 271188230

Gas & Electric Credit Union is committed to providing a website that is accessible to the widest possible audience in accordance with ADA standards and guidelines. If you are using a screen reader or other auxiliary aid and are having problems using this website, please contact us at 800-793-3610.

Any external links or websites to alternative sites are not operated by Gas & Electric Credit Union. We are not responsible for the content of the alternative sites or their accessibility standards.