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As we celebrate 238 years of American freedom this summer, let’s join together as Members and stand up to payday lenders by declaring our own independence.

You won’t need a rifle or a horse to join our revolution. To get out from the grip of payday lenders, all you need is an LSFCU PayCheck Advance Loan. It’s an easy, no-hassle way to get extra cash when you’re in a pinch—and with our member-friendly terms, it may be much more affordable too. And you’ll have the freedom to use the money for whatever purpose you like.

To help members avoid having too much of their hard-earned money consumed by payday lending fees, LSFCU has created the PayCheck Advance Loan. It offers:
• Loans up to $1,000
• Rates of just 18%
• A choice of terms – up to 12 months
• Conveniently paid back by payroll deduction into your account
• An additional rate discount of 0.25% if you build your financial know-how by completing the free “Budgeting” and “Credit” sections of the online BALANCE Financial Fitness Program.

Payday lenders are easy, but may end up making your financial life harder over the long run. Typically, you simply write a check to the lender for the amount you borrow – plus a fee that might be a percent of the amount borrowed or maybe a flat fee, such as $15. For example, if you wanted to borrow $100 and the lender’s fee is $15, you’d write a pre-dated check for $115. The lender would give you $100 today and wait until your next payday to cash the $115 check.

If you urgently need the money, $15 may sound reasonable, but according to the Federal Trade Commission, paying that much to borrow $100 for two weeks is the equivalent of paying a 391% annual percentage rate. The financial damage only gets worse if you keep rolling over the same debt. A payday lender may give you an option to keep extending the loan – for another $15 every two weeks. Roll it over three times, and you’ll end up paying a full $60 to just to borrow $100.

To learn more about the LSFCU PayCheck Advance Loan please call 201-659-3900 and select option 5, or speak with a Member Services Representative.

Five Corners

666 Newark Avenue

Jersey City, NJ 07306

1590 John F. Kennedy Blvd.
Jersey City, NJ 07305

North Hudson
108 48th Street
Union City, NJ 07087

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