OREM, Utah – Family First FCU yesterday launched its own payday loan program that promises lower fees and rates than products offered by area competitors.
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Unlike payday or cash advance loans, the credit union’s Instacash is a monthly line of credit, with a 30-day repayment term that members can access when they need cash.
Members will pay an 18% APR and a $10 participation fee per $100 loaned.
Instacash requires a $100 minimum loan; a $300 maximum loan for first-time borrowers and $700 for return borrowers.
