Great Falls Teachers FCU Introduces SAFE Payday Loan
GREAT FALLS, Mont. – Great Falls Teachers FCU is offering a new type of payday loan that offers up to $500 regardless of credit history.
The loan, called Securing Access with Financial Education, or SAFE, requires a consumer be a member of the credit union for one month, be employed and complete a free individual financial analysis with a certified adviser with Rural Dynamics Inc., a local debt counselor.
The SAFE loan charges 18% APR and requires monthly payments of $50.
In November, Montana voters supported an initiative to cap short-term loan interest rates at 36%. Since then, many payday lenders have or plan to stop offering short-term loans to consumers.