HUNTSVILLE, Ala. – Redstone FCU has become the latest credit union to offer its own version of a short-term payday loan. The credit union’s “Stretch Loan” will be made for $150 to $500 and include a maximum repayment term of six months with a minimum repayment term of four months.
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The rate is 16% fixed APR if repayment is made through payroll deduction, or 18% if repayment is not made through payroll deduction. There is a $20 non-refundable application fee collected up front and a $5 late fee is incurred after the 10th day delinquent.
