Great Falls Teachers Federal Credit Union in Montana on Monday said it is offering a new payday loan that offers up to $500 regardless of credit history.

The new loan, called Securing Access with Financial Education, requires that 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.

The loan charges an 18% annual percentage rate 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 stopped or plan to stop offering short-term loans to consumers.

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