Alternative to Pay Day Lenders

Credit unions across Montana offer small loans - typically $500 and sometimes even smaller - to its members.  Reach out to your credit union to meet your short term loan needs rather than taking out a payday loan. 

Many credit unions are offering a specific payday loan alternative product for borrowers that do not quality for other more traditional loan products due to past credit history.

1st Liberty FCU (Great Falls, Cut Bank, Conrad):

• Loans up to $500, 12 payments over 6 months at $49, 15% APR with no fees, $5 of each payment goes into savings, basic financial education provided at time of loan.

Bear Paw Credit Union (Havre, Chester, Chinook, Shelby, Sunburst)
 

•  Loans range from $100 to $500, 90 day payback, 15.5% loan rate, fee of 10% of loan amount. Limited to two loans in a 12 month period.
• No credit check, but must have 90 days continuous employment with verification of income.
• Must earn twice the requested loan amount in monthly income. For example, $500 loan requires $1,000 in grose monthly income.

Family First FCU in Great Falls

• “New Start Loan” for those not qualifying for the credit union’s other loan products. 18% APR for to $1,000, a term of 12 months. Credit history not a factor in approval of loans.

Kootenai Valley FCU in Libby:

•  18% APR, no fees, provides financial education. Average loan amount is $300.

Lincoln County CU (Libby, Troy, Eureka)

• Loans up to $1,500, fee is $25 for a loan up to $750, $50 for loans $750 ‐ $1,000, and $75 for loans $1,000‐$1,500.
• The purpose of the loan is to provide an opportunity for members with past credit issues to rebuild credit history and move them to traditional loans.  

Missoula FCU, with branches in Missoula and Stevensville
 

• Summary of loan product: Loans between $100 ‐ $500, 18% APR, no fees.
• 90‐day payback, with payment frequency that matches paycheck frequency.
• Incomes must be at least two times the loan amount. If your gross income is $1,000, they can borrow $500. Must have 90 days of continuous employment with verification of income.

Park Side FCU (Kalispell, Columbia Falls, Whitefish)

• Education: 10 session financial education course.
• Support: matched with volunteer mentor for one year, 20 mentors so far.
• Credit: Adult will be accepted to membership to Parkside regardless of past banking  history. Given access to $300 line of credit w/ Parkside with no fees.

Ravalli County FCU (Hamilton) 

• Maximum loan of $500, payback in 30 days or less, $10 application fee, 12% APR, no credit check.

Sky FCU (Livingston, Bozeman, Belgrade)

• “Credit Builder Loan” for members with no credit or bad credit. Loan proceeds go into savings account, term 24 months.
• There is no set dollar limit. 7% APR, no fees.