Click here to apply for a Payday Loan Alternative

A Payday Loan Alternative!
Cyprus Credit Union now offers CU on Payday, a payday loan alternative. This service will allow you to receive a payday loan through Cyprus at considerably lower rates and fees than conventional payday lenders. If you are experiencing a financial emergency or just need a little extra cash this month, we have a simple online solution. CU on Payday is one more way Cyprus realizes the credit union philosophy of “people helping people.”

Payday loans are serviced by CU on Payday, a payday loan alternative created by Credit Unions.

Because we care, we want to be sure you understand that a short-term loan is designed to provide the cash required to meet an immediate need. Frequent and repeated use could mean that a long-term loan may better suit your needs.

That’s why we’ve provided access to free and confidential financial counseling and education through BALANCE. To speak with a counselor call: 888.456.2227

Eligibility:

Must have an established Cyprus checking account for the past 90 days with regular payroll deposits and an active Cyprus checking account for the past 30 days.

Gross income of at least $1,000 per month.

Continuous employment for the last six months.

18 years or older.

Benefits:

Funds are deposited in your Cyprus account within 10-20 minutes of approval.

There are no credit checks and you will find the fees are lower than other payday lenders - only $12 per $100 for credit union members.

First time borrowers can receive a maximum. $300.Avoid costly NSF fees or late payment charges from other vendors when you don’t have the funds to pay your bills.

CU on Payday was created by a credit union to allow credit unions across the country to offer their members a true alternative to conventional payday lenders, and to provide a service no longer available through traditional financial institutions.

Questions / Answers
Q: What is a payday loan?
A: A Payday loan provides you with a short-term cash advance until your next payday. CU on Payday allows you to cover small, unexpected, expenses and to avoid costly bounced-check fees or late payment penalties and other less desirable short-term credit options. You will need to be employed, have a permanent address, and an active Cyprus checking account.

Q: Where do I go for a CU on Payday Loan?
A: You can begin the application process by going to cypruscu.com and click on the personal tab. Or you can apply for a loan at any Cyprus Branch.

Q: How much can I borrow and how much does it cost?
A: Our fees are lower than traditional payday lender. Within the allowed amount, you qualify for a particular advance amount based on your current income. The maximum loan amount is $700.

Q: What can I use a loan for?
A: You can use a CU on Payday loan for anything you like such as car bills, phone bills, etc.

Q: How long does it take to get my cash?
A: Applications received Monday-Friday between 9 am and 5 pm (PST) will be processed within 30 minutes. Upon approval and your acceptance of the loan funds will be deposited immediately into your account.

Q: How do I get the money and how do I repay?
A: When you apply for a payday loan, you authorize CU on Payday to directly deposit the funds into your Cyprus checking account upon approval. You also authorize CU on Payday to automatically withdraw the amount of the advance, with the appropriate fee, on your next payday.

Q: How do I determine my due date?
A: All loans are due on your next payday, unless your next payday is three or less business days from today, the loan due date will be the payday following your next payday. If your next payday is four business days or more from today, this will be your loan due date.

Q: Can I request more than one advance at a time?
A: Your payday advances with CU on Payday may not exceed the allowable loan amount for your state. Once your previous advance payment has been received, you may then request another advance.

Q: When can I apply for another loan?
A: You may apply for another loan once payment has been received on your previous loan. Example: If your loan was due on a Monday, you may apply for a new loan on Thursday.

Q: What if I have a poor credit history?
A: Unlike many other loans, we do not require that you have good credit or, for that matter, any credit history at all.

Q: Is my payday loan secure and confidential?
A: Security and confidentiality is a top priority. We transact all our loans on our secure SSL server, utilizing the industry’s highest standard. Your information is completely confidential and protected by our company Privacy Policy.

Q: What happens if I don’t have the funds necessary to repay you on my due date?
A: Please contact CU on Payday immediately to make arrangements for payment. If sufficient funds are not available in your account on the due date to cover the debit entry, you agree to pay CU on Payday a NSF fee of $20.00.

Q: Can I get an extension on my payday loan?
A: Yes, you must contact CU on Payday two business days prior to the due date to facilitate an extension. You will be required to pay the loan fee on the due date of the loan. You may extend the loan up to three times. Your loan can not be extended beyond 12 weeks of the loan date. We recommend making an additional payment to reduce the principal balance.

Q: Can I rescind (cancel) this loan?
A: You have the right to rescind (cancel) this loan by returning the amount of the loan by the close of business on the next business day following the date of this loan. We will not charge you for canceling the loan.

Sample Fees
Loan Amount	+	Participation Fee	=	Total Due
$300	+	$36.00	=	$336.00
$500	+	$60.00	=	$560.00
$700	+	$84.00	=	$784.00

Click here to apply for a Payday Loan Alternative

Contact CU on Payday
Toll-Free: 1.877.507.6070
Fax:1.877.507.6071