Family First Federal Credit Union today launched Instacash, a short-term
loan designed to assist members who need cash quickly. Instacash has
lower fees and interest rates than other commonly used methods such as
PayDay Loans.
“It is not uncommon for situations to arise
where our members need to gain access to cash quickly,”
said Ben Wiseman, assistant vice president of consumer loans. “We
felt it was imperative to offer a better solution than traditional
payday vendors, to allow our members the ability to save a substantial
amount of money each month, by breaking out of the debt cycle and start
on the path towards financial stability.”
Unlike payday or cash advance loans, Instacash is a monthly line of
credit that members can access when they need cash. It offers a longer,
30-day repayment term with lower fees and interest rates than other
commonly used methods. Members will also pay only 18 percent APR –
that is considerably less than the annual rate of 400 percent that
borrowers have been accustomed to paying on various payday loans. In
fact, according to a study conducted by the Center for Responsible
Lending, borrowers pay $4.2 billion every year in excessive payday
lending fees.
Instacash is an affordable, short-term loan that offers:
30-day repayment term
Flexible payment plans
$10 participation fee per $100 loaned
$100 minimum loan
$300 maximum loan for first-time borrowers; $700 for return borrowers
18 percent annual percentage rate
Available starting today, members are encouraged to apply online at www.familyfirstcu.com.
For additional questions and information, members can visit any Family
First branch or call 801-265-6020.
ABOUT FAMILY FIRST FEDERAL CREDIT UNION
Family First Federal Credit Union has been providing excellent financial
services since 1947. Branches are located in American Fork, Pleasant
Grove, Orem, Springville, Payson, Lindon, a Home and Business Loan
Center in Orem, and offers online services at www.familyfirstcu.com.
Anyone who lives, works, or attends school in Utah County, or has a
family member who does, is eligible for membership. As your primary
financial institution, Family First Federal Credit Union is dedicated to
providing its members with high-quality service, friendly staff, and
convenient account access to better meet their needs.
Jennifer Stoddard, Special Assistant to the President, Member Services,
also appears monthly on ABC4’s “Good
Things Utah” providing financial advice and
answering questions about finances. Family First has a section on its
Web site dedicated to answering questions called “Ask
Jenn.” The “Ask
Jenn” feature can be found on Family First’s
Web site at https://www.family1stcu.com/askJen.php.
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