An Early Payday Loan is a payday loan alternative designed for members who need up to $500 cash due to an unexpected emergency. Early Payday Loans do not require a minimum credit score, but are subject to review and approval.
Early Payday Loan applications are not available online. Please come into the Credit Union during business hours to apply. Please bring in your:
- Government issued ID and a secondary ID
- Two (2) most recent paystub
Early Payday Loan Requirements:
- You must be a Cal State L.A. Federal Credit Union member, 18 or over
- You must be a Cal State L.A. Federal Credit Union member for 31 days or more to qualify for up to $250, and 61 days or more to qualify for up to $500
- Your membership must be in good standing
- You may not have caused a financial loss to the Credit Union
- You may not have a past due or charged off loan(s) with the Credit Union
- Your Credit Union account may not have a negative balance at the time of your application
- You will be required to show proof of identification. (Government issued photo ID, and a secondary form of ID such as a student ID or utility bill.)
- You must fill out the loan application in person.
- You must have an open checking account with Cal State L.A. Federal Credit Union.
- You must have direct deposit or payroll deduction with Cal State L.A. Federal Credit Union.
- Your two (2) most recent check stubs are required, dated within 30 days or less. You must be currently employed (W-2 employee).
- A Teletrack report will be reviewed at the time of application. You must have no adverse history or unpaid loans with other payday lenders.
- If you have an Early Payday loan with the credit union, it must be paid before you can open a new loan.
- You may not exceed three (3) Early Payday loans in a (6) six-month period.
There is a $20 application fee for Early Payday.
This fee is non-refundable. Please review the requirements above to ensure you will qualify before you apply. Payments may be scheduled according to your payroll schedule. If you are paid weekly, bi-weekly or bi-monthly, we will schedule your payments to coincide with your payroll dates. There is no pre-payment penalty.
| Rate and Payment Examples | Amount | APR* | Monthly Payment | # of Payments | Term in Months |
|---|---|---|---|---|---|
| Monthly Payments | $250 | 28.00% | $129.40 | 2 | 2 |
| $500 | 28.00% | $258.80 | 2 | 2 | |
| Weekly Payments | $250 | 28.00% | $32.01 | 8 | 2 |
| $500 | 28.00% | $64.03 | 8 | 2 | |
| Bi-Monthly Payments | $250 | 28.00% | $64.33 | 4 | 2 |
| $500 | 28.00% | $128.67 | 4 | 2 | |
| Bi-Weekly Payments | $250 | 28.00% | $64.20 | 4 | 2 |
| $500 | 28.00% | $128.40 | 4 | 2 |
*APR = Annual Percentage rate. A 2% rate discount is available on Early Payday Loans with Direct Deposit or Payroll Deduction to your CSLA-FCU account. Please note that late or missed payments will cause the total amount you will owe to increase. Rates, terms, fees and programs subject to change, effective October 24, 2023.
How often should I use this service?
Whenever an immediate or urgent need arises, Cal State L.A. Federal Credit Union is here to help. It is important to remember that an Early Payday advance is a short-term answer to an immediate cash need. Early Payday is not intended for repeated use in supporting an on-going budget situation from payday to payday. Repeated use or reliance on Early Payday can create serious financial difficulties. If you need help with credit, budgeting or debt management, please contact Credit Union so we may be of assistance. The Credit Union offers free, impartial and confidential counseling through BALANCE, toll free at 888-456-2227.
Can I get an Early Payday advance with bad credit?
Yes. We will run a Teletrack report, which is an information sharing service used by payday loan agencies, to see that you have no unpaid cash advances. Approval is subject to underwriting review.
How soon will I know if I am approved?
Upon completion of the application, the staff member assisting you will process your application while you wait. If approved, funds are deposited into your Cal State L.A. Federal Credit Union account the same day.
How many open Early Payday advances can I have with the Credit Union?
Just one. Each Early Payday Advance will need to be paid in full before you may reapply. You may not exceed 3 Early Payday loans in any six month period.
What if I only have a savings account?
You must have an open checking account with Cal State L.A. Federal Credit Union. Opening a Cal State L. A. Federal Credit Union checking account and setting up direct deposit to the account will save you time and money.
The credit union also offers other products which may be suitable and cost less depending on your credit or income situation, such as lines of credit. When you apply, a credit union rep will discuss your options with you.
