Stretch Pay- The Pay Day Advance Alternative
Stretch Pay is a 30 day loan at 18% APR that you pay back in full within those 30 days. You could obtain a $250 or $500 loan to help you get to your next pay day. Because Stretch Pay saves you so much money you MUST be a member of the Credit Union in order to take advantage of this offer. With a $35.00 or $70.00 yearly fee (depending on which line of credit you request) you are eligible for Stretch Pay for the *entire year. Stretch Pay fees are non-refundable- even with an upgraded line of credit.
Let’s Break it Down…
- You must be a member of Millstream Area Credit Union in good standing for 6 months or more with direct deposit to the Credit Union.
- You may take the yearly fee out of your initial loan disbursement.
- You have 30 days to pay back the loan in full, including any interest accrued.
- You receive free financial education from a highly qualified Financial Service Specialist.
(Notice how every sentence starts with “You”... Stretch Pay is a product made to uphold the motto of “People helping people.”)
**SAMPLE: If you were to take out a $500.00 loan you would pay a $70.00 fee for that year. Your interest would accrue to make the total loan pay off at the end of the 30 days $507.40. Each additional loan you take out using your stretch pay options for that year would then be fee free and you only pay what you borrowed plus the interest.
Stop in and ask us about your Stretch Pay options!
1007 Western Ave. 1811 Tiffin Ave.
Findlay, Ohio 45840
Or
Call our knowledgeable staff:
419-422-5626
**Samples or examples are not meant to be exact figures. It is designed as a guide to give a better understanding of savings. If you have questions regarding Stretch Pay, Stretch Pay fees, interest, payments, or requirements please contact a Member or Financial Service Representative today!
*Eligibility does not rest solely on paying the Stretch Pay fee. Credit Approval is not required but you MUST be a member of the Credit Union in good standing for at least 6 months and have direct deposit to your account at the Credit Union. You also MUST pay back the stretch pay loan within the allotted time frame or you will not be able to receive Stretch Pay benefits in the future, regardless of any fees paid.
