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Payday Loan

Educational and Savings Requirements
South Florida Educational is interested in helping members break the exorbitant service charges and costs associated with traditional payday lenders. We have developed a loan alternative to meet the needs of those members trapped in this vicious cycle. However, in order to become eligible for this alternative, we require an educational and savings commitment on the part of the member, as well as additional eligibility requirements, to help improve their financial situation. The three components are described below.

Savings Component
The savings component requires the member to deposit 5% of any amount advanced into a restricted share account. This will help members learn the importance of savings and allow them to eventually save enough to break the payday loan cycle. When the first payroll following the advance is received by the credit union, we will take the funds necessary to pay the loan in full and an additional 5% of the advance will be taken to fund the restricted share account.

Educational Component
The educational component requires the member to successfully complete one of the four educational modules described below. Upon completion of the test at the end of each module, the credit union will be notified, via e-mail that the member has completed the educational requirement. After attaining a minimum score of 50% correct, the member is then eligible to apply for the loan.

Additional Eligibility Requirements

  • You must not have had a Bankruptcy within the last 24 months.
  • You can not have caused a loss to the credit union of any kind.
  • You must have your entire check on direct deposit at the credit union for at least your last 2 pay periods.
  • You can not have any existing delinquent loans with the credit union.
  • Your account must have been open at least 120 days prior to the date of your loan application.
  • If you are paid on a 10 month payroll, you may not receive a new payday loan during the period one month prior to, and during which, you have no payroll coming to the credit union.
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