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"PAL"
Payday Alternative Loans

LG&W Federal Credit Union  offers Payday Alternative Loans as short term small dollar loans, a more affordable option than typical payday loans.  These loans are $1,000 with a 6 month term!
  • A $20.00 application fee is required from all applicants before accepting or submitting the application (fees will be collected and kept whether approved or denied)
  • Interest rate is 28% APR
  • Applicant must be at least 18 years of age and must be a member for at least 120 days (4 months)
  • Applicant must be currently employed for at least 180 days (6 months)
  • Applicant cannot be past due on any other loans with the credit union
  • Applicant cannot have a negative balance in any account with the credit union with the exception of power pay funds
  • No credit check required
  • Applicant’s income must be verifiable
  • Applicant must have a payroll deduction to a savings or checking account at the credit union with a minimum amount of $100.00 monthly
  • Applicant may only have one “PAL” loan on their account at any given time.
  • Maximum number of “PAL” loans is three (3) for one applicant within a 6 month period
  • Late fee of $15.00 will be charged on loans that are 15 or more days past due
  • Applicant must have demonstrated an on time pay history on any previous “PAL” loans
To learn more or to start your application process, 
​call your LG&W Federal Credit Union Loan Representative at
​(901) 680-7995
​or email us at [email protected]