Must be eligible for membership and open a savings account to obtain a loan product. A $5 minimum balance is required to open and must be maintained in share savings account at all times. RFCU is an Equal Credit Opportunity Lender. Contact us for more details.
Stretch Loans: Must have no active Stretch Loans and no co-borrowers are permitted. Requires verification of residential address and verification of income, if not direct deposit to RFCU®. Subject to credit approval, a minimum of one year membership required, must not have caused RFCU a loss, and all accounts have to be in good-standing (e.g. not in the negative, including joint accounts and no delinquent loans), and other restrictions apply.
Payday Alternative Loan (PAL): Not more than 3 PAL loans in any rolling 6-month period to any one borrower and no co-borrowers are permitted. No more than 1 payday alternative loan at a time to a borrower. Must not roll-over any PAL loan. Must have Direct Deposit greater than or equal to the contracted payment. Subject to credit approval, a minimum of six months membership required, must not have caused RFCU a loss, and all accounts have to be in good-standing (e.g. not in the negative, including joint accounts and no delinquent loans) and other restrictions apply.
* Typical 100% financing example with no down payment for stretch loan: The payment for a $1,000 loan at an 18% fixed APR for 12 months would be $92.99. For a PAL loan: The payment for a $500 loan at a 28% fixed APR for 6 months would be $92.26.
** Stretch Loan- 17% APR. Requires established direct deposit equal to or greater than contracted payment amount. A minimum three month direct deposit required.
*** A $20.00 (PAL) or $30.00 (Stretch Loan) non-refundable application fee applies and must be collected at application, may not be financed in the loan, taken from the loan proceeds, or paid by personal check drawn on another financial institution