Short Term Loans

Stretch Loans and Payday Alternative Loans (PAL) from Redstone provide a small-dollar, short-term lending option with a generally lower fixed Annual Percentage Rate (APR), than do traditional “Payday Lender” loans. Redstone has designed these loans to help members build or rebuild credit through a reputable institution and to help members make it to their next paycheck.

At Redstone, we offer lower fees and rates than most “Payday Lenders,” and there’s never any penalty for paying off the loan early.

Stretch Loans

 

  
  • Minimum loan amount of $150; maximum of $1000
  • Minimum repayment term of 4 months; maximum of 12 months*
  • 17% fixed APR** with repayment made through a pre-authorized transaction; 18% fixed APR if repayment is made another way
  • $30 non-refundable application fee***
  • Must be a member for at least 1 year

Payday Alternative Loans

 

  
  • Minimum loan amount of $200; maximum of $500
  • Minimum repayment term of 1 month; maximum of 6 months*
  • 26% fixed APR with repayment made through a pre-authorized transaction; 28% fixed APR if repayment is made another way
  • $20 non-refundable application fee***
  • Must be a member for at least 6 months

 

 

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

Open an Account Today

To open this account, please visit any branch or call 800-234-1234.

Branch Locations

Secured Credit Card

Looking for a credit card to use while you are establishing credit? RFCU has a great option for you with our Secure Credit Card.

Learn More

Can't find what you're looking for?

Telephone our Member Connect
Center at 800-234-1234
Monday – Friday: 7 am – 7 pm
Saturday: 8 am – 5 pm