Alternatives to Payday LoansMore Alternative Loan Rule Will Create More Alternatives What Is a Payday Alternative Loan? | Credit KarmaPayday Alternative Loan Rule Will Create More Alternatives Payday Loan Alternatives | Credit Unions: Payday Alternative Loans (PALs) To provide credit union members with an alternative to high-cost payday loans, the National Credit Union Administration (opens new window) (NCUA) allows federal credit unions to offer small-dollar loans called PALs. The borrower must be a member of the credit union for at least 1 ;· What is a payday alternative loan? A payday alternative loan is a short-term small loan offered by some federal credit unions. These loans must fulfill certain requirements, according to the National Credit Union Administration, which regulates federal credit unions in the Payday Alternative Loan is a small dollar, short term loan designed to help when money is needed right away to meet unexpected expenses. To qualify you must be a current member with at least 6 months continuous direct deposit from the same source. Members can receive a loan up to $ and pay a 15% flat fee on the amount borrowed.

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