Are Payday or Title Loans the Answer?

These loans may seem like a quick fix, but they can quickly send you into a debt spiral. Don’t think these loans are your only option. Many payday lenders charge interest rates in excess of 500%! There are other options. Don’t let bad, low or no credit leave you thinking that a payday loan is your only option. Can you imagine paying $50,000 in interest on $2,500 in payday loans? It has happened. The payday loan cycle can quickly spiral out of control.

Let Mercy Credit Union help you with your lending needs. We offer multiple loan options and will work with you to find the best solution for your situation. The credit union philosophy of “People Helping People” means we want to help you find the best financial solution for you.

Emergency Help Loan

  • Based on income and length of employment
  • Loans are for a minimum of $200 and a maximum of $1,000
  • Repayment terms will not exceed 120 days
  • Limit on the number of times you can obtain an EHL
  • Must pay off EHL loan before requesting another
  • A third request in a rolling 12 month period requires credit counseling.


Click Here for the Emergency Help Loan Application.


Credit Builder Loan

  • For those with no credit or limited credit
  • Loan Amount: $1,000
  • Annual Percentage Rate: 19%
  • Can be used for an emergency expense instead of a payday loan


Credit Rebuilder Loan

  • For those with a low credit score
  • Use collateral for a lower interest rate
  • The interest rate can be adjusted after one year if credit has improved and the score lowers interest rate.
  • Payment will be calculated at the new rate, lowering the payment.


Do You Have Equity in a Vehicle?

This option offers you the best interest rate, which saves you the most money. Explore your options so you can make the best decision for your financial future.


Solving Your Financial Crisis

Our goal is to help you take the road that will lead you to the best loan for your situation and help solve your financial crisis. Many people think that a payday loan is their only option, but it is not. It can quite often lead them much further into debt. Mercy Credit Union is here to help you and your family reach your financial goals. Contact the credit union today.