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Emergency Loans

A better solution to unexpected expenses.

Unexpected expenses like appliance replacements and car repairs are a part of life. But the truth is, many people don’t have a comfortable cushion available to cover the costs. In fact, 63% of Americans don’t have enough savings to pay for a $500 emergency.

If you are facing some unexpected bills and don’t have available savings to cover it, our Emergency Loan can help you afford expenses without trapping you in a bad debt cycle. This alternative to a payday loan is a straightforward and fair alternative to predatory loans, which are not designed to help you in the long run.

How an Emergency Loan is Different than a Payday Loan

A big problem with payday loans is that once you get one, it’s highly likely you’ll need another. Over 90% of people who get payday loans are repeat borrowers. One reason for that is the average charge is 400% APR1! Additionally, borrowers are encouraged to pay hefty fees to rollover the loan, which just makes the problem bigger and pushes the due date later.

We saw the numbers and knew our members deserved better. The Emergency Loan was created to provide a solution that fits your needs and helps you take a step towards a better financial future. Some of the big differences include:

  • Credit score doesn’t matter. We don’t want your score to hurt your ability to get access to a loan for emergencies.
  • Equal monthly payments. Having equal payments makes it easier to work your loan payment into your regular budget. Without a big payoff at the end, you’re less likely to immediately need another loan.
  • Reasonable rate and transparent fees. All Emergency Loans have a rate of 18% APR1. For a $500 loan, that would make your monthly payment $87.78 each month for 6 months.

There is an application fee that is based on how much you would like to borrow

  • $20 application fee for loans up to $250
  • $40 application fee for loans $250 to $500

Because we don't just use a credit check to determine eligibility, you need to be a member with the credit union for at least 6 months in order to be eligible for our Emergency Loan.

Emergency Loan Plus

When you have larger expenses and need a little more to cover them, we offer the Emergency Loan Plus. With this option, you can get a larger loan when you lock some money in your savings account until the loan is repaid. After you make your final payment, you can take advantage of the benefit of having savings available for your other personal goals.

Getting Started

To apply, talk to a member of our team at a branch or by calling us at (217) 893-8201.

Request a Follow Up

Want a free consultation? Complete the form and a member of our lending team will follow up to answer any questions you may have about our loans and managing your credit.
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1: APR = Annual Percentage Rate