StretchPay

StretchPay is an alternative to high rate "payday loans" and is significantly less expensive and much easier to use.

Here's how it works:
You receive a $250 advance with a $35 annual fee.
You receive a $500 advance with a $70 annual fee.
The Annual Percentage Rate is 18%
StretchPay loans have a 30-day repayment term and must be paid in full prior to additional advances.
Minimal approval criteria.

Pay Yourself First Savings Account:
StretchPay has a bonus feature called PAY YOURSELF FIRST. This account is designed to help you break the cycle of payday loans by requiring 5% of each advance to be deposited into this account. No withdrawals are permited while your StretchPay loan has a balance.

Move Up to a Share Secured Loan
Use your Pay Yourself First account to accumulate a savings balance. Ultimately, instead of using StretchPay, you could qualify for a Share Secured loan at a much lower interest rate and NO annual fee.

Share Secured Loans
This type of loan lets you borrow against funds you have on deposit at Bay Area Credit Union. You may borrow against funds in your savings account or in a Share Certificate. Your savings continues to earn dividends and the hold on your funds decreases as the loan balance decreases.

Wealth Builder Savings Account
Consider adding a Wealth Builder Account and watch your money GROW! This account is designed to reward the regular saver with a very competitive dividend rate. The Wealth Builder pays 4% apy quarterly on balances up to $3500*. One free annual withdrawal** permitted after the account balance reaches $1000.

* If the balance exceeds $3500, the account reverts to normal dividend rate structure on the entire balance.
**All other withdrawals have a $25 fee per instance.