Designed to help members break the cycle of payday lending, Cash Now & Cash Later Loans are available to qualified members, regardless of credit score, up to $1,000. The primary qualification requirement is three months of continuous direct deposit. At the time the loan is granted, 75% of the loan proceeds are made available to the member. It is strongly encouraged that proceeds be used to pay payday loans in full and closed if possible. The other 25% are kept on hold until the loan is paid in full, at which time funds are released to the member. The goal is that the funds released at the end of the loan term prevent the member from going back out and getting more payday loans.
Loans can be refinanced, but it strongly encouraged that members keep loans on the book as long as possible. A loan doesn’t positively impact the credit score at all until it’s been on the books at least 6 months. The longer the original loan is kept on the books, the more the credit score is positively impacted.