Freedom Funds
We believe everyone has the right to financial freedom. That's why we're offering Freedom Funds - The dollars and sense alternative to those high-cost payday loans. With our Freedom Funds program, you'll get the money you need, while earning your financial freedom from the never ending cycle of payday lending.
LOOK HOW MUCH YOU CAN SAVE!
Comparison of our costs vs. those of a typical payday lender.
OUR COSTS
| Amount Financed | Finance Charge | Total of Payments | APR |
|---|---|---|---|
| $100 | $.69 | $100.69 | 18.00% |
| $250 | $1.73 | $251.73 | 18.00% |
| $500 | $3.45 | $503.45 | 18.00% |
PAYDAY LENDER COSTS (estimated)
| Amount Financed | Finance Charge | Total of Payments | APR |
|---|---|---|---|
| $100 | $18.00 | $118.00 | 469.29% |
| $250 | $45.00 | $295.00 | 469.29% |
| $500 | $90.00 | $590.00 | 469.29% |
Costs are based on a 14 day term. Member must have direct deposit into their share or draft account and cannot be past due or delinquent with TVFCU or in Chapter 13. Member must bring a current paystub each time they request a salary advance. An automatic transfer will be set up to pay the loan in full. A deposit of 5% of the loan amount will be deposited into member's special club account each time they borrow money until the balance is enough to cover the amount of their next requested advance. Withdrawal of funds from their club account will suspend member's salary advance privileges for 90 days. There is a $35 annual fee to participate in this program. Other restrictions may apply.