EPAL Loan Details
What is the Interest Rate?
For members who have previously established a direct deposit the interest rate is 0.00% APR*. If you have not set up a direct deposit with Peninsula that’s okay your interest rate would be 1.00% APR*.
How Much Can I Get?
The loan amount is one and a half times your net monthly income or $10,000 whichever is smaller.
How Long is the Loan For?
Length or “term” of the loan will be between 6 months and 18 months depending on your individual circumstance.
Is there a Fee?
There is no fee to an EPAL Loan.
When is the First Payment?
We can put your first payment as far out as 90 days.
What if I have bad credit?
We do pull your credit score, but the history does not apply to underwriting. We use the history with other financial education that we have to help you improve your situation.
We also want you to fill out a budget so we can review your finances with you. We will look for different ways you can streamline your monthly finances.
*APR=Annual Percentage Rate. Loan approval is subject to Peninsula Credit Union underwriting guidelines. Payment example: $555.56 a month based on 18 months, $10,000 loan amount at 0.00% APR or $559.98 a month based on 18 months, $10,000 loan amount at 1.00% APR.