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better choice loan

better choice loan

your solution to the growing problem of payday lending practices

If you are in need of a small loan but your past spending habits have caused other financial institutions to turn you down, our Better Choice Loan may be your solution. No minimum credit score is required for the borrower.*

To qualify for a Credit Union Better Choice Loan, a member must:

  • Be at least 18 years of age and legally capable of entering into a binding contract.
  • Be a Service 1st Member in Good Standing at the time the loan is applied for.
  • Be a Service 1st Member for at least 180 day before credit is extended.
  • Not be in the process of filing bankruptcy under any chapter of the US bankruptcy code.

 Better Choice Loan Features

To apply for a Better Choice Loan, stop by the Service 1st branch nearest you.

* Credit Union will run a credit check to better evaluate the member's needs and to provide counseling and guidance for their current financial position. At time of closing, 10% of the requested loan amount will be deposited into a savings account in the member's name at the credit union. A hold will be placed on these funds and the member cannot withdraw any portion of that deposit, or close the account, until the loan is paid in full. The loan interest that the member pays on the amount deposited into a savings account will be rebated to the savings account upon payoff at 18% or an amount equal to $2.25 The loans must be paid in full prior to other monies distributed. In the event the loan is written off, the credit union may apply any balance in the member's savings account to offset the loan loss. Approved loans will be electronically reported to the credit bureau. We will also provide statistical information to the Pennsylvania Credit Union Association (PCUA) on a semi-annual basis. APR = Annual Percentage Rate. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice.