California and Nevada Credit Union Leagues 
 

Payday Lending Soutions
 
Give your members a better alternative to payday loans! Why should your members go to overpriced payday lenders when they can get convenient cash and reasonable rates from their credit union? Whether you want to create an educational program to help members transition out of payday loan use, or simply want to offer a competitive alternative product, Payday Lending Solutions gives you the choice!
   

Primary Program Documents:

  • Program Instructions
  • Program Checklist
  • Loan Applications and Disclosures
    — Open-End Credit Agreement and
         Truth-in-Lending Disclosure Statement
    — Payday Loan Application
    — Payday Loan Advance Request Voucher
    — Payday Loan Subaccount Addendum
  • Policy template
  • Fee-based Pricing Calculator
  • Interest Rate-based Pricing Calculator

Marketing Materials:

  • Three newsletter articles
  • Two customizable designs

Additional Information:

  • For more information, contact Candy Sims at 800.472.1702, ext. 3401

Resources:

  • NCUA Letter
  • Limitations on Terms of Consumer Credit Extended
    to Service Members and Dependents
  • Deferred Deposit Originator (payday lender) regulations
    — CA Financial Code Section:
         23000-23001, 23005-23014, 23015-23027, 23035-23038,
         23045-23058, 23060-23063
    — Payday Lending Laws
    — California Office of Administrative Laws 2020
  • Payday Lending Webinar

Optional Program Add-ons:

  • Teletrack subscription
  • Financial literacy materials from ByDesign
    ByDesign Product Sheet


Costs:

  • $1,500 Annually ($750 Shapiro)
  • Sign Up for Payday Lending Program here