payday alternative loans

Payday Alternative Loans

Fast Funds with Right Now Loans®

Sometimes big purchases can’t wait. When you need funds quickly, Greater Nevada Credit Union has eligible members covered with Right Now Loans®: a payday loan alternative with no credit checks and immediate approval and funding.

What’s a Right Now Loan®?

Right Now Loans® are available for Greater Nevada members who are at least 18 years old, have been a member for at least 6 months, and in need of funds quickly. With no credit checks and no waiting period, they’re convenient options for life’s unexpected expenses: major car repairs, urgent vet visits, and untimely urgent medical care to name only a few scenarios.

Unlike most loans, no credit check is required for Right Now Loans®, because they’re based on the banking relationships the member has with us. Apply quickly and easily, get the funds deposited directly to your account with us, and use the money as you see fit.

money icon
Loans From $200 to $1,000

Eligible members of our credit union can apply to borrow up to $1,000 if they are 18 years old and have been a member for at least 6 months.

percentage icon
Competitive Rates

Right Now Loans® have a fixed annual percentage rate (APR) of 28.00% and a low $25 loan fee, well below the average payday loan.1 See a comparison just below.

event icon
Flexible Loan Terms

When you borrow, you’ll have up to 3 months to repay loan amounts between $200 to $500, and up to 6 months for loan amounts between $501 to $1,000.

checklist icon
No Credit Check Required

No credit report pull required to get your credit score (and no hold-ups when timing is everything).

double-arrow icon
Immediate Approvals & Funding

If approved, we’ll deposit your funds immediately into your Greater Nevada account.

carat icon
Can Positively Affect Your Credit Score

While no credit check is required to apply, on-time loan payments can positively affect your credit score as loan repayment activity is reported to credit bureaus.

Is a Right Now Loan® a Good Alternative to a Payday Loan?

Greater Nevada members get the better deal when they opt for a Right Now Loan®. These quick and easy financing options offer a lot of advantages over traditional payday loans:

Comparison of a Right Now Loan vs. Average Payday Loan

Apply for a Right Now Loan®

If you’re already a member of Greater Nevada, just sign into Digital Banking, click “Right Now Loan” in the main menu, and follow the steps to submit your application.

Frequently Asked Questions

We’ve gathered the answers to some of the most common questions we get about Right Now Loans® versus traditional payday loans. Don’t see your question? Feel free to contact us for more details.

What is a payday loan?

plus sign icon

You’ve probably heard of payday loans. Though they’re popular short-term funding options, they can be very difficult to repay. Most of them come from for-profit lenders and create debt entrapment situations that put borrowers in difficult situations.

Traditional payday loans are usually around $500 with fees ranging from $10 to $30 for every $100 borrowed! When you consider these terms, it’s easy to see why payday loans should be regarded with extreme caution.

What is a payday alternative loan (PAL)?

plus sign icon

Payday alternative loans (or PALs) are regulated by the National Credit Union Administration (NCUA). The program was created in 2010 with several stipulations for credit unions including prescribed loan amounts up to $1,000, a maximum APR of 28%, and full repayment after 6 months with no rollovers allowed.

The NCUA created a second PAL option in 2019 (named PAL II) that allowed members of participating credit unions to borrow up to $2,000, repayment terms up to 12 months, and immediately accessible funds.

Why are payday alternative loans safer than payday loans?

plus sign icon

Thanks to their lower APRs and longer monthly payment terms, PALs are much more flexible options for borrowers. If you qualify for a Right Now Loan® with us, you can also borrow more money than you’d normally be able to with a payday loan.

Greater Nevada is a not-for-profit financial cooperative. We’re here to support our members with services that help you Live Greater–not profit from you with predatory lending practices.

Who is eligible to apply for Greater Nevada’s Right Now® Loans?

plus sign icon

If you’re a member of Greater Nevada Credit Union, you’ve already taken the first step. Right Now Loan® applicants must be at least 18 years old and have held a membership with us for at least 6 months. Members are limited to one Right Now Loan® at a time.

Simple Loan Calculator

Learn more about loans and plan ahead for what you’re planning to borrow by running test scenarios with our easy-to-use loan calculator–just input the interest rate, total loan amount, and term.

More Ways to Borrow

Right Now Loans® aren’t the only financing options available to members of our credit union. Explore more ways to borrow and Live Greater!

1 Right Now Loan® applications are subject to review of eligibility and approval. The Annual Percentage Rate (APR) for a Right Now Loan® is 28.00% as of July 25, 2022, and is a fixed rate for the duration of the loan. Payment example: A Right Now Loan® of $1,000 financed at 28.00% APR for 6 months equals a payment of $180.54 per month. The minimum loan amount is $200, and the maximum loan amount is $1,000. Eligible members must be at least 18 years old and have been a member with the credit union a minimum of 6 months. No minimum credit score required. If approved, a $25 Application Processing Fee will be incurred. Members are limited to one Right Now Loan® at a time. Please view the terms of your GNCU Account Disclosure. If your Right Now Loan® payment is 11 or more days late, then there is a Late Payment Fee of 5% of the payment due. Applying for a Right Now Loan® is not available in branches; it is only available through Greater Nevada Digital Banking.



4 Based on 15% origination fee.