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Better Choice Loan


The North East Welch FCU will offer Better Choice Loans to the members of the Credit Union as an alternative to the predatory payday loans currently being offered by commercial payday lenders. This program is a cooperative-based program developed by the PA Credit Union Association to assist credit unions to serve their mission as pro-consumer financial cooperatives. This program is supported by the PA Treasury Department and the PA Department of Banking.

Better Choice Loan Parameters

  • Maximum Loan amount – $1000.00 ($1120 with $20 application fee & 10% Deposit)
  • Loan cannot exceed applicant’s two week gross income.
  • Member must show proof of income.
  • Each Better Choice Loan must be paid in full before another Better Choice Loan is granted.

Minimum Loan amount

  • $200.00

Interest Rate

  • 18% APR

Application fee

  • $20
  • This fee is non-refundable and required for each new application.

Maximum Term

  • 6 months
  • Payments may be made weekly, bi-weekly, semi-monthly, or monthly.
  • No single payment loans will be permitted.

Mandatory Savings

  • 10% of the requested loan amount must be deposited in the member’s savings account
  • Withdrawal of this amount is prohibited until the Better Choice Loan is paid in full 


  • The borrower must be a member of the Credit Union in good standing for at least 6 months
  • No Credit Check will be run
  • No more than 3 Better Choice Loans will be granted in a rolling 6 month period

Financial Counseling

  • Participants will be encouraged to contact Consumer Credit Counseling Services of Western PA for credit counseling


  • Credit Life & Credit Disability Insurance are not available for this type of loan.