Low Income Personal Loans

Opportunity Lending® makes credit available to as many members as possible, over a wide range of credit standings, at excellent rates.

Alternatives FCU offers loans at competitive rates to members who already have a good credit history. We also work to help members develop good credit records. As members handle small loans successfully, they can build up to larger amounts and better rates.

Responsible borrowing gives people a way to move towards financial self sufficiency. Borrowing, when used responsibly, can be a positive strategy towards greater wealth.

Notice to out of area applicantsAlternatives Federal Credit Union is a Regional Credit Union. We offer a full range of banking services to anyone who lives in Ithaca, Tompkins County and the adjacent counties of Cayuga, Chemung, Cortland, Seneca, Schuyler and Tioga. For anyone living outside this area, we offer savings accounts and certificates. Some loan services are available after two years membership.

Avoid predatory payday loan products

Payday Credit Plan
This loan product, designed to meet immediate cash needs in emergency situations, is structured like a Line of Credit and carries a $40 annual fee and an 18% APR. Five percent of every loan is deposited into a savings account for the borrower to build funds for future emergency financial needs. Payday Credit Plans must be paid off with your next paycheck deposit or benefit check/deposit, but can be renewed with no additional fee.

Requirements for Payday Credit Plan:

  • Must be an active Alternatives FCU member for six months
  • Employment or Benefit direct deposit must be already established, and automatic transfer is required for payment
  • Same employment or benefits established for last six months

Secured loans

New auto loan
When you go to your auto dealer for a car and your Credit Union for a loan you may be able to get a better deal on the car. Dealers charge more for the car to cover their discounted financing package. You can also borrow at low secured rates to refinance current year models or previous year models with less than 18, 000 miles or you can purchase a recreational vehicle, boat or motorcycle.

Used auto loan
Excellent rates are available for our members who want to buy or refinance a used auto up to eight model years old. If you are interested in purchasing a used recreational vehicle, boat or motorcycle, this loan will meet your needs.

Older used auto loan
Excellent rates are available for our members who want to purchase or refinance used vehicles up to 11 model years old.

Share secured loans
If you need to establish credit, want to meet a need without depleting your savings or want to borrow money without the need for a co-signer, consider a Share Secured Loan. The loan is secured by a Share Certificate that earns interest while securing the loan. It's a cost-effective way to borrow from yourself since the interest rate is only 2% greater than the rate being paid on the Certificate.

For three easy ways to apply for an auto loan, see bottom of page.

Unsecured personal loans

Signature loan
Members borrow for a large variety of reasons: home appliances, small home repairs or home improvements, vacations, medical needs, computers...the possibilities are endless. Our loan officers will work with you to establish an affordable repayment term.

Debt Consolidation loan
This loan comes to the rescue when debt becomes a problem. Funds are used specifically to pay existing debt and help members get onto our Credit Path® toward financial security.

Back on Track loan
This loan is for when unforeseen expenses such as auto repairs, medical or dental expenses, house repairs and veterinarian bills come your way.

Credit Builder loan
This loan is for members who find themselves without a credit history. The Credit Builder loan provides credit to low income and first time borrowers and helps establish credit by using alternative credit verifications.

Line of Credit/Overdraft protection
Apply for a Line of Credit today, and have funds available when you need it. Interest doesn't begin until the funds are used and the Line of Credit does double duty as overdraft protection. Should your checking (share draft) account overdraw, the Line of Credit advance covers overdrafts. The Line of Credit is rainy day and overdraft insurance.

Alternatives VISA debit card
The debit card provides ATM access and allows for purchases wherever VISA cards are accepted. Funds for purchases are withdrawn directly from your checking account, allowing for all the convenience and benefits of a credit card without the monthly payment. Many members combine this card with a Line of Credit for added convenience and protection.

Opportunity Lending uses credit bureau scores to determine loan rates for secured and unsecured loans.

Interesting facts

  • Gesa Stadium (formerly Dust Devils Stadium) is a baseball-only stadium in Pasco, Washington, and is the home field of the Tri-City Dust Devils minor league baseball team. It opened in 1995 as Tri-City Stadium for the WBL team Tri-City Posse. The Posse left Tri-City Stadium when the Portland Rockies arrived to become the Tri-City Dust Devils. It...
  • The Tri-City Dust Devils are a minor league baseball team in Pasco, Washington, United States. The Dust Devils are a Short-Season A classification team in the Northwest League and have been a farm team of the Colorado Rockies since their inception in 2001. The Devils play home games at Gesa Stadium, formerly Dust Devils Stadium. Opened in 1995...

Additional information

Low income loans - Help for low earners - Tips from NAB
Low income loans - Help for low earners - Tips from NAB ...
How to Get A Low Doc Loan
How to Get A Low Doc Loan
House Loans For Single Mothers With Low Income
House Loans For Single Mothers With Low Income
The Scholarship Book, 13th Edition: The Complete Guide to Private-Sector Scholarships, Fellowships, Grants, and Loan s for the Undergraduate (Scholarship Books)
Book (Prentice Hall Press)

Popular Q&A

Can banks make car loans to low income persons?

sure but they will charge you higher interest rates and which will be put you in horrible conditions, so i suggest you should go with online sources there are many websites regarding car loans and also they can provide you car loans even with low credit and no credit and also with low interest rates, so try them and you could get your problem resolved.