FAQ

(Frequently Asked Questions)

Q.        What is the APL Program?

A.        The Alternative to Predatory Lending (APL) Program was created to prevent you from getting into the trap of Predatory Lending where the likelihood of getting out is very difficult.

Q.        What is Predatory Lending?

A.        Predatory Lending is the practice of lending money based on an individual’s pay period or pay cycle, usually at a very high interest rate and for an unfavorable term, which results in you becoming indebted for an extended amount of time.

Q.        What is the purpose of the APL Program?

A.        The APL Program is intended to not only avoid the Predatory Lender but also establish good and sound savings habits.

Q.        How do I qualify for the APL Program?

A.        Meet with one of our Loan Officers to review the criteria to determine how you qualify for an APL.

Q.        What if I have loans adding up to more than $500.00?

A.        Those individuals involved in multiple predatory loans over $500.00 will be reviewed on a case by case basis to determine how best to assist you in getting out of the Predatory Loan cycle.

Q.        How am I going to “establish good and sound savings habits?”

A.        Each pay period, through Direct Deposit, $5.00 will be deposited directly into your savings account.  This amount will not be accessible until the APL has been paid in full.

Q.        What is the term of an APL Program Loan?

A.        Maximum loan for $500.00 with payments of $49.00 twice a month for 6 months.