What is a Better Choice loan?
An alternative to the extremely high interest rates and fees of payday or cash advance loans, costly bounced checks, overdraft protection fees, late payment charges, and tarnished credit ratings.
Better Choice, an affordable, short-term loan offers:
- No application fees
- 18% Annual Percentage Rate (APR)
- $35 annual participation fee for a loan limit of $250 (First year’s fee paid at time of initial loan advance. Fee can be taken from loan proceeds or paid out of pocket).
- $70 annual participation fee for a loan limit of $500 (First year’s fee paid at time of initial loan advance. Fee can be taken from loan proceeds or paid out of pocket).
- $250 minimum loan; $500 maximum loan limit
- 30-day repayment term
- Make payments at any of the 14 LCU branches
- Flexible payment options
- Free & confidential financial counseling
| Borrow | Rate | Interest | Payback |
|---|---|---|---|
| $250 | 18% APR | $3.70 | $253.70 |
| $500 | 18% APR | $7.40 | $507.40 |
Annual Fee
- $35 for $250 loan limit program
- $70 for $500 loan limit program
Benefits
- 30 day repayment term
- Annual Fee entitles you to borrow as many times as you need for one year without a recurring fee*
- Fee can be taken from loan proceeds or paid out of pocket
- Payments can be made at any of our 16 LCU branches
- Free & confidential financial counseling
915 Woodward Avenue
Muscle Shoals, AL 35661
256-381-7522
Monday-Friday 9am-5pm
Closed from 12:30-1:30pm
Saturday 8:30am-12pm
* - Better Choice Requirements: First year’s fee paid at time of initial loan advance. Must qualify. Borrowers must meet credit union membership requirements. Member must be 18 years and married or 19 years old and legally capable of entering into a binding contract. An established member of Listerhill Credit Union for a minimum of 60 days. A member in good standing at the time the loan is applied for and/or at the time each advance is made. Employed continuously for a period of 6 months, or be receiving verifiable fixed income for a period of at least 6 months, and must provide proof of income at the time of application.Not in the process of filing for bankruptcy under any chapter of the bankruptcy code.
Questions?
While we hope you find the information you need online, we want to remind you that Listerhill is more than a website. We’re your credit union, and we look forward to helping you. Call us at (256) 383-9204 or 1-800-239-6033 for friendly, local assistance. Better yet, stop by one of our branches for some personal service.
