Calculator
Credit Union PAL Calculator
A payday alternative loan, or PAL, is a small loan from a federal credit union repaid over several months at a capped APR. This calculator compares the PAL payment and total against a payday advance on the same amount.
Advertising disclosure: Paydayloaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.
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How this calculator works
Federal credit unions can offer payday alternative loans at a capped APR, repaid over several months rather than a single payday. That structure turns one large balloon payment into a series of smaller monthly payments.
The calculator runs the standard amortization formula on the PAL rate and term to get the monthly payment and total repaid, then compares it with the payday total and its annualised APR. The difference in total cost is shown directly, so you can see whether the credit-union route is cheaper for your amount.
PAL terms and eligibility are set by each credit union, so confirm the rate and term you qualify for before you rely on the result. Membership is usually required.
Advertising disclosure: Paydayloaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.