save it! loan
The Save It! Loan provides an alternative to payday loans and is
designed with the employee's needs in mind. The Save It! Loan is being offered by MACED and the Appalachian Federal Credit Union in partnership with Kentucky businesses. The
program includes an inexpensive, convenient
10-month personal loan along with
a cash savings account to assist in
saving for the future.
Here’s How it Works
1 Eligibility — Eligibility is based
on length of employment and
annual income, not personal debt.
2 Easy Online Application — Go
online and fill out the easy, step by step
instructions to determine eligibility or ask your
supervisor or human resource department
about signing up.
3 Quick Decision — If instantly approved,
you’ll have your Save It! Loan within 48
hours.
4 Interest-earning Savings — A personal
savings account is created and funded
for you. These funds are paid back along with
your regular loan payments, have no interest
attached to the savings portion and you earn
interest over a 10-month period.
5 Convenient Payroll Deductions — Your
Save It! Loan is repaid using employee
payroll deductions over a 10 month (40 week)
period.
6 A Savings Nest Egg — When the loan
is repaid in full, the savings funds are
available for your unrestricted use.
Program Promises
• No credit scores will be run.
• Current debt situation is not a factor
in loan decision.
• Pay 10 times less in interest charges.
• Repayment over 10 months rather than two weeks for
a payday loan product.
• No hidden fees charged. Ever. Really.
• Maximum $500 loan for first time borrowers
• 18.00% interest on loan amount (less than $50 in total
interest due over 10 months.)
• We’ll keep more money in your pocket. The average
payday loan borrower pays over $500 in fees for a
$325 loan because they can’t afford to pay back the
original loan and pay carry-over fees — an effective
interest rate of almost 400%.
In addition to the savings account,
information and advice on topics such as
money management and credit is
available through a partnership with
Consumer Credit Counselors. This financial
counseling service is available at no cost.
Contact MACED Program Manager Larrey Riddle at 859-986-2373 or
lriddle@maced.org for more information.
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