Safety Net Solutions

Introducing our newest member service -- SAFETY NET SOLUTIONS -- a payroll advance and savings program that will free members from the high risks of payday loans!

Safety Net Solutions is different from a payday loan structure. It combines the advantages of a small, short term advance on your payroll with the benefits of a savings product specifically designated for this program. Safety Net Solutions is an alternative to payday loans. It is designed to allow members to successfully break the payday loan cycle, develop healthy savings habits and establish good credit.

When the need for quick cash arises, GNO FCU will extend a short term advance of up to $300 for a 30 day term to a qualified member. Ten percent of this advance will be deposited into a Safety Net Savings account in order to encourage member saving and financial prosperity.

Safety Net Advance

Maximum Amount of Payroll Advanced: $300
Repayment Terms: 30 day repayment term
Program Cost: $13.00 per month
Low Interest Rate: 14.00% APR*

Safety Net Savings

10% of each advance is automatically deposited into the Safety Net Savings Account
Once $500 is accrued, $250 is available for withdrawal
ATM access does not apply
Savings account earns interest
Safety Net Solutions

Requirements

Must have a GNO FCU account for at least 90 days

Must be in good standing with GNO FCU

Cannot be in the process of bankruptcy

Maximum amount can be raised to $500 after 6 months participation at the discretion of GNO FCU

After 3 months participation member is required to complete the “BALANCE Budgeting Program” before further advances will be granted

14.00% APR*

Certain Restrictions Apply**

*APR = Annual Percentage Rate. Rate is based on individual credit worthiness. Rates are subject to change. Certain restrictions apply. Loan Example: $1,000 borrowed at 3.99% APR for 12 months = monthly payments of $85.15.

**Direct Deposit is required for the duration of the program. Participation Fee of $13.00 / Month taken directly from member’s account based on payroll frequency - $3 weekly, $6 biweekly, $6.50 semi-monthly, $13 monthly. 30 day repayment term. Pay schedule includes monthly fee; Weekly = $79.17, Bi-weekly = $158.13, Semi-monthly = $159.79, Monthly = 316.45. Example based on $300 advance. Funds will not be available from Safety Net Savings until a balance of $500 is reached. Then only $250 is available for withdrawal. Withdrawal of Safety Net Savings that exceed the above reserve requirement constitutes immediate cancellation of the Safety Net Solutions program and the member will not be eligible to renew the program for 3 months. Loan is considered delinquent after 30 days and will be reported to the credit bureaus as past due. Any money deposited into the plan savings account will be used 1^st to offset the balance owed.