Safety Net Solutions is 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*
- Money orders available at half price
- Gift cards discounted to $2.00
- Maximum amount can be raised to $500 after 6 months participation at the discretion of GNO FCU
- Overdraft protection up to the line of credit limit.
- Note: Courtesy Pay will not be available injunction with the Safety Net Plan.
Safety Net Advance Fees
- As a Safety Net Advance member, you authorize GNO to deduct the monthly plan fee from your Direct Deposit account.
- The Fee Schedule is as follows:
- Weekly - $3.00 per payday
- Bi-weekly - $6.00 per payday
- Semi-monthly - $6.50 per payday
- Monthly - $13.00 per payday
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 Advance/Savings Requirements
- Must have a GNO FCU account for at least 90 days
- Must be in good standing with GNO FCU
- Must be employed at their present job for six (6) months. Direct Deposit of Net Check is required.
- Cannot be in the process of bankruptcy
- Certain Restrictions Apply**
Safety Net reSOLUTION - the Next Step
Resolutions is the next step to financial freedom. Step up from the basic Safety Net Program to further improve your credit and have a nice savings balance at loan maturity.
- Borrow up to $2,000
- Repayment Terms: Up to 12 months
- Low Interest Rate: 16.00% APR***
- Savings: $1,000 or half of the funded loan is deposited into your regular savings or checking account and available to you. The other half is place on hold until your TOTAL LOAN BALANCE is paid in full.
- Held funds available when loan is paid in full
- ATM access does not apply
- Savings account earns interest
Safety Net reSOLUTION Requirements
- Must be in good standing with GNO FCU
- Must be employed at their present job for six (6) months. Direct Deposit of Net Check is required.
- Cannot be in the process of bankruptcy
- Qualifications based on normal underwriting criteria for the monthly payment and most not exceed maximum debt to income ratio.
- reSOLUTION loan cannot be granted in addition to the Safety Net Solution plan for one borrower.
- Certain Restrictions Apply**
*APR = Annual Percentage Rate. Example: $300 borrowed at 14.00% APR for 1 month = monthly payments of $303.45. Rate is subject to change. Approval based on individual credit worthiness.
**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 1st to offset the balance owed.
***APR=Annual Percentage Rate. Example: $2,000 borrowed at 16.00% APR for 12 months = monthly payments of $181.46. Rate is subject to change. Approval based on individual credit worthiness.
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