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Safety Net Solutions/Pay Day Alternative

When the need for quick cash arises, GNO will extend a short term advance of up to $300 for a 60 day repayment term to a qualified member. 10% of this advance will be deposited into a Safety Net Savings Account in order to encourage member saving and financial prosperity.

Safety Net Solutions brochure

Safety Net Advance

    • Maximum Amount of Payroll Advanced: $300
    • Repayment Terms: 60 day repayment term
    • Program Cost: $15.00 per month
    • Low Interest Rate: 14.00% APR*
    • Money orders available at half price
    • One free Gift card purchase per year and discounts on additional products
    • Maximum amount can be raised to $500 after 6 months participation and at the discretion of GNO
    • 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 – $3.45 per payday
  • Bi-weekly – $6.90 per payday
  • Semi-monthly – $7.50 per payday
  • Monthly – $15.00 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 account for at least 60 days
  • Must be in good standing with GNO
  • Must be employed at their present job for 90 days. 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 $4,000
  • Repayment Terms: Up to 36 months for $4,000; loans amounts of $500 to $2000 will have terms of 12 to 24 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
    • Savings account earns interest

Safety Net reSOLUTION Requirements

  • Must be in good standing with GNO FCU
  • Must have a GNO account for at least 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 must not exceed maximum debt to income ratio.
  • reSOLUTION loan cannot be granted in addition to the Safety Net Solution plan for one borrower.
  • $35 loan processing fee applies.
  • 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 $15.00 / Month taken directly from member’s account based on payroll frequency – $3.45 weekly, $6.90 biweekly, $7.50 semi-monthly, $15 monthly. 60 day repayment term. Pay schedule includes monthly fee; Weekly = $37.24, Bi-weekly = $82.91, Semi-monthly = $83.61, Monthly = $167.66. Pay schedule for 90 day repayment on $500 advance including monthly fee; weekly=$42.64, Bi-weekly=$79.88, Semi-monthly=$92.56, Monthly=$184.59. 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 6 months. Late fees will be assessed based on 10% of the loan balance or $35 minimum. 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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