Payday alternative loan
A small loan from a federal credit union, designed as a cheaper option than a payday loan, with a maximum APR of 28%.
The standard version lends $200 to $1,000 for 1 to 6 months, and the application fee can't be more than $20. You generally need to have been a member of the credit union for at least one month.
Unlike a payday loan, it is repaid in installments, and it can't be rolled over.
Example
$400 for 3 months at 28% APR is three payments of $139.60, about $18.81 in interest, plus a fee of up to $20.