14 May

Don’t Get Caught in the Cycle of Payday Loans

The lure of payday loans from storefront or Internet lenders can be tempting if you’re in a cash crunch. These modern-day loan sharks may promise fast access to easy money.

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Unfortunately, these short-term loans can trap borrowers in an expensive cycle of debt that drags out for many weeks or months. Payday loans are intended to be paid off in two weeks, but the average borrower ends up being in debt for 212 days and paying more interest and fees than the original loan amount.*

How it works: When you apply for a payday loan, you write a check to the lender for the amount of the loan plus a fee. The lender holds this check and gives you cash or wires funds to your account. At the end of the loan term (typically two weeks, to coincide with payday) the lender will cash your check or withdraw the funds electronically. If you can’t repay, you’ll pay another fee to renew the loan.

High costs: Many borrowers get stuck paying fees on top of fees for the original amount borrowed, and that’s where payday loans can get outrageously expensive. The rates and fees lenders can legally charge varies by state, but the average annual percentage rate (APR) for a two-week payday loan is 391% to 521%.*

Know Your Options

Payday loans aren’t the only option for borrowing money in a pinch. Navigator offers quick service and fast approvals for personal loans and low-rate credit cards. We also offer overdraft protection for your checking account, and can help you make a sound financial decision rather than getting stuck in a cycle of endless debt. You can trust our reputation as a financially sound lender in the community and know that we’re watching out for your best interests.

Call 228-475-7300 or email us at marketing@navigatorcu.org to learn more about borrowing money or consolidating debt.

* Source: Center for Responsible Lending, www.responsiblelending.org.
14 May

For the Holidays, Give the Gift of Membership

Holiday celebrations are a wonderful time for families to get together and share traditions and memories. Often, thoughtful gifts are exchanged, as well. This year, make your holidays extra special for family members by sharing a unique gift: the gift of credit union membership.

It’s Important

Sure, finances are not usually top of mind at a holiday gathering. But these days, an ever-growing number of bank customers will take any opportunity to complain about the fees and/or poor service their bank is dishing up. And when you contrast bank customers’ experiences with all the benefits you receive as a credit union member, it’s easy to see that sharing your membership with family members will be a gift with lasting value.

Credit union membership lasts a lifetime. Once you become a member, you can remain a member even if you change jobs, move to another part of the country or retire. And the same is true for your family members, if they join. That makes credit union membership especially valuable for children, who have long lives ahead of them. Because you’re a member, your spouse, siblings, parents, grandparents,children, grandchildren, aunts and uncles, nieces and nephews, cousins and members of your household can join Navigator. This includes stepparents, stepchildren, step siblings and adopted children.

Share the Benefits

Being part of a democratically run organization that looks out for its members’ best interests can help anyone. When you encourage your family members to join Navigator, they’ll enjoy the same benefits you do already:

  • Fewer and lower fees than you’ll find at most banks.
  • Generally better rates on loans and deposits.
  • Innovative financial products and services designed to fit your lifestyle and maximize convenience.
  • Attentive, personal service available when you need it.
  • Opportunities to learn good money management skills through seminars, this magazine and tools available through BALANCESM and on our website, www.navigatorcu.org.
  • Our genuine desire to help you meet your financial goals.

Happy Holidays!

So with your family members gathered ’round this holiday season, amid all the merrymaking, find an opportunity to discuss the enduring benefits of joining Navigator. Then point family members in the direction of our website, https://navigatorcu.org to learn more about how to sign up, or call 228-475-7300.