PAYDAY LOAN FACTS

Average interest rate on a typical payday loan: 459%

Number of states that outlaw payday loans: 15

Average amount a payday loan customer pays back on a $300 loan: $800

When you’re low on funds but need cash, payday loans can seem tempting. But these loans have a risky flip side. The lenders charge high interest rates. Also, if you can’t pay off the loan quickly, you need to take out another. This can lead to a nasty cycle, driving you deeper and deeper into the hole.

Fortunately, Bank On San Francisco offers a safer, easier choice: Payday Plus SF.

Thanks to partnerships with local credit unions, Payday Plus SF can help you borrow up to $500 when you need it, without high interest rates or fees.

Bank on San Francisco and Payday Plus SF are programs of the City and County of San Francisco Office of Financial Empowerment, housed within the Office of the Treasurer.

WHAT KIND OF EXPENSES MIGHT CALL FOR A PAYDAY PLUS SF LOAN?

Everybody’s situation is different, but we believe that if you have a legitimate need, you should be able to get the money to see you through. For example:

  • Medical emergencies and new medications that aren’t in the budget.
  • Unexpected car repairs and rental fees, especially when you need a car for work.
  • Unpredictable expenses that put your monthly budget over the top.
  • Again, these are just examples. Your reasons for needing money are unique to your situation.

WHO CAN GET A PAYDAY PLUS SF LOAN?

If you’re a San Francisco resident with no history of fraud and can provide proof of regular earned income, you may be eligible. Bear in mind, however, that Payday Plus SF loans are made at the discretion of the lending credit union. While the lender won’t use your credit score to determine if you qualify, your ability to repay the loan will be considered. In addition, you’ll need a checking account. If you don’t have one, ask the credit union about opening one through Bank On San Francisco.

HOW DO I GET A PAYDAY PLUS SF LOAN?

It’s easy. Just follow these steps:

1. Call 2-1-1 and ask about Payday Plus SF.

They’ll connect you to a participating credit union. Due to high demand, be sure to call the credit union in advance to schedule an appointment.

2. Bring the following information to the credit union:

  • Proof of Income
  • Proof of San Francisco Residency
  • Identification
  • Your checking account information. If you don’t have an account, you’ll need to open one.

3. See if you qualify, and apply.

The credit union will walk you through the process. If approved, funds will usually be available to you within 1-3 business days. However, not every credit union is the same, so make sure to call in advance and ask about their timeline.

To qualify, you must be able to show proof of income, which can be from part-time or full-time employment. Non-permanent forms of income such as unemployment and various temporary forms of cash assistance are not accepted as proof of income. Your ability to repay the loan will be considered. For more information on what forms of income are accepted please contact the participating credit unions directly.

4. Complete any additional requirements.

Some credit unions may ask you to participate in a one-hour financial counseling session by phone before they make the loan.

Do I have to be employed?

These are financially responsible loans. Your ability to repay is important, for your benefit as well as the lender’s. You will need to provide proof of income, which can be from part-time or full-time employment. Non-permanent forms of income such as unemployment and various temporary forms of cash assistance are not accepted. For more information on what forms of income are accepted, please contact the participating credit unions directly.

WHERE CAN I GET A PAYDAY PLUS SF LOAN?

Northeast Community FCU
(415) 434-0738
683 Clay Street
288 Jones Street
29 Leland Ave

Redwood Credit Union
(800) 479-7928
1390 Market Street
241 California Street

San Francisco Federal Credit Union
(800) 852-7598
770 Golden Gate Avenue
4375 Geary Boulevard
2645 Ocean Avenue

HOW DOES PAYDAY PLUS SF COMPARE TO REGULAR PAYDAY LOANS?

Regular Payday Loans

  • Quick, easy access to money
  • Locations in your neighborhood
  • Options for borrowers with low or no credit
  • Pay immediately with higher fees
  • Greater risk of damaging your credit.

Payday Plus SF

  • Quick, easy access to money
  • Locations in your neighborhood
  • Options for borrowers with low or no credit
  • Pay over time with lower fees (max.18% APR)
  • Genuine opportunities to build and improve your credit
  • Opportunities to consolidate other debts and loans
  • Community focused financial education and other resources