95% Cheaper Than Payday Loans
95% Cheaper Than Payday Loans

18% APR* vs. 400% to 664%. On a $500 loan, you save $908 in fees and interest. That money stays with your family.

Builds Your Credit Score
Builds Your Credit Score

Every on-time payment is reported to Equifax, Experian, and TransUnion. Payday lenders report nothing positive.

Pay It Off Early, No Penalty
Pay It Off Early, No Penalty

Got extra money? Pay off your loan early and save on interest. There is never a penalty for paying ahead.

Up to 12 Months to Repay
Up to 12 Months to Repay

No lump-sum payment in 14 days. Pay in small, equal monthly amounts that fit your budget.

Best Payday Loan Alternative (PAL)
payday alternative low interest
Best Payday Loan Alternative (PAL)

What Do I Need to Qualify?

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PrimeWay Membership

Must be a member in good standing. Joining costs just $5.

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Direct Deposit for 2+ Months

Your paycheck must be deposited into your PrimeWay account.

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520+ Credit Score (First Loan)

No minimum on 2nd or 3rd PAL if the previous was paid on time.

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Autopay Setup

Payments are taken automatically from your paycheck account.

Payday Loan Alternative (PAL) FAQs

What is a Payday Loan Alternative (PAL)?

A PAL is a small loan from a credit union, created by the federal government to help families borrow money for emergencies without getting trapped in high-cost payday loan debt. PrimeWay's PAL offers $400 to $2,000,  not to exceed 28% APR*, with 1 to 12 months to repay. 

How is this different from a regular payday loan?

Payday loans charge 400% to 664% APR and must be repaid in 14 days as a lump sum. If you cannot pay, you "roll over" and pay another fee, while your debt never goes down. PrimeWay's PAL charges not to exceed 28% APR*, gives you up to 12 months to repay in small monthly payments, bans rollovers entirely, and reports your on-time payments to build your credit score. 

How much does it cost to borrow $500?

With PrimeWay's PAL, borrowing $500 over 6 months costs about $47 in interest plus a $20 application fee. Total extra cost: $67. The same $500 from a payday lender with rollovers over 6 months costs about $975 in fees. You save $908. 

What credit score do I need?
You need a 520 credit score for your first PAL. For your second or third PAL, there is no minimum score required if your previous loan was paid in full and on time. PrimeWay rewards your good payment history. 
Will this help my credit score?
Yes. PrimeWay reports every on-time payment to Equifax, Experian, and TransUnion. Payment history makes up 35% of your credit score, so 6 to 12 months of on-time payments can meaningfully improve your score. Payday lenders do not report positive payments at all. 
Can I pay it off early?
Yes, always. There is never a penalty for paying early. The sooner you pay off the loan, the less interest you owe. 
Are cash advance apps like Cleo and Earnin a better option?
These apps say "no interest," but they charge monthly subscriptions ($6 to $16/month), instant transfer fees ($2 to $20 per use), and push for "voluntary" tips. When you add it all up, the real yearly cost can be 100% to 400%. PrimeWay's PAL won't exceed 28% APR* and no hidden fees.
What if I am already stuck in a payday loan cycle?
A PrimeWay PAL can help you consolidate your payday loan debt. One affordable monthly payment instead of multiple crushing bi-weekly fees. Call us at 713-799-6200 to talk about your options.
Is there any other benefit to opening an account with PrimeWay, and how can I start saving effortlessly?

Yes. When you open an account with PrimeWay, you unlock simple tools like Positive Change that turn everyday spending into automatic savings.

Every time you use your debit card, your purchase is rounded up and the spare change goes directly into your savings, helping you grow your balance without extra effort. Just open your account, enable the feature, and start building your savings automatically from day one.

What Our Members Say About Us



 

*PrimeWay’s Payday Alternative Loans (PALs) are available as a lower-cost alternative to traditional payday lending. Loan amounts, terms, and eligibility requirements apply. Loans are offered with a fixed interest rate of 18.00%, plus a $20 application fee, which may result in an Annual Percentage Rate (APR) not to exceed 28.00%. The maximum repayment term is 12 months. The APR disclosed reflects the cost of credit, including required fees. Membership in good standing is required. A minimum credit score of 520 and at least two months of direct deposit with PrimeWay are required prior to application. Only one PAL may be outstanding at a time, no more than three PALs may be received within a six-month period, and each loan must be paid in full before another is issued (no rollovers). There is no prepayment penalty. All loans are subject to credit approval. Terms, rates, and fees are subject to change. Other restrictions related to program requirements and credit underwriting may apply.. 

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