About Us

Debt Burden Relief is Here!

The DCFCU Payday Rescue program will be able to provide relief to the debt burden placed on our community from the high interest charged for payday loans. A payday loan is a type of short-term borrowing where a lender will extend high-interest credit based on your income. Its principal is typically a portion of the borrower’s next paycheck. Payday loans charge high-interest rates for short-term immediate credit. They are also called cash advance loans or check advance loans. The average rate on a payday loan in the state of Florida is 404%.

The Payday Rescue program will help residents of Miami-Dade County refinance their high-interest payday loan debt to a lower rate while providing them with financial literacy education and a line of credit so they don’t have to go back to a payday lender if an emergency pops up. If you have any questions please contact email pdr@dcfcu.org.

*Source: https://www.cnbc.com/2021/02/16/map-shows-typical-payday-loan-rate-in-each-state.html