At Veridian, we are committed to bringing you the products and services necessary for you to reach your financial goals. That's why we are pleased to offer a Veridian PAL (Payday Alternative Loan).

A Veridian PAL is different. Similar to a Payday loan, it is a small, short-term loan. But there are some key differences. There are no sky-rocket interest rates, you are given a little longer to repay the loan, and the PAL will help you develop healthy savings habits.

Veridian PAL vs traditional payday lenders

Fee	Veridian PAL	Payday Lender
Application fee	$20	$75
Interest rate*	as low as 19%**	190-780%
Length of Repayment	180 days	14 days
Fee Charged for each $100	$0	$15-$30
Savings Plan Included	Yes	No

* The annual percentage rate does not take into account your required deposit.
** 19% with Automatic Payment, 21% without Automatic Payment

The PAL is available up to $1,000 with a repayment term of six months. With a PAL, half of the loan amount you request is yours to use right away. The other half is deposited into your Veridian Savings Account and held until the loan is paid in full, allowing you to establish a Savings Account. For example, if you request a loan for $500, you will be given $500 to use. An additional $500 is also deposited to your savings account, making the total amount borrowed $1,000. This unique combination of a loan and a Savings Account allows you to break the payday loan cycle.

For additional information on the Veridian PAL, view our frequently asked questions.