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A Stretch Pay Loan is a salary advance alternative
loan that provides short term cash advances until your payday to cover small,
unexpected expenses while avoiding costly bounced-check fees and late
payment penalties.
To apply for a stretch pay loan:
 Download the Stretch
Pay application or stop by the credit union
and pick up a copy
Complete application and
mail, fax or return it to the credit
union in person, along with the appropriate
application fee
per loan to:
Chicago Municipal Credit Union
33 North LaSalle Street, Ste. 300
Chicago, IL 60602
Fax: 312-236-1147
Loan
Requirements
Please read the qualifications and the disclosures closely. If you do not
meet all of them, you stretch pay loan will not be processed.
Must be a member in good
standing at the Chicago Municipal
Employees Credit Union for at least 3 months/90 days
Must be at least 18 years
old
Must have been on the
current job (verified) at least 12 months
Must provide a copy of your
most recent paycheck stub
Must provide verifiable
home address and home and work
telephone numbers
Must have no outstanding
Payday loans
Must be currently enrolled
in payroll deduction or direct deposit
Payroll Deduction must be enough to make the payments,
or
active Direct Deposit required
Must not have a negative
balance in any share account with
the CMECU
Must not be delinquent in
any existing loans with the CMECU
Must have no bankruptcy
history and not be in the process of filing for
bankruptcy under any chapter of the bankruptcy code
A credit report will be run
but used only for tracking purposes (score, debt
ratio) and for verification purposes only
One payday loan per any one
member at any time
Advances must be paid in
full prior to new/additional advances
Loans limited $500 or
$1000; repayment period is 30 Days at
an APR of 50%
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Amount of Loan
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Term
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Rate
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Application Fee
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$500.00
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30 Days
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50% APR
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$50.00
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$1,000.00
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30 Days
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50% APR
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$100.00
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