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Pay Advance Loan Program (PAL)

Denver Community Credit Union now provides local companies with the resources they need to provide employees with Pay Advance Loans.  By partnering with Denver Community, companies can provide their employees with a smarter loan alternative instead of costly payday loans.

Start your partnership with Denver Community Credit Union today!

How it Works

Employers can partner with Denver Community Credit Union by purchasing the benefit for their employees to be able to participate in the PAL program.  These loans that are provided are called Pay Advance Loans, or PALs, for short.  They are a safer alternative to high-cost payday loans found at payday lenders.  The Pay Advance Loan Program also provides employees with a great financial resource for future financial needs - a credit union they can trust.  If employers choose, financial education programming at the work place can be included at no cost to the employer.

It's Easy

Denver Community takes care of the loan processing and servicing.  Simply contact the credit union for information on offering this benefit to your employees.  Once the benefit is established, your employees will be able to apply through a secure web link from your office (or from their homes).

The Facts

  • Employers have seen high turnover, increased absenteeism, and a reduction in productivity because their employees were having financial hardships. 
    • The PAL Program eases the financial hardships your employees may experience, resulting in a more productive workforce.
  • Using conservative turnover costs, each time an employee turns over, an employer loses $3,500.
    • Save your company money by reducing turnover resulting from the effects of financial hardships experienced by employees.
  • Over 12 million Americans have become trapped in a cycle of debt as a result of predatory payday loans.
    • This puts a strain on everyone, including employees, companies and the community.
  • Since the recession, consumers have increased their debt. 
    • Denver Community strives to create and promote affordable loans, like the Pay Advance Loan, and financial education resources to help members and the people in the community reach further for their financial goals.

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