Complete guide
Answers, tradeoffs and next steps
Use the sections below to evaluate fit, not to predict approval.
$200 is the minimum PAL I amount
NCUA currently states PAL I amounts range from $200 to $1,000, with one-to-six-month terms, at least one month of membership and a processing-cost application fee capped at $20. NCUA also says eligible PALs can charge up to 28% APR under the current ceiling. This makes $200 a meaningful product boundary, not an arbitrary amount keyword. NCUA_ACCESS NCUA_RATE
The comparison normalizes a $200 need using a CFPB common payday fee and an illustrative PAL I at the current NCUA maximum APR plus a hypothetical maximum $20 application fee.
| Route at $200 | Access | Repayment shape | Main caveat |
|---|---|---|---|
| PAL I | Participating federal credit union; membership rules | Amortized over 1–6 months | Availability and application fee vary |
| EWA/app | Qualifying wages/deposits/account | Short-cycle / next-paycheck | Actual eligible amount and fees |
| Payday where lawful | State/product eligibility | Often one short payment | High cost and payment shock |
| Biller/payment plan | Creditor agreement | Can split/move the bill | Not always available |