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St. Mary's Bank to Introduce MyPay
The alternative to traditional payday loans
St. Mary's Bank will offer MyPay later
this year as an affordable alternative to
traditional payday loans. Payday loans
are typically small dollar, short-term,
unsecured loans that borrowers acquire
in order to make ends meet between pay
checks. With traditional payday loans,
borrowers are charged a fee based on
the amount borrowed with additional
fees levied for late payments and "rolling
over" loans upon maturity. Although the
amount of the loan may be relatively
small, the fees charged to borrow
the money are high in proportion to
the amount borrowed and can often
translate to Annual Percentage Rates
(APR) as high as 400% to 500% or
more. These loans are offered through
thousands of retail locations across the
U.S. and approximately 30 locations in
New Hampshire.
MyPay through St. Mary’s Bank is
intended to help members by making
available reasonably priced cash
advances to assist them in the
short term, with the long term
objective to help them break
the cycle of dependency on
payday loans, ultimately qualifying for more traditional, lower rate
loan alternatives in the future. MyPay
is a line of credit designed to be a less
expensive and easy-to-use alternative
for members who need access to small,
short-term loans.
MyPay includes the ability to take up to
12 advances per year; however, members
must pay off their monthly balance in
full prior to taking another advance.
MyPay will be offered in two amounts,
$250 and $500, and includes an annual
participation fee of $15 and $25 based on
the amount selected.
MyPay will be available at all of St. Mary's
branches. For more information,
call the Member Contact Center at
1.888.786.2791 or visit our web site at
www.stmarysbank.com.
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This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material.