Would you like to save 100 times your average biweekly loan amount?
The primary purpose of your saving and loan account is to build value for the future and not to be used for contingencies or current planned expenses. As long as you don’t touch this account, its value continues to grow in three ways.
- We make contributions from your service fee every time you take an PayUback loan.
- We make contributions every five years as determined by the vesting schedule. After 30 years your plan is mature and 100% of your service fees have been returned to you.
- These accounts earn interest at a rate determined by the XYZ Credit Union.
You are 10% vested on day-one when this starts building value in your saving and loan account. After five years, we will match your shares, doubling your account balance. At ten years we will match your balance again, whatever it is. And we continue to contribute every five years until all your service fees are returned. By saving just a little every time you borrow, the 360/100 Plan will in 360 months accumulate savings greater than 100 times your average biweekly loan.
- Average $10.00 per payday and save $1,000.00+
- Average $50.00 per payday and save $5,000.00+
- Average $300.00 per payday and save $30,000.00+
You can save without borrowing but you can’t borrow without saving.