FAQs

Payday Loans and other cash advances are short-term borrowing products where a lender will extend high-interest rates based on one’s income. The average payday loan interest rate in the state of Florida is 404%. The purpose of this program is to relieve those burdened by debt in our community. DCFCU will refinance members' payday loans, paying them off and refinancing them for a much lower rate.
  • Residents of Miami-Dade County
  • Must be 18 years old or older
  • Must be employed at current employer for at least one year
  • Must show ability to make payments
No, you must meet all of the requirements above.
Yes, you can refinance up to $20,000 in payday loan debt.
    There are two options to pay off your pay day debt.

    Traditional Line of Credit

  • Members with high rate payday loans can consolidate their payday loans to a traditional loan with a longer repayment period. Members can get up to $20,000 with a longer repayment term at a rate of 17.99%
  • Once paid off, members are then able to access a $2,000 line of credit for the remaining 18 months
  • You can educate yourself through our financial literacy partner, GreenPath, and get a lower rate
  • For every completed financial literacy course with certificate the rate will drop 1% per course until it reached 9.99%


    • Installment Loan

  • Members can get a traditional loan which turns into a line of credit for up to $2,000 and are given six months to pay off their payday refinanced loan at a rate of 15.99%.
  • You can educate yourself through our financial literacy partner, GreenPath, and get a lower rate
  • For every completed financial literacy course with certificate the rate will drop 1% per course until it reached 11.99%

No, this is not a grant. This is a loan and must be paid back. When loans are not repaid, funds are not available to help other community members in need.
  • Current Driver’s license
  • Proof of employment (two most recent pay stubs)
  • Set up direct deposit at DCFCU
  • Proof of Miami-Dade County Residency
The funds will be deposited in your DCFCU account. You will have one week to provide a payoff receipt of your payday loan to the credit union.
  • Don't rush to submit. It’s a two-step process. Fill out the application, then a Lender will contact you
  • While waiting for the Lender, start collecting all the required documents and save as PDF or JPEG files so they are ready when requested
  • Save your work often
  • Make sure you have Direct Deposit set up at DCFCU
DCFCU believes in the importance of financial literacy. In this program, you can take a variety of financial literacy courses from our partners at GreenPath or a number of local nonprofits that offer courses. Each time you complete a course you will be provided a certificate, email your certificate to pdr@dcfcu.org. Once certificates are received, they will be added to your file and upon annual review, every certificate will lower your rate by 1%. The lowest your rate can be is 9.99% for the Line of Credit and 11.99% for the Installment Loan.