Is it really FREE?

Grace Period Typical Advance Lenders
Non-Profit For Profit
Flexible Term Full Payment Expected Next Payday
13 Days Free* No Grace Period
You are a member You’re a customer
Low Cost/No Cost High Cost

How is it possible to borrow for nothing?

Our motives are different:
Grace Period is a non-profit started by a church for the benefit of the community.
If you qualify, and a few hundred dollars before your next payday will help (13 days maximum), we are pleased at no cost to give you the lift. We ask only that you let others know that this resource exists so that they too might benefit from our non-profit cash loan services in Pittsburgh.

Can it still be free if I cannot return it right away?:
YES. You can still borrow for free. The real cost of our loan is only time! Our system allows all costs associated with borrowing to be completely returned.

The big picture:

Imagine that you had a $500 emergency fund.

You had built this fund by saving a little bit each payday.
This money is available to you whenever you need it, but you do not need it all the time, only when emergencies or unexpected expenses happen. If you had such a fund, you’d never need a payday loan again- you wouldn’t need other people’s expensive money when emergencies happen.

Imagine that you learned that you could put this rainy day fund in a special place that paid you a significant return every week that you added to your fund – but, if you ever needed the money right away you could have it, and even more wonderfully borrow more than you have if necessary.

That sounds great right, but you don’t have $500, so how’s that help? Well, you don’t have $500 today, but with a system like that one just described, if you borrowed and immediately started saving for future emergencies you could actually save your way out of the cost of borrowing – creating a completely free loan.

Grace Period is a club that works a lot like that, and thousands are doing it right now. Grace Period links members that already have an emergency fund to members that don’t have one (yet). The goal is that eventually everyone builds an emergency fund and borrowers earn back the cost of borrowing by repeating the cycle and helping someone else.

 

 

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APR

The loans made from this site are without fee, interest or cost (0.00% APR) during the borrower’s "grace period" (loan date thru next pay date, not to exceed 13 days). Loans can be extended beyond this "grace period" at borrower’s option, see Renewal Policy.

Renewal Policy

Should it become necessary for a loan term to exceed the "grace period", we provide borrowers an automatic renewal and access to low cost credit union provided funding (18% APR).

Collection Practices

Failure to repay a loan from Grace Period will result in adverse action being taken against borrower by Grace Period, Inc. and/or a third party collection organization. Collection practices will be in accordance with the principles of any applicable federal regulations at all times.

Implications of non-payment

Additional fees may apply in the event of borrower’s failure or delay in repayment of this loan to the extent they are allowed by law. Grace Period or its assigns may attempt to contact borrowers via one or more authorized methods including phone calls, emails and text to arrange for payment.

Potential impact to credit score:

Timely repayment of a loan may improve borrower’s credit scores. Unlike many other lenders, Grace Period’s credit union partner reports both positively and negatively to the credit bureaus with respect to loan status. Late or missed loan payments can negatively affect your credit score.