Payday Alternative Loans (PAL)
Banks and credit unions offer payday alternative loans for people with bad or no credit history. These loans, which are fully amortizing, are provided for 6 months to 1 year. The APR on such loans is around 22% for people with points below 570. For points between 571 and 620, the APR is around 18%, while for people with scores over 620, APR is 15%.