Stretch Pay Loans

A Stretch Pay Loan is a salary advance alternative loan that provides short term cash advances until your payday to cover small, unexpected expenses while avoiding costly bounced-check fees and late payment penalties.

To apply for a stretch pay loan:

  • Download the Stretch Pay application or stop by the credit union and pick up a copy
  • Complete application and mail, fax or return it to the credit union in person, along with the appropriate application fee
    per loan to:

    Chicago Municipal Credit Union
    18 S Michigan Ave, Ste. 1000
    Chicago, IL 60603
    Fax: 312-236-1147

Loan Requirements

Please read the qualifications and the disclosures closely. If you do not meet all of them, you stretch pay loan will not be processed.

  • Must be a member in good standing at the Chicago Municipal Employees Credit Union for at least 3 months/90 days
  • Must be at least 18 years old
  • Must have been on the current job (verified) at least 12 months
  • Must provide a copy of your most recent paycheck stub
  • Must provide verifiable home address and home and work telephone numbers
  • Must have no outstanding Payday loans
  • Must be currently enrolled in payroll deduction or direct deposit
  • Payroll Deduction must be enough to make the payments, or active Direct Deposit required
  • Must not have a negative balance in any share account with the CMECU
  • Must not be delinquent in any existing loans with the CMECU
  • Must have no bankruptcy history and not be in the process of filing for bankruptcy under any chapter of the bankruptcy code
  • A credit report will be run but used only for tracking purposes (score, debt ratio) and for verification purposes only
  • One payday loan per any one member at any time
  • Advances must be paid in full prior to new/additional advances
  • Loans limited $500 or $1000; repayment period is 30 Days at an APR of 50%
Amount of Loan Term Rate Application Fee
$500.00 30 days 50% APR $50.00
$1,000.00 30 days 50% APR $100.00