One Nevada Credit Union is a Nevada-based credit union offering Advance Pay, a short-term loan program designed as an affordable alternative to traditional payday loans. The program was established to provide members with quick access to short-term funds without the predatory pricing common in the payday lending industry.
Advance Pay provides loans ranging from $100 to $1,500 with no application fees. The program offers two primary rate structures: members with direct deposit qualify for a 325.89% APR (12.5% finance charge on a $100 loan), while members without direct deposit pay 391.07% APR (15% finance charge on a $100 loan). Active military service members receive more listed context terms at 36% APR, compliant with the federal Military Lending Act. Loans are repaid through automatic deduction from the borrower's account, eliminating the need for post-dated checks.
One Nevada distinguishes itself through listed pricing, membership accessibility (available at any One Nevada branch location statewide), and explicit warnings about payday loan debt traps. The credit union provides free financial counseling to members and actively educates borrowers about the risks of repeat borrowing cycles, noting that typical payday borrowers take 8-13 loans annually. Their military member rates (36% APR) are lower in listed context than civilian rates, reflecting federal protections under 10 U.S.C. 987.
However, even with improvements over traditional payday lenders, the civilian APRs (325-391%) remain significantly elevated. These are short-term loans with 14-day terms, and while cheaper than payday alternatives, borrowers without direct deposit still pay nearly 4x the federal military lending cap. This product is best suited for credit union members facing genuine emergencies who cannot access traditional lending, not for ongoing cash flow management.
