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Dupaco Is A Thrifty Refuge From Payday Lenders Dupaco’s Mary Heavens visits with a member visiting a Dupaco branch in Cedar Rapids, Iowa. (B. Kaplan photo)

Dupaco is a thrifty refuge from payday lenders

Trying to avoid payday lenders? Dupaco helps members in a short-term pinch and coaches them to the goal of financial independence.

That’s because we’re a not-for-profit cooperative, where people are worth more than money.

More than one out of four loans made by Dupaco is a small-dollar loan of $2,500 or less. In 2019, Dupaco made 8,016 loans that were for $2,500 or less.

Loans $2,500 and less:

Loans $500 and less:

Number of loans made: 8,016

Number of loans made: 2,167

Average loan balance: $1,133

Average loan balance: $438

Average interest rate: 13.25% APR

Average interest rate: 11.42% APR

Loan fees charged: $0

Loan fees charged: $0

Repayment terms: Flexible

Repayment terms: Flexible

Your Guide To Identifying Abusive Or Unfair Lending Practices
Your Guide To Identifying Abusive Or Unfair Lending Practices
Predatory Lending Comes In Many Forms
About Pawnbrokers
About Payday Lenders
About Prepaid Debit Cards
About Loan Sharks
Look For These Telltale Warning Signs
Telltale Warning Signs Of Predatory Lending: Failure To Present The Loan Price As Negotiable
Telltale Warning Signs Of Predatory Lending: Unjustified Risk-based Pricing
Telltale Warning Signs Of Predatory Lending: Failure To Clearly And Fully Disclose Terms And Conditions
Telltale Warning Signs Of Predatory Lending: Short-term Loans With Disproportionally High Fees
Understanding Annual Percentage Rate
Knowing How The APR Is Calculated Is The Key To Understanding Your True Cost Of Borrowing
Understanding APR
Watch Out For The Fees Related To Predatory Lending
Watching Out For The Fees, Do Your Research.
The Cost Of Payday Loans Add Up Fast
Avoid The Payday Lending Debt Trap
Predatory Lending Sources
Brought To You By Dupaco
Your Guide To Identifying Abusive Or Unfair Lending PracticesPredatory Lending Comes In Many FormsAbout PawnbrokersAbout Payday LendersAbout Prepaid Debit CardsAbout Loan SharksLook For These Telltale Warning SignsTelltale Warning Signs Of Predatory Lending: Failure To Present The Loan Price As NegotiableTelltale Warning Signs Of Predatory Lending: Unjustified Risk-based PricingTelltale Warning Signs Of Predatory Lending: Failure To Clearly And Fully Disclose Terms And ConditionsTelltale Warning Signs Of Predatory Lending: Short-term Loans With Disproportionally High FeesUnderstanding Annual Percentage RateKnowing How The APR Is Calculated Is The Key To Understanding Your True Cost Of BorrowingUnderstanding APRWatch Out For The Fees Related To Predatory LendingWatching Out For The Fees, Do Your Research.The Cost Of Payday Loans Add Up FastAvoid The Payday Lending Debt TrapPredatory Lending SourcesBrought To You By Dupaco

By setting up loans with easier repayment terms, Dupaco can help you stop the borrowing cycle. Payday lenders might argue that the annual percentage rate is misleading, because loans are often paid back within two weeks. But if you’re unable to repay the loan in full, the cost of your loan escalates. Your loan is then rolled into a new one. And if this continues, your original payday loan becomes expensive and starts a cycle of debt

Comparison of Dupaco's small-dollar loan to a loan from a typical payday lender

If you are facing debt problems, you may feel that a payday lender is your only option. Not true—you have a number of alternatives to taking out a high-cost payday loan. Download this checklist to evaluate your options.

Download

Interested in opening a loan with Dupaco? Apply online in minutes, or contact the consumer loan department by emailing loans@dupaco.com or by calling 800-373-7600, ext. 202.

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