CHESTERFIELD, Va. (11/3/10)--Chesterfield FCU will counter payday loans by repeating its Holiday Help Loan program for members during the 2010 holiday season. The small, short-term loans are available to members employed by the same employer or receiving retirement or disability benefits for at least two years. Loan amounts range from $300 to $1,000 for terms of four to nine months. A typical payday loan charges $114 in fees for a 14-day loan of $500, or the equivalent of 584% annual percentage rate (APR). Chesterfield’s APR for a $500 loan is 17.95% for a member with at least five years of consecutive employment. Monthly payments for this loan would be $87.82, with total interest charges of $26.54. The Holiday Help program will run from Nov. 15 to Dec. 31, with Chesterfield FCU setting aside $150,000 to fund the loans. Last year, 223 members took advantage of a Holiday Help Loan to save $16,500 in payday loan fees.