PHILLIPSBURG, N.J. — Members of Baker Federal Credit Union will soon be able to simultaneously get some extra money to tide them over and save for a rainy day.

Starting Feb. 1, the $28 million credit union will start offering members its "Hold-Over" loan. Described as an alternative to a typical payday loan, members will get an "attractive" rate with a savings plan rolled into it so that at the end of the five-month term, they will end up with more than $200 in a savings account, according to the credit union.

There are two options with the Hold-Over loan. Members may pay a higher percentage rate without the savings plan rolled into the loan, or they may agree to add an additional $10 per week to the loan and take advantage of a lower percentage rate on the loan. At the end of the term with the savings plan, the member will have saved $200 plus interest.