That’s how much the Nevada Federal Credit Union charges for its payday loan “alternative.”  From the article:

In the first seven months of this year, the credit union has issued 12,000 loans, amounting to about $8 million, an estimate based on borrowers taking out the maximum loan of $700. A single payday loan costs $60 regardless of whether the loan is for $100 or $700. Also, note that the $60 is an application fee, and doesn’t guarantee that an applicant will get the loan.

You would think that Nevada Federal was just rolling in the dough, charging people a relatively high fee for a small amount of cash for an even smaller period of time — not to mention the ones who were turned down.

Not so, Beal said. There is a fair amount of risk involved in the payday loan “alternative” and the fees offset the losses, and it costs the credit union $55 to service the loan, he said.

Some people haven’t repaid their loans, and if the credit union isn’t able to collect within a few weeks, it writes it off as a loss.

This year, Nevada Federal has already lost $75,000 from defaults.