Purpose:
The purpose for these “hardship” loans is to service members that may not qualify for the conventional personal loan. In some cases, the member may just need a fast turn around for funds.

Qualifications:

Member must be in good standing with the Credit Union:

1. Must have been an employee of current employer for a minimum of 12 months.
2. Has not caused an unresolved previous loss to the credit union.
3. Does not have a negative balance in any credit union account.
4. Current on any other loans at the credit union.
5. Must have payment payroll deducted or direct deposited.
6. Must be in good standing on job per supervisor.
7. May not have more than 2 Quick-Cash loans per calendar year.

Terms:
The terms shall not exceed 6 months. The limit shall not exceed $500. Each loan must be paid in full before requesting another of these type loans.

Rate:
Due to the higher risk of these loans, the APR will be 18%. Payments will be set at a minimum of $50.00 biweekly.

Limitations:
These higher risk loans will be limited to 5% of the credit union’s loan portfolio.