Quick Loans
Cover emergency and other unexpected costs by getting the cash you need, fast.
Available to CU1 members only. Terms and conditions apply. Subject to approval.
Get Cash Quick When You Need It
Credit Union 1's Quick Loans offer a rapid solution for members needing to manage urgent and unexpected costs, eliminating the excessive rates and fees of alternative methods.
Here's what CU1 members can expect:
- No credit check required
- 100% online application
- 24/7 access and funds available in minutes
- 24% APR¹ fixed interest rate
- Borrow between $200 to $2,000
- Repayment period up to 24 months
Application Requirements
- Must be 18 years or older
- Must be a Credit Union 1 member for three (3) months
- Must be the primary account owner
- Must not have an existing Quick Cash or Quick Loan
- Must have active direct deposit
- Must use your physical address (not mailing) when applying
- Members can only have one CU1 Quick Loan at a time
- Account must be in good standing*
You will be denied if:
- You have a current existing CU1 Quick Loan at the time of request
- You have had three (3) CU1 Quick Loans within a six-month period
- You have had a Loan Modification completed through our Member Assistance department
- You have delinquent loans or negative savings accounts
- Your services or membership is limited by Credit Union 1
- Credit Union 1 accounts included or discharged in a bankruptcy
Account types not eligible:
- Fiduciary (UGMA, Representative Payee, Estate, Conservator)
- Trusts as primary member
- Youth
- Business
- Associations
- Organizations
- Other similar specialty accounts
¹APR = Annual Percentage Rate. Rates listed are for this product only and are subject to change at any time.
*When evaluating your application, a loan decision takes into consideration your membership, including factors such as payment history, deposit activity, length of relationship, number of financial products, direct deposits, number of electronic transactions and loan amount qualifier.
Repayment Schedule
From Amount | To Amount | Months |
---|---|---|
$1,501 | $2,000 | 24 |
$1,001 | $1,500 | 18 |
$501 | $1,000 | 12 |
$200 | $500 | 5 |
CU1 Quick Loans vs. Payday Lender
Average Product Comparison* | CU1 | Payday Lender |
---|---|---|
APR¹ | 24% | 417% |
Payback in full | 12 months | 14 days |
Loan Fee | $0 | $80 |
Convenience | Funds Immediately | Funds Delayed |
Credit Check | No Credit Check | Credit Check Required |
Decision Making | Relationship Based | Income Based |
Sourced 6/20/2024: https://www.moneymart.com/loans/pricing
*Comparison based on a $501 loan.
Representative example of repayment terms for unsecured Quick Loan: For $501 borrowed over twelve (12) months at a fixed 24% APR, the monthly payment is $47.37. This example is an estimate only and assumes all payments are made on time.
Frequently Asked Questions
-
Yes, you need to be a Credit Union 1 member for a minimum of three (3) months to qualify for a Quick Loan.
-
No, Quick Loan applications are 100% online.
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No, you will not be charged a fee to apply.
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Yes. Although we don't run a credit check for review of your application, your Quick Loan will appear on your credit report after approval.
Additional CU1 Loan Options
Whether you are looking for personal, real estate, auto, recreational or other types of financing, Credit Union 1's local Alaskan loan experts can work with you to find the best fit with competitive rates.