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Police Federal Credit Union
Lending

Police FCU Quick Draw Loan
                  


We all know that payday loans can be dangerous.  Those quick and seemingly, “easy solutions” can be extremely costly, with many payday lenders charging $75, or more, for a loan of $500 for two weeks or less - this equates to an Annual Percentage Rate of 400% or higher.

Police FCU has a better alternative.  G
et cash, from $250 to $500, to tide you over until payday, and unlike those payday lenders, we’ll give you up to 3 months to pay the loan back and at a reasonable rate of interest.

It’s easy to qualify for our Quick Draw Loan:

  • Member in good standing for at least 3 months
  • Direct Deposit of your net pay; minimum $1,000/month
  • No more than 3 Quick Draw Loans in any 6 month rolling period
  • No active bankruptcy action


To apply for your Quick Draw Loan, simply complete an application, provide a recent pay stub (within 30 days) and pay the $20 application fee. As long as you meet the above criteria, your loan will be ready for you within a few hours, if not sooner.


We want to help you eliminate the need for these types of loans and have financial counselors on hand to help you establish a budget and start building a savings account. In fact, we’ll offer you a lower rate of interest on your Quick Draw Loan if you want to start building that savings account with 10% of your Quick Draw Loan proceeds.

For example, if you deposit $50 from a $500 Quick Draw Loan to a savings account with the Credit Union, we’ll lower your interest rate to 18% APR. Otherwise, your rate will be 24% APR*. The total cost for a loan of $500 for 3 months would be either $35 or $40 including the $20 application fee depending upon whether you elect the savings option. Compare that with payday lender fees for only 2 weeks.



Let us help you get out of the payday lending cycle.
Apply online, visit us at one of our branch offices, or call us today - 301.817.1200

 

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*APR = Annual Percentage Rate.
Payment example: $500 loan at 18% APR for 3 months is equal to a monthly payment of $171.60.

 

 

9100 Presidential Pkwy, Upper Marlboro, MD 20772 :: Phones: (301) 817-1200, (877) ARU-PFCU, (877) 278-7328 :: Fax: (301) 817-1230
Hours of Operation: Upper Marlboro Branch - M-F 9am-4pm (drive-thru M-F 8am-6pm; Sat. 8:30am-12:30pm); DC Branch - M-F 8am-3pm