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Police Federal Credit Union
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Police FCU Quick Draw Loan
quick draw loan                    apply for a 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


apply for a quick draw loan

 

             



*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
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