MY FAST CASH: A Member Exclusive Product!
Get money in minutes. Stay on course.
With My Fast Cash, you can have money deposited into your account in minutes.*
You must be a member six months or longer to qualify for this loan.
Why a My Fast Cash loan?
- It’s a smart alternative to overdraft or payday loans.
- It can help build or repair your credit when you pay on time.
- No need to call a lender … simply access the application in digital banking.
- Funds can be directly loaded into your account for fast access.
More benefits of My Fast Cash:
- Access cash from $500 to $4,000
- Access the application in digital banking in one minute or less
- Get 24/7, 365 access to a loan and funds
- Fixed installments allow you to plan your budget
- No origination or application fees
How does My Fast Cash compare to an average payday loan?
| PAYDAY LOAN | MY FAST CASH | |
| How much can I borrow? | Often $500 to $1,000 limit | $500 to $4,000 |
| How long is the term of the loan? | The term generally ranges between 2 to 4 weeks (some allow renewals). | 6 to 42 months** (depending on the amount taken) |
| What is the rate? | Roughly 400% to 520% | 21% APR*** |
| Will you be doing a credit check? | Varies by institution | None |
| Will this affect my credit score? | Generally this type of loan is not reported to credit bureaus. However, if the loan isn’t paid it is typically sent to a collection agency and that can affect your credit score. | Reported to credit bureaus so you can build credit with on-time payments |
| How do I apply? | In-person | Conveniently through your Marine Credit Union Mobile App |
My Fast Cash is best for:
- Members who have been an active member of Marine Credit Union for six months or more (non-members do not
qualify) - Members who have no credit and need to build credit
- Members with low credit but who have on-time payment history with MCU as well as a recurring direct deposit
- Members who are digitally savvy
- Members who don’t want to work with a lender directly
- Members who need small dollar amounts or need money outside of working hours
Requirements:
- Must be a member of MCU for 6 months or longer
- Minimum loan amount is $500; maximum is $4,000
- Minimum term is 6 months; maximum term is 42 months**
- Underwriting based on relationship and history with MCU
Must be a member of Marine Credit Union (MCU) for at least 6 months to apply. Loan approval will be based on the relationship and history with MCU. The member’s share account must at least have a $0 or positive balance or the application will be automatically declined.
** APR=Annual Percentage Rate. For a $4,000 loan at 21% APR, the monthly payments would equal $135.35 for 42 months.
*** This rate is for all members who qualify and receive proceeds for this loan – no risk-based rate applies.
