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Digital Credit Union

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Regular Contributor

Digital Credit Union

 A friend referred me to them awhile back.  Opened an account by donating and started using the debit card for little things. I moved some money into the savings account because they offer  6% interest on the first $1000.

 

Well, they offer this product called Quick Loan.  Youre only eligible after 90 days. It will autopopulate the offer in your account.  Youre eligible to only have three quick loans a year with the highest amount of the loan being $1000. No credit check.  6 months to pay off. 

 

Well lo and behold, I didnt realize they report it to the credit bureaus for you!  All three so far. It showed up this month as an installment loan.

Message 1 of 7
6 REPLIES 6
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Valued Contributor

Re: Digital Credit Union

Wow. Did it crush your avearge age of accounts and lower your score?

Message 2 of 7
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Established Contributor

Re: Digital Credit Union


@Shawn19AL wrote:

Well, they offer this product called Quick Loan.  Youre only eligible after 90 days. It will autopopulate the offer in your account.  Youre eligible to only have three quick loans a year with the highest amount of the loan being $1000. No credit check.  6 months to pay off. 


Is there any interest on the loan?

AU



Message 3 of 7
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Community Leader
Super Contributor

Re: Digital Credit Union


@SEAlifer wrote:

@Shawn19AL wrote:

Well, they offer this product called Quick Loan.  Youre only eligible after 90 days. It will autopopulate the offer in your account.  Youre eligible to only have three quick loans a year with the highest amount of the loan being $1000. No credit check.  6 months to pay off. 


Is there any interest on the loan?


The "No credit check" comment needs context.  DCU does monthly SPs, and if ones profile warrants it they will give preapproved offers each quarter, which may include Quick Loan preapprovals, not unlike what Penfed does.  

 

Quick Loans do have pretty high interest rates, on the order of 20%.

 



(8/2020)
FICO 8 (EX) 811 (TU) 805 (EQ) 793
FICO 9 (EX) 834 (TU) 823 (EQ) 821

$1M+ club

Artist formerly known as ColdFusion
Message 4 of 7
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Senior Contributor

Re: Digital Credit Union


@SEAlifer wrote:

@Shawn19AL wrote:

Well, they offer this product called Quick Loan.  Youre only eligible after 90 days. It will autopopulate the offer in your account.  Youre eligible to only have three quick loans a year with the highest amount of the loan being $1000. No credit check.  6 months to pay off. 


Is there any interest on the loan?


Are you kidding? I was kind of insulted when it first appeared last year, it seems like a "payday loan" to me with a $1k loan at 26% APR. My offer is down to "only" 21% now, but I'll stick to me "loaning" them $1k in my savings with them paying me 6.17%.

I like DCU for my car loan & savings account, but they can stuff their quick loan.


Message 5 of 7
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Super Contributor

Re: Digital Credit Union

Yep. The only approval I get from them is that I’m preapproved for $1K on a quick loan. If I need $1K, I can advance it from my NFCU Platinum at 9.99% so I would never use this offering from DCU. 

 

Their dinky $1K credit card is probably getting the axe next year if it doesn’t grow. $1K @ 13.75% is useless. 




Message 6 of 7
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Regular Contributor

Re: Digital Credit Union

I noticed a quick loan preapproval today showing for 2k at 9% . I wonder if its because of COVID

Message 7 of 7
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