Hello all!
Called to do some banking today at my local credit union (Washington State Employees Credit Union) and while on the phone I was offered an emergency loan. Loan is maximum $3,000 at 3% interest for 36 months. They can extend your first payment out 90 days. During that 90 days, no interest is charge. They won't word it like this but you can think of the loan like 90 days 0% interest.
When I asked about credit requirements, I was told that their requirements are EXTREMELY relaxed right now (on this product only). They are loaning money to people who normally wouldn't even be financed a stick of gum. This is a credit union who understand the human nature of things. They are genuinely trying to help and are qlso using this as an effort to gain more members.
I bit the bullet and took out the loan. I'll sit on it for a bit, no use for it right now other than a cushion during these weird times. I can give it back in 90 days if I do not need it. Currently sitting in a savings account gaining minimal interest lol. Took about 20 minutes to submit the app over the phone, documents were sent to me to sign within an hour or so, funds were in my account about an hour after that. Super easy process.
Data points:
They pull EX FICO Auto 8 exclusively (that HP is good for 30 days on anything else).
My personal EX FICO Auto 8 Score was 601.
Must be a resident or work in WA to join. No, donations to a foundation won't get you in unfortunately.
Another thing worth mentioning is if you have a DD going into a checking account, they have a feature (never needed to use it but interesting nonetheless) called Q-Cash and Q-Cash Plus. They are basically "payday loans" but a tad better as far as interest rates, instead of 100-300% like I assume a payday loan would be. Which one you qualify for depends on how much you have DD'd into your account.
Q-Cash: $0 - $700 @ 73%, 3 months to pay back
Q-Cash Plus: $701 - $4,000 @ 36%, 36 months to pay back.
Hope everyone is staying safe and healthy! Let me know if you have any questions regarding this CU in general or about the emergency loan.
