How it works

Once your line-of-credit is approved, you can withdraw money as you need it up to the specified limit. As you
pay off what you’ve borrowed, your credit revolves and you can use the principal again.

Let’s say you have a $5,000 line of credit. You use $3,000 and then pay back $1,000 toward the principal. You then have $ 3,000 in available credit as follows:

Quick Cash Limit                         $5,000
Amount used                                - 3,000
Balance available        $2,000
Principal repaid        + $1,000
New balance                                $3,000

What will be my spending limit?

On review of your application, you will receive an approved spending limit specially designed for your needs. Limits range from $500 to $10,000. How Do I Access my Quick Cash? 24/7 Access Simply withdraw through the ATM or over the counter. Use CUCall for information and easy transfers to other accounts.

Benefits

• Saves you time: You no longer need to come in to the Loans Department every time you need a
  small loan. No more waiting.
• Peace of mind: Knowing you have easy access to money in an emergency or when you need to buy or pay something urgently.
• Quick access to low cost credit: For purchasing household items — furniture, appliances and electronics.
• Saves you money: Use it to pay cash for consumer goods and benefit from cash discounts.
  No need to pay high interest on hire (higher) purchase (HP). HP interest rates can sometimes
  work out to as much as 50% per annum. With Quick Cash, you pay only 11% on amounts used.
  For Share Covered lines, the interest rate is 10%.
• Protects your savings: No need to dip into your savings for meeting unexpected purchases
  and expenses.
• Affordability: Small one-time application fee. Affordable minimum monthly payment of only
  3% of the limit. If Share Covered you pay 2.5%of the limit.
• Personal Control: You control when and how much you borrow.
• Free Coverage: You get Free loan protection coverage.

Requirements

To enjoy Quick Cash, all you need is:

•  A good credit history.
• 5% of the credit limit in Share/Savings.1
• To pay a small application fee of $25 (nonrefundable).
• To be able to meet the monthly payment.
• Credit Reports, if you've not taken a loan at RCCU before.