Please note: You must have an e-mail address in order to opt into E-Consent. This is requirement to apply for Q-Cash Plus.
Q. What is the APR? Is it fixed or variable?
A. It is a 36% fixed APR.
Q. When will my account be assessed the $25 application fee?
A. The fee will be debited from your checking account immediately upon submitting your application.
Q. What are the payment options?
A. Monthly or semi-monthly.
Q. Is direct deposit required?
A. No, however you must make regular deposits to your account.
Q. Do I have the ability to choose my term or is it based on the dollar amount?
A. The loan term is based on loan amount. The breakdown is as follows:
Terms: 12–36 months Estimated Mthly Payments
Q. How do I apply?
A. You can apply through Online Banking. Click the “Apply” tab on the top menu, click “Loans” and then click “Q-Cash”.
Q. Is there another option besides Online Banking for applying?
A. Yes, you can apply at a branch or by calling the Contact Center; however, if you don’t have Online Banking, you can register for this free service from our homepage.
Q. When applying online, will I need to print any documents to sign prior to the loan being funded?
A. No. Submitting the online loan application and accepting the terms and conditions upon approval is all that will be required.
Q. What factors are taken into consideration in the approval process?
A. We do not use a credit score; we base our loan decision upon your relationship with us:
- $701 - $999 9 month term $90 - $130
- $1,000 - $1,500 12 month term $100 - $150
- $1,501 - $2,000 15 month term $125 - $167
- $2,001 - $2,500 18 month term $145 - $182
- $2,501 - $3,000 24 month term $148 - $178
- $3,001 - $4,000 36 month term $138 - $185
You must also meet the following eligibility requirements:
- Length of relationship with WSECU (based on your Social Security Number).
- Total of the aggregate deposits made to your account within the last 60 days.
- Previous payment history with us.
- Account activity.
- Your financial relationship with us (e.g., the number and types of products you have with us).
- You must have deposit activity in your checking or savings account.
- You must be the primary accountholder to apply.
Q. Do I need a minimum monthly income to qualify?
A. No. Qualification is based on a percentage of the total number of deposits made to your account in the past 60 days along with your relationship with WSECU (See question above for relationship specifics).
Q. How long will I have to wait to find out if my loan is approved?
A. You will receive an answer within minutes of submitting your application.
Q. Once I’m approved, how are the funds disbursed?
A. The funds will be deposited into your WSECU checking account. If you do not have a checking account, the funds will be deposited to your primary savings account.
Q. Is Skip-A-Payment available for Q-Cash Plus?
A. Not at this time.
Q. How many Q-Cash Plus loans can I have at a time?
A. You may have two open Q-Cash Plus loans open at one time, not to exceed $4,000 (based on your eligibility).
Q. Can I still take advantage of a regular Q-Cash loan if I have a Q-Cash Plus loan?
Q. Once I’ve paid off my Q-Cash Plus loan, do I have to wait for any length of time to apply for another one?