Velocity Credit Union provides two kinds of personal loan programs:
Our Quickloan program offers a personal line-of-credit ranging from $500 to $15,000 depending upon credit qualifications. The credit limit remains available for the borrower to use at any time for any financial need. Borrowers can obtain Quickloan advances fast and easy in a variety of ways:- Through any Velocity Credit Union-owned ATM
- Directly from Velocity lobby or drive through tellers
- By transfer from your Quickloan directly to your Velocity checking or savings account. You can perform these transfers through Internet Home Banking or through our Star Teller telephone service.
- By mail or fax
The loan type is up to you. It could be a home equity loan, or an unsecured personal loan. The type is flexible depending upon your personal situation and credit qualifications. Regardless of which loan type works for you, chances are it’s a better option than a credit card. Big credit card companies often encourage borrowers to make small monthly payments, which keep balances high and interest charges rising. In some cases, making minimum payments of 2% to 3% of the credit card balance could take 7-10 years (or more) to pay off the credit card balance. Many consumers find it difficult to ever get out of credit card debt. Velocity lifestyle and personal loans are a better choice for many people. They encourage wise use of credit, and are designed to pay off in 5 years or less.
