Hassle-Free Loans
Payday may be right around the corner, but you need cash today! Finance smart, don't get caught up in a Payday Lender cycle of debt - come see us at TEFCU for our Hassle-Free Loan. For a nominal fee, you can get just enough cash to make it to payday. Below are a few additional details about our Hassle Free Loan Program:
- Member must be in good standing
- Current Hassle Free Loan - must be paid full in cash before applying for a new loan
- Term - Two month (60 day) repayment term
- Payment - Approximately $68 weekly
- Loan Amount - $500
- Processing Fee - $35 non-refundable application fee (this fee will be collected on all applications regardless of approval)
- SO2 Account - must be funded fully prior to applying for a new loan
- SO5 Account - direct deposit or allotment for payment requires an SO5 deposit at the time of application if the member does not have a current loan.
- Payroll Deduction - required and must be in place prior to application. Direct Deposit forms are available by clicking on the applicable employer - WMATA Amtrak
- Paystub - Recent paystub must show 40 hours of work per week OR 80 hours bi-weekly (sick leave will not be accepted when assessing the hourly requirement)
Members must have an existing loan or allotment to a Hassle Free Secured Share. Share must be funded with $100 at the time of processing. In addition, $25 weekly allotments will transfer over each pay period into this secured share.
Applications are ONLY accepted via text message, fax or by calling the Hassle Free line (202) 832-5100 ext. 289. Please allow 1 hour for processing. Upon approval, you can sign for your loan at the teller window or have your documents faxed to you.
TEFCU wants to assure you that we are doing our job to educate you and truly help you benefit from your membership with us. At no time do we want to become a Payday Lender! We want to continue to provide the same great service you are accustomed to, while educating you on how to better manage your funds so you will never get caught up in the costly pay day lending cycle.
Need more than $500? It might be time to apply for a Shared Secure Loan, Signature Loan, or Line of Credit! You can apply for one of these loans by phone (202) 832-5100, online (www.tefcu.org) or in person at one of our branch locations.