Quick Cash Loan Program
Frequently Asked Questions
1. What is the maximum Quick Cash loan amount that I can borrow?
The minimum loan amount is $500 with a maximum of $3,000.
2. How soon do I need to pay off the loan?
Loan terms range from 6 months up to 24 months depending on the amount you
borrow.
3. What interest rate will I pay for the Quick Cash Loan?
Rates range from 9.99% - 17.99% APR (FICO score will determine the rate).
4. Will I be penalized if I pay off this loan earlier than the original term?
No. There is no pre-payment penalty.
5. Is there a fee to apply for the Quick Cash Loan?
No. There are no fees to apply or process a personal loan with Monterra CU.
6. Do I need to be a member of Monterra Credit Union?
Yes; however, you can still apply for the Quick Cash loan and once approved you can open your
membership at the time your loan will be funded.
7. Is there a fee to fee to join Monterra Credit Union?
No! Simply deposit a $1 share pledge to establish your membership.
8. How do I apply?
There are 3 ways you can apply:
• Phone: 650-363-1725 (select option 3 to be connected to the Loan Call Center)
• Monterra Credit Union branch
location (7 locations within San Mateo County)
• Web: https://www.monterra.org/personal/loans/personal-loans
9. Will Monterra Credit Union pull my credit report?
Yes, your credit report will be pulled to determine rate.
10. When will I find out if I was approved?
If the loan application is submitted over the weekend, you will receive an answer Monday unless
it’s a holiday.
If the loan application is submitted M-F during business hours (8am – 6pm) or Saturday from
9am – 3pm you will receive an answer the same day.
11. Once I am approved, how long will it take to fund the loan? And where will my money be
deposited?
The loan can be funded same day of approval.
Funds will be deposited into your Monterra Credit Union account.
12. How do I set up paying back my loan?
Payments will be set up for bi-weekly payroll deductions. At the time of funding, you will sign the
authorization for your bi-weekly payroll deduction and the amount will be deducted from your
San Mateo County paycheck.
13. What happens if I already have an account with Monterra CU and I have bi-weekly payroll
deductions going into my Monterra CU Account (s)?
Your new bi-weekly payroll deduction will be increased to include the loan payment amount. A
new payroll deduction form will be completed with the total payroll deduction with
specifications on how it is to be distributed once received by Monterra CU. When the funds
come into your account, it will be dispersed to your loan and other accounts as you have
currently set up.
14. What if I needed a higher maximum loan amount of $3,000?
Monterra Credit Union does offer additional personal loan options up to $25,000. All
loans requests are subject to credit, income and debt verification qualification.
15. Does Monterra Credit Union offer financial education?
Yes, Monterra Credit Union offers a couple of options:
Monterra Credit Union provides free counseling service, BALANCE, who is committed
to helping Monterra CU members with money management and balancing life’s financial
demands. https://monterra.balancepro.org/programs
Monterra Credit Union also provides free online education modules for adults that take
only 2 to 10 minutes to complete through EverFi: https://monterra.everfi-next.net/
welcome/members-achieve
