SESLOC Credit Union is thrilled to introduce the Instant Funds loans, a new short-term, small-dollar loans program designed to support individuals in need of emergency financial assistance. Keeping the credit union philosophy of “people helping people” in mind, we are introducing this product to ensure there is financial support for the underserved and underbanked in the Central Coast community.
“At SESLOC, we believe that everyone deserves access to fair and affordable financial services,” said Mike Quamma, expected CEO & President of SESLOC Credit Union. “We strive to build trust through transparency, empowering individuals to navigate their financial hurdles with confidence.”
In short, Instant Funds loans are intended to help people borrow responsibly. They are structured to help individuals make on-time payments, have lower interest rates and have less or more affordable fees than traditional payday loans. This is to avoid the potential debt traps created by high-cost, for-profit lenders, such as traditional payday lenders.
Additionally, SESLOC is ensuring member convenience and accessibility. Instant Funds loans will be streamlined with the help of digital lending partner, QCash. With QCash’s automated program, SESLOC has the capability to approve member applications and process funds in under one minute, even on nights and weekends. Therefore, members can use the funds in real-time to make payments or purchases as needed for expenses like medical bills, emergency car repairs or anything in between.
Even better, when SESLOC processes an application (which is free), they will review your account deposit history and other membership information (which includes a review of the total deposits made in the preceding 90 days), instead of using your credit score, recent paycheck stubs or other traditional loan qualifications.
SESLOC Members are eligible to apply for Instant Funds loans if they have been a member in good standing for 90 days, are 18 years old and above and are the primary accountholder on a consumer membership. (Joint owners and Business memberships are not eligible.) A member may only have one (1) Instant Funds loan open at any time, and may not have more than three (3) Instant Fund loans opened over the preceding six months.
If you are not a member at SESLOC, check out the benefits of membership and see how to join. You are eligible to join SESLOC if you live, work or go to school in San Luis Obispo, Santa Barbara, Monterey, Santa Cruz, Tulare, Kings, Fresno, Kern and Ventura counties, or if your family member is already a member.
For complete terms, conditions, restrictions and eligibility, see our Instant Funds Small-Dollar Loans and SESLOC Instant Funds Loans FAQs, contact us at (805) 543-1816, or visit any SESLOC Credit Union branch.
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