Rapid Loan
Fast, Flexible Loans When You Need It
When the unexpected happens, you need a solution - not stress. Rapid Loan is available when you need funds quickly - giving you breathing room when you need it most. Whether you need extra cash for car repairs, medical bills, a vet visit or anything in between, a Rapid Loan can help. With quick set-up, you can get money deposited into your account quickly - with no credit check required!
How Rapid Loan Works:
- Rapid Loan is an instant loan
- Quick, easy application
- If your accounts are in good standing, you can qualify for up to $2,000
- Funds are available instantly in your account after approval
- 12 month term
Quick Application. Fast Relief.
Rapid Loan is a safe way to get the funds you need quickly, from a credit union you trust.
Features & Requirements:
- No credit check required.
- Loan amounts from $500-$2,000
- Instant loan decision
- Must be a 1st MidAmerica Credit Union member for three months.
- Must be 18 years or older.
Membership
required. All loans are subject to credit approval.
Rapid
Loan is a loan option available to members with an active membership for at
least 3 months. Members must have an active checking or savings account to be
eligible to apply. $20 application fee is non-refundable. The fee is assessed
at time of application and charged to the member's 1st MidAmerica Credit Union
checking or savings account regardless of whether the loan is approved, denied
or declined by the applicant.
To apply, members must access 1st MidAmerica Credit Union Online Banking or Mobile Banking. Members can only have one (1) 1st MidAmerica Credit Union Rapid Loan at a time. The rate for a Rapid Loan is 23.99% APR (annual percentage rate) for all approved borrowers. Stated rate is as of 7/1/2025 and subject to change. Rapid Loan is subject to approval, which is determined by an assessment of the member’s relationship with the Credit Union. Payment is $94.55 per $1,000 borrowed.
Funding: If funding is approved, it will be
automatically deposited into the member’s active checking account. If the
member does not have an active checking account, funds will be deposited into
the member’s active savings account.
Payments: Payments to the Rapid Loan are reported
to the credit bureaus and may impact the member’s credit score. The due date
selection and automatic monthly payment pre-authorizations occur at the time
the loan is booked. Depending on the due date selected, the first payment date
may be less than or more than 30 days from funding. The automatic payments will
be debited from the same account the loan proceeds were deposited into. The
entire payment amount must be available in the account for the payment to
process. If the loan payment is not made within the grace period (15 days), a
late payment fee may be assessed.
