Dcu Speed Pay (2024)

FAQs

How long does DCU take to approve online application? ›

We will begin to review your application within 3-5 business days of receipt. If your application is approved, you will receive the following within 7-10 business days of approval: Your new membership card. Your New Member Welcome Kit.

For auto loans, DCU has no minimum requirement for credit history or income. Want the benefits of credit union membership. Borrowers who open or have a DCU checking account, add direct deposit of $500 per month and make their loan payments electronically will receive a rate discount on auto and other consumer loans.

For consumer loans such as vehicle loans, personal loans and Visa® credit cards, we may only need proof of income.

Receive funds. On average, most people receive their personal loan funds within a week. Lenders who provide online applications– including DCU – are generally quicker with processing, with many people receiving their funds within one or two business days of the application submission.

Verification of Deposit Letter

Once received, DCU processes these requests within two business days. To request your Verification of Deposit letter within Digital Banking, follow these steps: Login to Digital Banking. Select the Membership tab.

Furthermore, DCU doesn't require a credit check, so applying won't result in a hard inquiry on your credit report. However, you'll need to become a DCU member to apply, and membership has its own set of eligibility requirements.

DCU and other creditors may use credit scores and information other than the Credit Score to make credit decisions. The Score Service relies on credit report information provided by Equifax Consumer Services, LLC.

For members who have opted-in, Equifax will deliver the score to DCU, who will post the FICO® Score and the 2 reason codes to the member's Digital Banking page.

Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian. Meanwhile, low-credit borrowers with scores of 600 or lower accounted for only 14% of auto loans.

Current DCU members can see if they're preapproved for a Personal Loan by visiting Loan Suite in Online and Mobile Banking. You do not need to be preapproved to apply for a Personal Loan.

What is the minimum opening deposit for DCU? ›

Other conditions may apply. Please refer to DCU's , and for important information and disclosures. ¹APY = Annual Percentage Yield. Requires a $5.00 minimum balance to open the account and remain on deposit to maintain membership status.

Treasurer's Check

Also can be called Bank Checks or Cashier's Checks. This is a special type of check that is issued by DCU where you give permission to have money taken out of your account and paid to another person or company.

You must complete a Membership Application before opening accounts. You can open accounts with the Membership Application as you join DCU. If submitting your application electronically, please allow 3-5 business days for the following: Your request to be processed.

Quick Loan Eligibility Requirements: In order to be eligible for a Quick Loan a DCU Membership must be established for at least 180 days for amounts of $200 up to $2000.

Underwriting generally takes from a few days to a week, depending on the lender. In some cases, it can be done on the same day you apply. Disbursem*nt of funds: Once the loan terms are agreed upon, the loan funds are disbursed to the borrower, usually as a direct deposit or written as a check.

You are automatically eligible to join DCU if you live, work, worship, or attend school in one of the communities in our list.

Business hours for Online Deposit are 8:00 a.m. to 5:00 p.m., Monday through Friday Eastern Time, except holidays. Checks submitted and approved for deposit prior to the end of our business day will be deposited to your account on the same day.