Same as Cash Medical Loan FAQ

Why am I paying interest during the promotional period on my loan?
When does my promotional period begin?
How do I find out when my promotional period ends?
How do I make a payment?
How do I make a principal payment?

Why am I paying interest during the promotional period on my loan?

We do this to avoid charging one lump sum for accrued interest if you are unable to pay the full principal balance prior to the end of the promotional period for any reason. For reference, each monthly billing statement shows the payoff amount, which takes into account the interest you have paid, as well as the date by which you would need to pay in full. If your payments (principal plus interest combined) satisfy the entire original principal balance before the end of the promotional period, all interest paid will be credited to the principal balance and your loan will be closed. If by any chance you end up overpaying, the funds will be credited to your Basic Savings account which was established at the same time as your loan. Our Truth-in-Lending Disclosure Statement explains how the payment process works. This was provided at the time you applied for the loan. Should you need an additional copy for your records, please contact us via secure message in online/mobile banking (click on Message Center) or call us at (800) 874-5544. Representatives are available for personal assistance Monday through Friday, 8:30 a.m. to 7:00 p.m. ET. Back to top

When does my promotional period begin?

The promotional period begins on the date that your loan is booked, not the date of your first payment. Each monthly billing statement shows the payoff amount and date you will need to pay off your loan to be eligible for the Same as Cash promotion. Back to top

How do I find out when my promotional period ends?

Each monthly billing statement shows the date the promotional period ends as well as the payoff amount. You can also contact us for assistance at (800) 874-5544 to speak with our Member Service Team. Representatives are available Monday through Friday, 8:30 to 7:00 p.m. ET. Back to top

How do I make a payment?

You have several options to pay your loan:
  1. Transfer funds from your account at another financial institution:
    1. Online Banking: Set up an external account: In online banking click on “Add/verify external account(s)” from the Quick Links menu on the right, then the “Link External Account” button. From our mobile banking app, click on “Transfers,” then “Add Account” at top. Follow the instructions. Once you confirm your two trial deposits (it may take up to three days for the deposits to appear in your external account), you will see the account listed in the “To Account” and “From Account” drop-downs in the Transfers feature. Then, schedule your recurring transfer to your loan.
    2. ACH (Electronic) Transfers: Complete and return the ACH Origination Application or call us with your bank information (routing number, bank address, account number) and we’ll set up the payments for you. Please note that you will need to make payments using another method until you receive confirmation via mail that your ACH payment setup is complete.
  2. Transfer funds between Quorum accounts: Use our mobile banking app to make a check deposit into your Quorum savings (a Basic Savings account was created when we financed your loan) or checking account, then click on “Transfers” to set up a one-time or recurring transfer to your loan.
  3. Mail your payment with the monthly billing statement and envelope you will receive by mail. (Please do not send your payments to our Purchase, NY address.)
  4. Shared Service Center: Visit quorumfcu.org/atmfinder to find the closest Shared Service Center—a partner credit union where you can make transactions on your Quorum account at no additional cost—and make an in-person loan payment with the assistance of a teller.Please note: You will be asked to present a valid ID if you use this option, so we must have your ID information on file. To provide/update this information, 1) Log in to online banking at quorumfcu.org. 2) Click on “More” from the menu at the left, then “Additional Services.” 3) Under Forms, select “Submit Member ID Information.”
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How do I make a principal payment?

To make a principal loan payment, simply follow these steps:
  1. Log in to your account at quorumfcu.org.
  2. Select “More” from the Dashboard, then “Additional Services.”
  3. Select “Loan and Credit Card Services.”
  4. Select “Make a Principal Loan Payment” and follow the steps to complete and submit the form.
Note: With this option, funds can only be transferred to your loan from a Quorum savings or checking account. (If applicable, you can transfer funds from your external account into your Quorum savings or checking account prior to submitting the principal payment request.) You will receive a confirmation once your request has been submitted. If you would prefer to do this over the phone with a representative, you can contact us at (800) 874-5544, Monday through Friday, 8:30 a.m. to 7:00 p.m. ET. You will be sent a secure message in online banking if your deposit is rejected, along with instructions on what action you need to take. Back to top


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