Quick Loans are interest-free loans of $500 or less, designed to address immediate, essential financial need while requiring fewer steps and potentially less detailed documentation than the standard assistance request process.
This gives COs and OinCs a way to quickly address temporary financial problems that may arise amongst their crew.
Active duty Coast Guard military members and Coast Guard reservists recalled to active duty.
It is not open to individuals who have an outstanding loan balance with CGMA or who are on the CGMA Restricted List.
An individual may receive a maximum of two Quick Loans within any 12-month period. Assistance requests not meeting these criteria must be processed through the standard application process.
Application and Processing
- A single page CGMA Quick Loan Application (CGMA Form 1) has been established for use with the Quick Loan Program
- Applicants are not required to complete a CGMA Budget form (CGMA Form 15), though the approving authority may require bills or other documentation to support the request
- The applicant’s unit CO or OinC is the approving authority for Quick Loans
- The applicant reads, completes and signs the Quick Loan Application and submits it to the approving authority
- The approving authority shall adhere to assistance policy guidelines
- Each request shall be considered on its own merits, on a personalized and timely basis, with confidentiality and in a fair and equitable manner
- A Quick Loan may not be issued where to do so would entail an exception to policy
- If the request is approved, the unit CO or OinC completes section D on the Quick Loan Application
- The form and supporting documents, if any, are then taken to the local CGMA Representative for administrative review and issuance of the assistance check
- If a Quick Loan request is not approved or upon administrative review the CGMA Representative finds that the loan does not meet the criteria for a Quick Loan, the loan application shall be returned to the applicant, who may submit an application in accordance with the standard assistance request process
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