Loans at Education First Credit Union

Education First Credit Union provides loans every month to members just like you. Our members finance automobiles, boats, recreational vehicles and more. We also offers a wide variety of signature products, a competitive credit card program, business loans and a complete line of home loans. Our loan interest rates are reviewed frequently to ensure that they are competitively priced. Let Education First Credit Union provide you with financing for your needs!

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Secured and Personal Loans

When borrowing money, you need to understand all your options. You will find that there are many different loans available. Each one is designed for a specific purpose. You’ll want to make sure that the loan you’re applying for is the one that best matches your specific needs. We will ask you some questions so that we can make the appropriate recommendations to serve your financial best interests.

When shopping for a loan, you’ll hear the terms Secured and Personal. What do they mean? Which one should you ask for? Which type is best for you? All of these are good questions which, we will explain.

Secured Loans

A secured loan is usually requested when you are borrowing money to fund a large purchase. A secured loan is contingent upon the borrower providing “collateral” to secure and ensure repayment. For example, a typical secured loan is to purchase a car, or a house. In the case of a car loan, you are using the auto as your collateral for the loan, or if you are buying a boat or a camper, those items are the collateral used to secure the loan. Secured loans are generally offered at lower rates, with flexible and longer repayment terms.

Examples of Secured Loans:

• Auto Loan (New, Used and Refinanced)
• Home Equity Loan (these have a set loan amount for a specific term or repayment)
• Home Equity Line of Credit (these have a maximum credit limit with varying repayment terms)
• Boat Loan
• Recreational Vehicle Loan
• Home Improvement Loan

Personal Loans

When you apply for a Personal loan, we have to rely on your personal credit history and credit strength in making our decision. Can you repay the loan and your other obligations with your current financial resources? Does the loan request make sense, and does it help improve your financial position? These are all considerations.

Additionally, Personal loans are usually offered at higher interest rates than secured loans, and for lower amounts and for shorter terms for repayment. Depending on the purpose for the loan, a Personal loan may be the best choice for you. Working together and discussing your needs will help us to make the right recommendation, to serve your financial best interests.

Examples of Personal Loans:

• Personal Loans
• Personal Lines of Credit
• Credit Cards
• Some Home Improvement Loans

We are committed to helping you save money and enjoy some financial peace of mind. We will work smart to find the very best options to meet your needs. Please call for an appointment or stop by our branches and we will be glad to assist you. That’s why we are here…to serve the financial needs of our members. Please let us help you, TODAY.

Loan Specials

Finance Your Next Vehicle With Us!
Rates as low as 2.99% APR* for new or used vehicles. Terms of up to 66 months. Loan pre-approval and refinancing available.

*Annual Percentage Rate. Offer subject to credit approval. Rate subject to change without advance notice. Rate current as of January 1, 2020.
Apply For Financing Now!

Payment Protection

Life happens to all of us. If we are lucky, things go along smoothly each day just as we planned, but sometimes that isn’t the case. You work hard to pay your bills and manage your credit responsibly, then something entirely unexpected happens, and you become sick or injured, and your life is suddenly in turmoil. To help maintain your good credit record, we offer optional payment protection which can be a safety net for you in this kind of situation. Payment protection affords you peace of mind. We will present you with several options to protect your credit union loans, so, if you get hurt or sick your payment will be made for you. And, with certain levels of protection your loan could even be paid in full in the event of your death.

There are distinct advantages to having payment protection on your loans with the credit union. The benefits this protection offers are:

• It will help maintain your family’s standard of living
• It will help preserve your existing savings and assets
• It will protect other insurance you have
• It will help protect your future buying power
• It will protect the employment benefits you have at work, allowing them to do what they were meant to do, and for this protection to do what it is meant to do…protect your loan/ loans at the credit union
• There are no health questions – if you accept the coverage at the time the loan is made
• You are protected 24 hours a day / 7 days a week / 365 days a year

We will offer Payment Protection coverage on all eligible loans you originate with our credit union. We will make certain that you completely understand your options so you can make the best and most informed decision to protect you and your family.

Online Payments & Account Funding Is Available!

Online Payments & Deposits are conveniently available for you through our website, a smart phone and even text messaging!

Make Your Education First Credit Union loan payment or fund your account ONLINE with any credit card, debit card, or checking account.

• Use a debit card, credit card or checking account number from another financial institution to make your Education First loan payment or to make a deposit into your Education First account.
• You can make a one-time payment or schedule regular payments
• There is a convenience fee for using this service. Using a Debit Card or Checking Account Number has a convenience fee of $4.95 per transaction. Using a Credit Card Number has a convenience fee of 2.95% of the transaction amount.

Payment Examples: If you are making a loan payment in the amount of $250.00 using a debit card or checking account number, your transaction amount will be $254.95. If you are making a loan payment in the amount of $250.00 using a credit card, the transaction amount will be $257.38.

To Make a Payment or Deposit Click Here!

If you have any questions about this service, please contact Education First Credit Union. Other fees and/or restrictions may apply.

Financial Difficulties – Making Your Credit Union Payments

Unforeseen situations will happen in our lives, and when they do, there may be repercussions to your finances. Of course, we hope this does not happen to you, but in the event that it does, there are a few things that are extremely important for you to know.

Don’t run from the situation, or avoid taking action. Financial difficulties can be very scary, but you can get through such a challenging time. If you find yourself in a situation where you are struggling to pay your debts to the credit union, please contact us right away. You have our assurance that we will do all we can to work through a resolution that is mutually beneficial. Your candor and honesty will be respected and appreciated. Please know too, that the best possible opportunity to resolve the situation is by working together. We served your needs in better times, and we will continue to work with you as you return and restore your financial footing.

This is just another one of the distinct differences in working with Education First Credit Union versus a bank, or another credit union. We are in this together.