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!
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.
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
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.
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!
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 ease the financial burden of your loan obligation in the event of an unexpected life event, injury or illness, we offer optional Credit Life and Disability insurance.
Credit Life insurance is designed to help reduce or pay off your eligible loan balance, up to the policy maximum, should an unexpected life event occur. Credit Disability insurance may help you make your loan payment, up to the policy maximum, if you become totally disabled due to a covered injury or illness. Benefits include:
- Helps protect you from the unexpected
- Coverage starts on the enrollment date
- Premium can be included in your loan payment
We will offer this 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.
Your purchase of MEMBER’S CHOICE® Credit Life and Credit Disability Insurance, underwritten by CMFG Life Insurance Company is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Group Policy for a full explanation of the terms. CDCL-1537579.1-0616-0718
One of the biggest and best advantages of doing business with us is our commitment to keeping our loan rates extremely competitive, and our fees to a minimum. We are always working with your financial best interests in mind, and our rates are reflective of that fact. You can count on receiving our best offer, whenever you need to borrow.
Please see our most current Loan Rates below:
Auto Loans / Trucks / Vans
|Auto, Trucks & Vans|
|Rate & Term|
|2020-2019 up to 66 months||As low as 2.99%|
|2018-2017 up to 66 months||As low as 3.99%|
|2016-2014 up to 66 months||As low as 4.29%|
|*Annual Percentage Rate. Rate, Terms and conditions subject to change without notice. Subject to credit approval. Rate may vary based on credit worthiness. APRs shown are based on a $25,000 loan with a $130 application fee. Other rates and terms are available. Rates Effective January 1, 2020|
RV / Watercraft / Travel Trailers / Motorcycles
|RV, Watercraft, Travel Trailers & Motorcycles|
|Rate & Term|
|$70,000-$100,000 / 120 Months||As low as 4.25% APR*|
|$50,000-$69,999 / 120 months||As low as 4.25% APR*|
|$50,000-$69,000 / 84 months||As low as 4.00% APR*|
|$25,000-$49,999 / 72 months||As low as 4.50% APR*|
|$20,000-$24,999 / 60 months||As low as 4.50% APR*|
|$1,000-$19,999 / 12-48 months||As low as 4.50% APR*|
|*Annual Percentage Rate
Rate, Terms and conditions subject to change without advance notice. Subject to credit approval. Loan application of $130. Rate may vary based on credit worthiness. Older models add .50% to the above rates. Rates Effective January 1, 2020
|Variable Rate & Term
Up to 60 months
|Share Certificate/Savings APY** + 2%|
|Credit Builder Loan|
|Up to 12 Months
|4.75% APR* (Variable Prime)|
|Fixed Rate & Term
Maximum $3000 / 36 Months (1 per Member)
|Fixed Rate & Term|
|$500-$999 / up to 12 months||As low as 9.99% APR*|
|$1,000-$2,499 / up to 24 months||As low as 9.99% APR*|
|$2,500 – $4,999 / up to 36 months||As low as 9.99% APR*|
|$5,000-$7,499 / up to 48 months||As low as 9.99% APR*|
|$7,500 and over / up to 60 months||As low as 9.99% APR*|
|Home Improvement Loan|
| Fixed Rate & Term
$1,000 – $15,000 / Up to 84 months
|As low as 6.69% APR*|
|Home Improvement Loan is not included in unsecured limits|
|Fixed Rate & Term|
|$500-$999 / up to 12 Months||As low as 9.99% APR*|
|$1,000-$2,499 / up to 24 Months||As low as 9.99% APR*|
|$2,500 – $4,999 / up to 36 Months||As low as 9.99% APR*|
|$5,000-$7,499 / up to 48 Months||As low as 9.99% APR*|
|$7,500 and over / up to 60 Months||As low as 9.99% APR*|
|Continuing Education Loan|
|Rate & Term
Maximum Term 60 months
|4.75% APR* (Variable Prime+3%)|
|Stretch Pay Loan|
|Rate & Term|
|$1,000 Limit ($95 Annual Fee)||18.00% APR*|
|*Annual Percentage Rate **Annual Percentage Yield
Rate, Terms and conditions subject to change without notice. Subject to credit approval. Rate may vary based on credit worthiness. Rates Effective January 1, 2020.
Up to $30,000 / As low as
|10.49% APR* (Variable Prime)|
|*Annual Percentage Rate
Rate, Terms and conditions subject to change without notice. Subject to credit approval. Rate may vary based on credit worthiness. Rate is calculated by adding 5.74% to the current Prime Rate. A guarantor may be necessary if you are under 21 and your annual income is less than $10,000.
Rates Effective January 1, 2020
Home Equity Loans
|Home Equity Loans|
|We offer flexible rates and a variety of terms for this loan. Please contact us at 614-221-9376 option 2, visit us at one of our three branches or email us at Loans@educu.org|
|Home Equity Line of Credit|
|CLTV 50% or Less||As low as 4.75% APR*|
|We offer flexible rates and a variety of terms for this loan. Please contact us at 614-221-9376 option 2, visit us at one of our three branches or email us at Loans@educu.org *Annual Percentage Rate. Rates Effective January 1, 2020.|
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, 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.
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 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 can happen, and when they do, sometimes there are repercussions that have an impact on your financial situation. Of course, we hope this doesn’t happen to you, but if it does, there are a few things that you should know.
It’s very important that if you are unable to make your loan payment to us, we have recourse to repossess the collateral (your car for example) to repay the loan balance. Please note that we never want to be in the position where we have to take your car, or something else that you own. If you are having financial difficulties, or you have experienced some kind of financial setback, please be proactive and forthcoming, and call us as soon as possible. It will help for us to understand the reasons for the change in your circumstances.
It can be very scary to find yourself in a situation when you are struggling to pay your debt. You have our assurance that we will always try and work through a resolution that is mutually beneficial. We will respect and appreciate your candor and honesty, and we will have the best possible opportunity to resolve the situation by working together.