Take advantage of our competitive rates with no
prepayment penalties and the ease of Payroll Deduction or
Direct Deposit. Apply for your loan on a business day and our Loan
Department will get back to you with your approval status before
or by the
next business day. Review the options below and choose the best
lending option for you. Need assistance, call (617) 739-7447 and
speak with one of our knowledgeable Loan Officers.
Personal, Unsecured Loan
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UCU's Personal Loan is our most popular lending
option. It's flexible features and simple application process has
continued to appeal to our membership. For qualified borrowers
loan amounts can range as low as $1,000 up to $15,000. UCU's
Personal Loan also has repayment terms varying from 12 to 72
months. So, borrow for any purpose at the terms you choose. It's
that simple.
Share Secured Loan
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If you have a simple Share Account or
Certificate Account with UCU, you can use your shares to obtain a
low interest rate loan! Members using their Share
Account to apply are eligible for repayment terms up to 60 months.
Members using their Share Certificates are subject to the terms of
the Certificate Account used to secure the loan. The annual
percentage rate is a low 2.00% above the rate earned by the Share
Account or Certificate Account securing the loan. The minimum
payment for any Share Secured Loan is $50.00.
Before you can apply, you must maintain a
balance in a specified Share Account or Certificate at least equal
to the loan balance. Money Market Accounts, Checking
Accounts, IRA's and Club Accounts may not be used as collateral.
Only regular Share/Savings Accounts and Share Certificates may be used as collateral.
UCU's Share Secured Loan is a great way to build
your credit and enjoy a low interest loan.
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Open End Line of Credit
UCU's Open End Line of Credit is designed for
those qualified members who enjoy the benefits of a revolving line
of credit. Members may borrow up to $10,000 and as payments are
applied, not only does the balance decrease, but your ability to
borrow on the Credit Line increases as well. There is no minimum
advance required, and the minimum monthly payment is 2.5% of your
outstanding balance.
The interest rate is a fixed rate given at the
time of the advance, which may be subject to change. The new rate
will apply to the entire principal balance.
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Overdraft Protection Loan
Protect your UCU Checking Account with a
reserve line of credit up to $2,500. A simple miscalculation in
balancing your checkbook can result in returned checks and
unwanted fees. In the event that your checking account may have
insufficient funds, an Overdraft Protection Loan will prevent your
checks from being returned.
If you use your Overdraft Protection your loan
payment will be deducted from your checking account on a monthly
basis. The minimum monthly payment is 2.5% of your outstanding
balance.
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Seasonal Loans
Vacation, Holiday, Tax Free Shopping, Energy, and Back to School
Once you've finally finished wrapping and paying
for all those holiday gifts, it's time for a vacation. University
Credit Union can help you with both! Seasonally, we offer our
members Vacation, Back to School, and Holiday Loans at competitive rates and easy
payments. Qualified members may borrow $500 to $2,500. The choice is
yours! So, plan that sunny vacation to Florida, stock up on
pencils and paper or buy with ease
this holiday season. UCU can help.
Soldiers and Sailors Civil Relief Act
University Credit Union wants to remind our members
serving in the military about their benefits under the Soldiers and
Sailors Civil Relief Act.
Under this Act:
 | Upon request, the Credit Union must reduce interest
rates to 6.00% on all outstanding loans incurred by military personnel
called to active duty, which incurred prior to the member's active
duty. This includes the National Guard, Army, Navy, Marines,
Air Force, and Coast Guard. Loan types include Visa Credit
Cards,
Home Equities, mortgages, autos, personal and share secured. |
| The Credit Union cannot repossess, foreclose, or
obtain a judgment against a member on active duty. |
| Members are not required to do anything to obtain
the reduced rate, i.e. re-apply. The Credit Union may ask for
evidence of their active duty status (copies of their orders), but a
reduced rate is not contingent upon evidence. |
If you are a University Credit Union member on active
duty status in the military and would like to take advantage of this
benefit, please call our loan department at (617) 739-7447.
Please note for all loans: A copy
of your most recent pay stub must be submitted with all loan
applications. You may fax it to (617) 739-8346. Makers and all
co-makers must sign the Promissory Note after the loan is
processed, and before the check can be released. If the signatures
are not witnessed by one of our staff, the signatures must be
witnessed by a Notary Public and stamped with his/her seal. All
loans are subject to approval by the Credit Committee.
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