Considering A Loan?
Don't be scared! The Academic Federal Credit Union has a variety of flexible loans to save you money. There are no application fees, no hidden fees, longer repayment terms, and unbeatable interest rates. Loans can be repaid automatically through payroll deduction from your employer to make repayment easy and hassle-free.
Installment Loans Build Credit
There are a lot of misconceptions about what does and does not build your credit. In fact, making payments on an installment loan is one of the few ways to actually build your credit. Unlike a credit card, which is a revolving line of credit (and payments do not build your credit score), payments on an installment loan are the most beneficial way to build a higher credit score.
Safe & Secure
Member deposits are protected by the National Credit Union Administration (NCUA), an agency of the United States Government, for up to at least $250,000 per account. Your money is completely safe and secure; not one person has ever lost a single penny placed in the trust of a federally insured credit union.
Description of Loan Types
Fully Secured Loans:
If you are looking for a great way to build your credit score consider taking a Fully Secured Loan. A Fully Secured Loan is 100% backed by funds already existing in an account at the Credit Union. The loan offers our lowest interest rate of 3% above the rate you are earning on the account you wish to secure it against. Keep your money safe while earning interest in the Credit Union and still be able to spend it! Once you have finished paying off your loan, you will still have your money in the bank and it will have grown from the interest you've earned.
Partially Secured Loans:
If you have been saving your money for something special and are only half way toward your goal, a Partially Secured Loan might be exactly what you need. This loan is 50% secured by funds already existing in an account at the Credit Union, and has a low fixed interest rate of 5% above the rate you are earning on the account you wish to secure it against.
Lines of Credit:
Lines of Credit are a great safety net for members who may not want a credit card. We offer lines of credit up to a maximum of $10,000. Lines of Credit give you the freedom to access your credit limit when you need it, with the minimum payment based on your outstanding balance. It can also be used as overdraft protection for your share draft account.