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Borrow Up To 40% Of Your Annual Income! 

The PEARL Loan allows you to borrow up to 40.00% of your annual household income up to a maximum of $100,000.00.

Use the loan to pay off student loan debt, credit card debt, auto loan debt, and any other expenses that you have. Eliminate these debts and reduce everything into one lower, monthly payment!

Minimum Qualifications:

  1. Provide three years of W-2s to prove income

  2. Borrow up to 40.00% of your income up to $100,000.00

  3. PEARL funds must be used to pay off existing debt


Frequently Asked Questions (FAQs)

How are my monthly payments calculated?

  • The PEARL Loan is for a 9 year term at 9.00% fixed APR*. Here is one example of how it can be used:

    • Consider your annual household income $160,000.00. If you are borrowing the full 40.00% of that income, you would receive $64,000.00. With the proceeds from the loan, you could eliminate the following debts:

      • Car Loan - Balance Due = $32,500.00 | Monthly Payment: $770.00

      • Credit Card - Balance Due = $14,800.00 | Monthly Payment: $300.00

      • Student Loan #1 - Balance Due = $6,000.00 | Monthly Payment: $149.00

      • Student Loan #2 - Balance Due = $5,700.00 | Monthly Payment: $125.00

      • Student Loan #3 - Balance Due = $5,000.00 | Monthly Payment: $125.00

        • Total Balance Due = $64,000.00 | Total Monthly Payments: $1,469.00

        • After PEARL Loan = $867.00

        • Total Monthly Reduction = $602.00

  • With the PEARL Loan, you can eliminate all of these monthly payments and reduce your monthly commitment to one easy payment of $867.00 per month. That’s over $600.00 per month savings! What could you do with that kind of money? Not to mention the peace of mind of paying off your student loans and credit cards

How do I qualify for a PEARL Loan?

  • In order to qualify for a PEARL Loan you must have a credit score of 700 or higher and a debt-to-Income ratio of 45.00% or lower. Debt-to-income ratio means all of the debts listed on your credit report, including your housing expense, are added up and divided by your monthly gross income

What proof of income will I need?

  • You will need to prove three years of steady income to qualify for the PEARL Loan

How much do I need in my Academic FCU account to get this loan?

  • All you need is the $20.00 minimum in order to be eligible for the PEARL Loan 

Are there any restrictions on what the PEARL Loan can be used for?

  • Yes. The PEARL Loan must be used to consolidate debt

When do my payments start?

  • Your payments start one month from the day you receive the funds from your PEARL Loan

Have More Questions? 

Want to know EXACTLY how the PEARL Loan can benefit you? Just give us a call and we'll be happy to help! Our professional lending staff is available to help answer any questions you may have regarding the loan or the application process.