SECURED LOAN vs. UNSECURED (“SIGNATURE”) LOAN

When filling out the Loan Applications, Members often wonder what type of loan should I check:  Secured or Unsecured.  Here’s the difference:

Secured Loan is a Vehicle Loan.  A secured loan is a loan that is backed by collateral – your car.  The credit union is added as the lienholder on the vehicle. Once the loan is paid in full, the lien is removed and the title is turned over to you.  However, if you fail to repay the debt, the credit union can legally seize and sell the vehicle to help pay back the loan.

Unsecured Loan is not backed by any collateral.  Examples of unsecured “signature” loans are debt consolidation, home improvements, medical debt, personal loans, etc.

STOP into the Credit Union BEFORE you visit the dealer!

GET PREAPPROVED FOR A VEHICLE LOAN at the Credit Union before you head out to the dealer to improve your negotiation power and speed up the loan process.

Applying for a vehicle loan is quick and easy at the Credit Union!  We aim to turn the loan around within a day so you can begin shopping immediately.

Our credit pull is only a “SOFT PULL” so it won’t affect your credit score!

DID YOU KNOW…When dealers pull your credit, it is a “HARD PULL” which could lower your credit score quite a bit!  If you decide to go to a dealer first, be sure that you tell them NOT to pull your credit if you plan to get a loan through the credit union.  Those hard pulls may LOWER your credit score and change the interest rate the credit union will be able to offer you.  TALK TO US FIRST!

The Loan Application can be downloaded from our website along with a checklist of everything we need to begin processing your loan.

While you are at the Credit Union, our loan officers can steer you to car-buying information to help YOU – not the dealer – drive your best deal! With that kind of knowledge and our GREAT VEHICLE RATES, nothing can STOP you from driving the best deal around town!  You will have personalized, friendly service from start to finish.  Call us today!

The Credit Corner…the Place for News You Can Use

This Month’s Featured Article Can Be Found Under the “ARTICLES” Tab Along the Top Toolbar

“RISKS OF VENMO, ZELLE, CASH APP OR PAYPAL”

This article highlights the risks of using Peer-to-Peer Platforms and how to protect your money.

To continue reading about this topic along with other interesting Articles, visit BOTH the Articles Tab and Money Matters Tab along the top toolbar.

Got Credit Card Debt? Paying High Interest?

Apply for a Debt Consolidation Loan from the Credit Union

The average credit card interest rate hovers around 24.00%!

Credit Union rates range from ONLY 7.25% to 13.25% 

A Debt Consolidation Loan may be as much as $15,000!

Not only will you receive a BIG savings in the interest you are paying but you could pay off the debt sooner.

The Loan Application and Checklist is located on the bottom of this Home Page under “Forms”.  Don’t delay!  Call us today to be on your way to cutting your credit card debt!

https://instagram.com/epsfcu/

REFINANCE Your Vehicle Loan With Us and SAVE!
 

• COMPARE our loan rates with your current rate from other financial institutions
• Credit Union Interest Rates start at only 4.50% apy.
• Go to the Loan Rates Page on the website for details.
• Additional 0.25% off your qualifying Interest Rate with Payroll Deduction or ACH Debit

By refinancing an existing loan from another financial institution, you may be able to:

• Lower your monthly payment
• Shorten the terms of your loan; and
• Pay it off sooner!

PLEASE NOTE: Does not apply to current EPSFCU vehicle loans

Answers to Frequently Asked Questions

The Credit Union was formed in 1957 and has played an important role in helping Members plan for and reach their financial goals.  We are fortunate to have two Certified Credit Union Financial Counselors as Managers to help guide you with your financial needs.  You may be surprised of the advantages of Membership – Great Rates, for one!

Why Us?  Your credit union is a not-for-profit financial cooperative.  That means you’re not just a customer:  You’re a Member-owner.

• People driven – NOT Profit driven!
• Profits go to Members NOT to line the pockets of stockholders.
• Lower Rates on Loans
• Competitive Rates on Savings (a/k/a Share Accounts)
• Knowledgeable and Friendly Staff

Who is eligible to join Evergreen Park Schools Federal Credit Union?
Membership is open to employees of District 124, District 231, Aero Special Education and their immediate family members.

How do I join?
Joining the Credit Union is easy! Visit our website to download the Membership Application.  Please Note:  We do need an ORIGINAL Signature on the Membership Application – we cannot accept emailed applications.  Return it with a minimum $5 cash deposit along with a copy of your driver’s license (front & back sides).

When can I apply for a loan?
After becoming a Member, there is no waiting period to apply for a loan. All borrowers must qualify according to our lending guidelines.

Can I cash a check at the Credit Union?
EPSFCU is not designed as a cash operation. We accept deposits in cash; however, we do not provide cash to our members.

 Does the Credit Union offer checking accounts, credit cards and debit cards?  How about mortgages?
 The Credit Union is designed to handle a mix of basic savings accounts and basic consumer loan products such as vehicle loans and personal loans.  We are committed to offering these loans at competitive rates.  Other products such as checking accounts and debit/credit cards come with a high overhead which is not a good fit for our Credit Union.

Save for a Variety of Reasons:
*Holiday Club
*Dream Vacation
*Secret Savings
*Home Repairs

 What services are offered through Online Banking?
You can conveniently manage your Credit Union accounts safely and securely using our Online Branch. Use it to:
•View account balances & transactions any time, day or night.
•Set up payroll deposits and bill payments.
•Enroll in and view electronic statements.

Payroll Deductions?
The Credit Union accepts Payroll Deductions from all of our districts as well as from outside employers.  For outside employers, all you need is our routing number to set it up with your employer along with your Member Number.

How to get money from your Share Account?
When you need to get money from your Share Account, there are a several ways to do so:

• Call us:  your check can be mailed to your home, you can stop in to pick it up or we can place it in interoffice mail to your school in the district.
• Online Banking:  you may request through the Online Bank.  (Please note:  if you work in District 124 and would like your check placed in interoffice mail, you will need to either email us or call us to let us know what school to send the check.  Otherwise, we will mail the check to the address on file. Interoffice is generally picked up from the credit union at approximately 10:00 a.m.)