Teachers and parents have school supply expenses that can drain the pocketbook. Our annual School Supply Loan has been a popular loan by our members. Qualified members can borrow up to $500 with a 0.00% Annual Percentage Rate. These loans are paid through payroll deduction or direct deposit over a 10-month period which would equal $50 per month. A small processing fee of $25 does apply for these loans. The net cost of these loans is well below most normal unsecured loans.
This type of loan is also well below the cost of payday lenders and other check cashing companies. If you need $500 for school supplies or any other worthwhile reason, this loan is a genuine member benefit. This is the type of loan that you will only see at a credit union. The "for profit" institutions would not make enough money on this type of loan to take the time or effort to process the loan.
As always with any loan, qualifications must be met. We are an Equal Credit Opportunity Lender. The minimum qualifications though for this School Supply Loan are less than most other credit union loans. Contact one of our Loan Officers for information. This loan is available through October 1, 2009.