Back to school expenses can create a financial strain on teachers and parents, especially in these economic times. North Alabama Educators Credit Union is once again offering our popular School Supply Loan to the membership through September 30th of this year.
Qualified members can borrow up to $500 at 0.00% APR with repayment terms up to 10 months. Payroll deduction or direct deposit is required as a means of repayment on these loans.
There is a small up-front processing fee for these loans and members are asked to contact any Loan Officer for the fee amount and any questions regarding the loan.
These School Supply Loans have been offered for several years now and members have been very satisfied with the availability of the loan. These loans are also available for new teachers as well who must prepare their classes for the school year. The lending criteria for these small loans has been relaxed somewhat to provide a broader range of access to the full membership.
The School Supply Loan is another great example of how the credit union is providing value to our members. We exist to serve the financial needs of our member-owners. This loan may not be a big income producer for the credit union but it does provide a valuable benefit for our members. This is how credit unions are different than most traditional banking institutions.
*We are an Equal Credit Opportunity Lender. Qualifications must be met on all loans. Rates and loan availability subject to change without notice.