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If you're looking for funds for virtually any purpose, UCU's
experienced Loan Department can help with several different lending options and
a quick and easy loan process.
Take advantage of our competitive
rates with no
prepayment penalties and the ease of
Payroll Deduction
or Direct Deposit.
Apply for your loan
on a business day and our Loan Department will get back to you with your
approval status before or by the next business day. Review the options below and
choose the best lending option for you. Need assistance, call (617) 739-7447 and
speak with one of our knowledgeable Loan Officers.
UCU's Personal Loan is our most popular lending option. It's
flexible features and simple application process has continued to appeal to our
membership. For qualified borrowers loan amounts can range as low as $1,000 up
to $15,000. UCU's Personal Loan also has repayment terms varying from 12 to 72
months. So, borrow for any purpose at the terms you choose. It's that simple.
If you have a simple Share Account or Certificate Account with
UCU, you can use your shares to obtain a low interest rate loan! Members using
their Share Account to apply are eligible for repayment terms up to 60 months.
Members using their Share Certificates are subject to the terms of the
Certificate Account used to secure the loan. The annual percentage rate is a low
2.00% above the rate earned by the Share Account or Certificate Account securing
the loan. The minimum payment for any Share Secured Loan is $50.00.
Before you can apply, you must maintain a balance in a
specified Share Account or Certificate at least equal to the loan balance. Money
Market Accounts, Checking Accounts, IRA's and Club Accounts may not be used as
collateral. Only regular Share/Savings Accounts and Share Certificates may be
used as collateral.
UCU's Share
Secured Loan is a great way to build your credit and enjoy a low interest loan.
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UCU's Open End Line of Credit is designed for those qualified
members who enjoy the benefits of a revolving line of credit. Members may borrow
up to $10,000 and as payments are applied, not only does the balance decrease,
but your ability to borrow on the Credit Line increases as well. There is no
minimum advance required, and the minimum monthly payment is 2.5% of your
outstanding balance.
The interest rate
is a fixed rate given at the time of the advance, which may be subject to
change. The new rate will apply to the entire principal balance.
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Protect your UCU Checking Account with a reserve line of
credit up to $2,500. A simple miscalculation in balancing your checkbook can
result in returned checks and unwanted fees. In the event that your checking
account may have insufficient funds, an Overdraft Protection Loan will prevent
your checks from being returned.
If you use your
Overdraft Protection your loan payment will be deducted from your checking
account on a monthly basis. The minimum monthly payment is 2.5% of your
outstanding balance.
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Vacation,
Holiday, Tax Free Shopping, Energy, and Back to School
Once you've finally finished wrapping and paying for all those
holiday gifts, it's time for a vacation. University Credit Union can help you
with both! Seasonally, we offer our members Vacation, Back to School, and
Holiday Loans at competitive rates and easy payments. Qualified members may
borrow $500 to $2,500. The choice is yours! So, plan that sunny vacation to
Florida, stock up on pencils and paper or buy with ease this holiday season. UCU
can help.
University Credit Union wants to remind our members
serving in the military about their benefits under the Soldiers and Sailors
Civil Relief Act.
Under this Act:
- Upon request, the Credit Union must reduce interest
rates to 6.00% on all outstanding loans incurred by military personnel
called to active duty, which incurred prior to the member's active
duty. This includes the National Guard, Army, Navy, Marines, Air Force,
and Coast Guard. Loan types include Visa Credit Cards, Home Equities,
mortgages, autos, personal and share secured.
- The Credit Union cannot repossess, foreclose, or
obtain a judgment against a member on active duty.
- Members are not required to do anything to obtain the
reduced rate, i.e. re-apply. The Credit Union may ask for evidence of
their active duty status (copies of their orders), but a reduced rate is
not contingent upon evidence.
If you are a University Credit Union member on active duty
status in the military and would like to take advantage of this benefit,
please call our loan department at (617) 739-7447.
Please note for all loans: A copy of your most
recent pay stub must be submitted with all loan applications. You may fax it to
(617) 739-8346. Makers and all co-makers must sign the Promissory Note after the
loan is processed, and before the check can be released. If the signatures are
not witnessed by one of our staff, the signatures must be witnessed by a Notary
Public and stamped with his/her seal. All loans are subject to approval by the
Credit Committee.
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