Personal Loans
Loan Protection
Tri-Town Teachers offers two types of loan payment protection plans for its members. Credit Life and Credit Disability protect the borrower and his/her family in the event death or disability strikes the borrower. For vehicle loans, Guaranteed Asset Protection (GAP) can protect the borrower when the amount of the loan principal exceeds the insurance value of the vehicle. To learn more about these plans, click here.
Loan Calculator
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use a loan calculator and determine what your loan payment would be on any
loan and see how affordable loan protection would be for you.
Risk Based Loan Rates
The Board of Directors of Tri-Town Teachers Federal Credit Union has changed its lending policy effective Monday, April 3, 2006 and has implemented a Risk Based Loam Policy for all our loans. This makes our policy consistent with our Credit Card loan policy which was implemented in October of 2005.
This new Risk Based Loan Policy rewards our members who maintain good credit ratings by providing excellent loan rates. At the same time it recognizes the risk of providing loans to individuals who have less than stellar credit and requires higher interest rates based on lower credit categories. We have established five (5) credit categories or "grades" with correspondingly higher interest rates as the members' credit score declines. This pricing arrangement has been implemented by most financial institutions because it more accurately reflects the risks of lending and shifts higher costs of borrowing to people who have demonstrated that they are not handling their finances as well as they should by not paying bills on time.
Click on New/Used Vehicle Rates or Personal Loan Rates to view the new loan rates.
Personal Loans (Click on "rates" for our Current Special!)
A & B credit members (FICO 640 +) may borrow up to $10,000 or $20,000 with a qualified co-applicant, on your signature alone. If your credit score is less than 640, the maximum you may borrow on your signature is $7,500 or $15,000 with a co-borrower. Simply complete a loan application and provide proof of income and we can usually have an answer for you by the next business day. The actual amount you qualify for may vary based upon the application and your credit profile.
Overdraft Protection (Share Draft Line of Credit)
Have you ever had to race a check to the bank? Have you ever lost this race? Avoid overdraft charges by opening a Share Draft Line of Credit. Once approved, this loan will automatically advance funds up to your pre-set limit to cover checks you write that would otherwise overdraw your account. There are no overdraft fees, you pay only the interest on the amount advanced. Credit lines are available from $500.00 to $2,500.00. A completed application and proof of income are all that is needed for approval. Never pay an overdraft fee again.
Loan Applications
When we need to borrow money, we want to know as soon as possible that we have been approved. At the credit union we strive to provide that answers in 24 hours. To help us in this, we need to get all the required documents as soon as possible, the sooner we get it the faster we can approve your loan. When the time comes to apply for a loan, please bring the following:
For All Loans: Complete the application on both sides and bring proof of income, either two recent consecutive pay stubs, two years federal tax returns, or a letter from your employer.
For Debt Consolidation Loans: Copies of the bills you to be paid with current payoff balances. Checks will be made co-payable.
For New Vehicle Loans: Either a copy of the conditional bill of sale from the dealer or a request for pre-approval.
For Used Vehicle Loans: If purchased from a dealer, a copy of the conditional bill of sale. If purchased privately, a complete description of the vehicle including Make, Model, Year, Mileage, all options, and the Vehicle Identification Number.
On-line Loan Applications: We offer an on-line loan application service to our members. Click on the button below to take advantage of this time saving feature.
For instructions on how to complete an on-line application, click here. You may print the instructions, using your normal browser print function. You have have finished, close that window and you will be returned here.
In most cases loans cannot be approved until all the required information is received. Once received, we can usually have an answer for you within 24 hours.
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