As the holidays quickly approach and many still struggle with lost or reduced wages, shopping for these special gifts for friends and family can seem out of reach.
But Greater Alliance Federal Credit Union has a simple solution – personal loans.
Better alternative to accumulating high interest credit card debt or taking out an even higher interest “payday” loan, Greater Alliance personal loans come with lower interest rates. , more flexible repayment options and are easy to obtain online or in person. said Sheryline Ingersoll, Director of Marketing for Greater Alliance.
“Members of our credit unions can get secured and unsecured personal loans that will help pay for their vacation purchases,” Ingersoll said. “If you’re in a bind and want to give gifts to family and friends for the holidays, a personal loan would be the way to go. ”
Members of credit unions can borrow from $ 1,000 to $ 30,000 at a low fixed rate starting at 10.24% APR * for up to 48 months for those with good credit and low debt. Other flexible rates and conditions up to 84 months are available.
“It’s a low rate that doesn’t vary from month to month,” Ingersoll said. “There are no administration fees or prepayment penalties. It’s a real deal for those looking to borrow money for a one-time expense with no hidden charges. You will receive the full amount of your loan as a lump sum with a fixed interest rate and a fixed monthly payment. ”
For unsecured loans, no collateral is required. Secured loans offer slightly lower interest rates. A savings account or certificate of deposit can be used to secure these loans, Ingersoll explained.
For borrowers who already have a personal loan from another financial institution, Greater Alliance will refinance that loan and return 1% in cash up to $ 1,000 of the loan value.
Unsecured personal loans offer two other attractive features. Skip-A-Payment allows qualified individuals to skip four payments during the term of the loan, provided they have had the loan for at least 90 days and their credit union account is in good standing.
Borrowers can also opt for the Grand Alliance Debt Protection Program, which fully repays debt in the event of death, disability or involuntary unemployment.
“If you’re made redundant and can’t make any more payments, you’re covered with debt protection,” Ingersoll said.
A third borrowing option is Fast Cash, which, unlike personal loans, does not require a credit check. Loans are available up to $ 1,000. There is a $ 35 application fee. The interest rate is a bit higher at 18.00% APR **. Borrowers have 12 months to repay this loan.
Greater Alliance also offers free financial coaching and education through GreenPath Financial Wellbeing to help members better manage their finances.
It’s easy to apply. Greater Alliance offers an online application that borrowers can sign electronically using DocuSign. After approval, the funds are deposited into the borrower’s credit union account, without ever leaving home. Borrowers can also make an appointment to visit one of the branches of the Grand Alliance in Bergen and Passaic counties. In person application is required for Fast Cash Loans.
To join a credit union and apply for a personal loan – or other credit union services – customers simply open an online savings account with at least $ 100. To be eligible, you must also be a U.S. citizen or permanent resident and live, work, own a business, attend school, volunteer, or worship in Bergen or Passaic counties.
Founded in 1937, the Greater Alliance Federal Credit Union was originally a way for teachers to save money and manage their finances. Over the years it has grown to serve the communities of Bergen and Passaic counties and continues to be a strong and stable credit union.
Credit unions are non-profit financial institutions that generally offer lower interest rates on loans and higher interest rates on deposits.
Learn more about refinancing through Greater Alliance Credit Union here. Or call (888) 554-2328.
* APR = Annual percentage rate. The 10.24% rate refers to eligible individuals based on their creditworthiness. A full credit check will be required for all borrowers.
** APR = 18.00% annual percentage rate will apply. To qualify for a lower rate and higher amount, a complete credit application will be required and underwriting guidelines must be followed. Membership in a credit union is open to all individuals in Bergen and Passaic County, who live, work, worship, volunteer, attend school, or do business in either county and must have $ 100 in their savings account. This offer is not transferable. Offer is null and void if income cannot be verified. In order to qualify for the loan, members applying for the loan cannot have any loans in arrears or charged to the credit union. Existing Grand Alliance unsecured loans should not be combined with this offer. Members can refinance the Quick Cash Loan only once during the 12 month period, to refinance the member must have a balance of $ 500 or less. There will be a $ 50 fee to refinance the loan during the 12 month period. The member must sign an endorsement informing the Greater Alliance Credit Union that they have not declared bankruptcy at the time of booking the loan.
All borrowers must have or open a savings account and must maintain a minimum balance of $ 100 in their personal savings account to avoid charges. All advertised rates are subject to individual qualifying factors and subject to change without notice.