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With the holidays fast approaching and many still struggling with lost or reduced wages, buying those special presents for friends and family may seem out of reach.
But Greater Alliance Federal Credit Union has an easy solution — personal loans.
A better alternative to racking up high-interest debt on credit cards or taking out an even-higher interest “payday” loan, Greater Alliance’s personal loans come with lower interest rates, more flexible repayment options and are easy to secure online or in-person, said Sheryline Ingersoll, Greater Alliance’s director of marketing.
“Our credit union members can get secured or unsecured personal loans that will help them afford their holiday shopping,’’ Ingersoll said. “If you’re in a bind and you want to give your family and friends gifts for the holidays, a personal loan would be the way to go.’’
Credit union members can borrow anywhere from $1,000 to $30,000 at a fixed low rate starting at 10.24% APR* for up to 48 months for those with good credit and low debt. Other flexible rates and terms up to 84 months are available.
“It’s a low rate that does not vary from month to month,’’ Ingersoll said. “There is no application fee and no pre-payment penalty. It’s a real deal for those looking to borrow money for a one-time expense with no hidden fees. You’ll receive the total 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 give 1% cash back up to $1,000 of the loan’s value.
The unsecured personal loans offer two other attractive features. Skip-A-Payment allows qualified individuals to skip four payments during the life of the loan, as long as they have had the loan for at least 90 days and their credit union account is in good standing.
Borrowers can also opt for Greater Alliance’s Debt Protection Program, which repays the debt in full in the event of death, disability or involuntary unemployment.
“In case you get laid off and you can’t make payments anymore, with debt protection you’re covered,’’ Ingersoll said.
A third borrowing option is Fast Cash, which, unlike the personal loans, requires no 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 Wellness to help members learn to better manage their finances.
It’s easy to apply. Greater Alliance offers an online application, which borrowers can sign electronically using DocuSign. Upon approval, funds are deposited into the borrower’s credit union account, without ever leaving home. Borrowers can also make an appointment to visit one of Greater Alliance’s branches in Bergen and Passaic counties. In-person application is required for Fast Cash loans.
To become a credit union member and apply for a personal loan — or other credit union services — customers simply open a savings account online 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, 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 nonprofit financial institutions that typically 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. 10.24% rate refers to individuals who qualify based on their credit worthiness. A full credit check will be required for all borrowers.
**APR = Annual Percentage Rate of 18.00% will apply. To qualify for a lower rate and higher amount, a full credit application will be required and underwriting guidelines must be met. Credit Union Membership is open to all Bergen and Passaic County individuals, 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 can’t be verified. In order to qualify for the loan, members who are applying for the loan cannot have any delinquent or charged off loans with the credit union. Existing outstanding unsecured Greater Alliance loans are not to be combined with this offer. Members can refinance the Fast Cash Loan only once during the 12 month period, to refinance member must have balance of $500 or less. There will be a $50 fee to refinance the loan during the 12-month period. Member must sign off on addendum letting Greater Alliance Credit Union know that they haven’t declared bankruptcy at the time of booking the loan.
All borrowers must have or open a savings account and are required to maintain a minimum balance of $100 in their personal savings account to avoid fees. All advertised rates are subject to individual qualifying factors and subject to change without notice.
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October 26, 2020 at 10:33PM
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Short on cash for the holidays? Greater Alliance Credit Union can help - Jersey's Best
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