Personal Loans
Personal Loans
- Secured Loan Postcard | 2019
- Personal Line of Credit Postcard | 2018
- Payday Loan Rescue | Rack Card
- Overdraft Line of Credit | Postcard 2018
Parameters
- Risk-based pricing — we offer different interest rates and loan terms to different members based on their creditworthiness.
- Portico suffix — varies based on product.
- Eligible for employee discount, excluding certificate and share secured loans.
Features
Personal Loans
- Personal Line of Credit
- Portico Suffix — PL
- $250 – $20,000.
- Low, fixed interest rates.
- Interest only accrues when there is a balance.
- Payment varies based on balance.
- Terms up to 60 months.
- No penalty for early payoff.
- No application fees.
- No transfer fees.
- No annual fees.
- Ideal for unexpected travel plans and emergency car repairs.
- Offers convenience because there is no need to re-apply every time funds are needed.
- Personal Term Loan
- Portico Suffix — U1 (one signer), U2 (two signers)
- $250 – $20,000.
- Low, fixed interest rates.
- Fixed payments.
- Terms up to 60 months.
- No penalty for early payoff.
- No application fees.
- No collateral required.
- Ideal for large projects, unexpected expenses and consolidating debts.
- Personal Loan: Short-Term Notes
- Portico Suffix — ST
- $250 – $15,000.
- Used for a short-term loan with a definite source of repayment.
- Up to 90 days.
- Ideal for our members who use Pay Day Lenders because we don’t charge hidden fees or predatory high-interest rates.
Overdraft Line of Credit
- Portico Suffix — OD; it is customary to use Loan #5 for OD loans.
- $250 – $2,500.
- Revolving term, payment varies based on balance.
- Ties to checking account, protects member from bounced checks, fees, embarrassment.
- Does not advance in order to authorize a debit card transaction.
Share Secured Loans
- Portico Suffix — SS
- $250 – up to the available account balance.
- Low, fixed interest rates.
- 3% + share savings rate
- Allows member to borrow against their own funds at a lower interest rate than other loans.
- Fixed payments.
- Flexible Terms — can be set for any term as long as the monthly interest is being satisfied.
- There's no credit check to qualify for the loan. However, we have to pull credit the very first time a member enters into the plan and signs the documents, but we do not do credit pulls for subsequent loans under the plan and credit score does not factor into approval of this loan type.
- No penalty for early payoff.
- No application fees.
- Can improve their credit score.
- Best of all, they continue to earn dividends on their savings while they repay the loan!
Certificate Secured Loans
- Portico Suffix — CD
- Same as the Share Secured Loan except a Share Certificate is used as collateral.
Cross Sell
- Talking Points — see individual loan types
- Opportunity Box Code/Name — varies, but is not crucial. The Loan Officer will help the member decide which option is best. As always, please include as many notes in the Referral as possible to help the Loan Officer understand the member’s needs.
- Referrals — assign to Lending at applicable branch
Contact Manager
- LN — Loan Maintenance
- Reverse Payments
- Change Due Date/Post Date
- Change Loan Type
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