The credit union offers the following types of unsecured loans:
Closed-end Signature – This type of loan offers members a fixed rate loan for up to $3,000.00. Your credit limit is set when you initially apply for the loan. You can add on to the loan as long as you remain within your signature limit.
Open-end Line of Credit – By having an open-end line of credit loan, you can add on to your loan by writing a check, receiving cash or check at the credit union office, over the phone, at an ATM or online. You can receive a FREE order of checks when you open your loan. This type of loan offers members the most convenient way to borrow. Qualified applicants are able to borrow on their loan for 24 months before they need to update their application.
The interest rate for this type of loan is 13.99% APR and the payments are figured on the current balance. Your repayment is $3.00 for every $100 you have borrowed with a minimum of $30.00 per month.
Overdraft Protection – If you have a checking account with Lakeshore Federal Credit Union, you should ask about getting overdraft protection. Whether you make a mistake in your check register or you just simply need to write a check and you don’t have the funds in your account to cover it, your overdraft protection loan kicks in automatically. Your check is covered so you won’t have to face the embarrassment of bouncing a check, pay any fees associated with a returned check or possibly have your name placed on a “bad check list”.
Qualified members can borrow up to $1,000.00 against their overdraft protection at 18.00% APR with a low monthly payment of $30.00. You are able to payoff the balance at any time, with no penalty. Advances for your loan are available for 24 months before updating your application. Since the overdraft protection loan is like a line-of-credit loan, you can also add on to the loan over the phone, online, or at an ATM.
Never worry about bouncing another check and apply for your overdraft protection loan now!