County Educators Federal Credit Union

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Basic Lending FAQs

Q.   Should I consider Credit Life and Disability Insurance when applying for a loan?
A. Take a minute and think about the people in your life that are the closest to you. What if something was to happen to you or you become disabled through a sudden illness or accident. These are not pleasant things to think about, but we all know that it happens. Take the worry out of loan repayment with low-cost Credit Life and Disability Insurance. Credit Life Insurance automatically pays off your loan upon death and coverage may be purchased to protect you and your spouse. If illness or injury keeps you from working for 30 days, your Credit Disability Insurance will begin making payments for you until you are able to return to your job. Helpful Hint: Studies have shown that loan protection insurance is a much better value at your credit union than anywhere else.

Q. How soon can I apply for a loan or take advantage of other CEFCU products and services?
A. Immediately. As soon as you are a member all Products & Services are available to you and your family.

Q. How do I apply for a loan?
A. You can Apply Online and your application will be forwarded directly to CEFCU. Or, contact any branch location for further options.

Q. I am waiting for an approval, how do I check the status of my loan?
A. You can call us within 24 to 48 hours after submitting the application. If you would like us to contact you, please let us know how and when we can reach you. Email Us

Q. What happens if I prepay my loan?
A. There is no prepayment penalty on ANY of our loans.

Q. What rate will I receive on my loan?
A. Your rate is based on your credit history and ability to repay. Apply Online now and call us within 24 to 48 hours. A member service representative will be happy to review the rates and payments with you.

Q. If my loan payments are automatically deducted will I be eligible for a discounted rate?
A. We do not offer discounts on an automatic payment option; it is our policy to give the best rate to our members regardless of how they choose to pay.

Q. I am a 10-month employee, but I would like to make loan payments for 12 months out of the year. Is that possible?
A. If you wish to continue to pay 10 months out of the year via Payroll Deduction/Direct Deposit, the Credit Union will issue two loan coupons for the months of August and September. Please advise the member service representative that you are requesting a 12-month per year payment option.

Q. My account was set up in the main office; do I have to close on my loan there?
A. For your convenience you can close your loan at any CEFCU Location.

Q. How can I get a copy of my credit report?
A. Before applying for any loan, you can obtain and review your credit report. To order a copy of your credit report, contact one of the credit bureaus such as Experian. You can order a FREE credit report annually by calling 1.888.Experian/1.888.397.3742 or by contacting them online, Click Here.

Q. How long does it take to get my loan coupon book?
A. You will receive your loan coupon book approximately 14 days before the first payment due date.

Q. Can I get life and disability insurance on my loan?
A. Most loans can be protected, thorough Credit Life and Disability Insurance, for pennies a day. Currently we are unable to offer Credit Life and Disability Insurance for Home Loans (Real Estate) and Visaฎ.

Q. I was paying my loan through Payroll Deduction/Direct Deposit and I am now leaving my job. What do I need to do? How will I make my loan payments?
A. If your new employer offers Direct Deposit, you could have your payment electronically sent to the Credit Union. If your employer does not offer Direct Deposit, a loan coupon book will be issued. To insure that no time lapses between payments, contact the Credit Union as soon as possible. A Credit Union representative will discuss payment options with you.

Q. How can I find out the monthly payment before applying for a loan?
A. Our Loan Calculator will be helpful in determining an approximate monthly payment amount. To determine the exact rate you will receive, simply Apply Online. After submitting the credit application call any CEFCU Location within 24 to 48 hours for a loan decision.

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The Credit Union is an Equal Housing Lender.
We do business in accordance with the Federal Housing Law and the Equal Credit Opportunity Act
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
National Credit Union Administration, A U.S. Government Agency.