Loan Programs

“We take great pride that we are not a bank. We are a state chartered credit union dedicated to providing nonprofit financial services to our members.”

Personal Loans

Personal loans are provided to members who have been employed continuously for six months. Personal loans may have a repayment period of 60 months. Single payment, short term loans, are also available ($3,000 maximum).

Christmas Loans

Christmas loans are specific purpose loans to provide for holiday shopping and have a 9 month repayment cycle.

New Vehicle Loans

The credit union makes loans for the purchase of cars, trucks, vans, motorcycles, boats, trailers, tractors, and basically most motorized vehicles that are titled. New vehicles may be financed for 84 months depending on its loan value. Demonstrator and program vehicles are classified as new vehicle purchases. family-car-shopping The credit union can assist you in an evaluation of the dealership offer. We encourage you to bring their deal to us. Quite often we can assist you in saving hundreds or even thousands of dollars: even if you don’t make the loan with us!

Used Vehicle Loans

Used vehicles may have a repayment period up to 84 months, depending on the loan value of the vehicle. The used vehicle loan program is available to purchase vehicles up to 15 years old. Older vehicles that have a history of appreciating value may also be eligible.

Home Equity Program

Our Home Equity Program trademark is low interest rates, minimal fees, and short closing dates. All designed to maximize its value to you. This program has been in place since the 1980’s. A home equity loan gives you the opportunity to make additions to your home, consolidate debt, or purchase big ticket items. Instead of making monthly payments to multiple lenders, you only make one payment to your credit union. Most fees are paid by your credit union. Under normal circumstances it takes about 28 days from application to closing. Fees paid by the member are usually less than $500. The maximum repayment period is 15 years. Call the office for details.

Equipment Loan Program

Many of our members own and operate their own businesses or have hobbies that require special equipment. Our equipment loan program lets members use equipment as collateral for their purchase. Equipment that may qualify: dirt bikes, watercraft, ATV’s, lawn mowers, lawn equipment, farm tractors and equipment, computers, trailers, etc. Loans may have a maturity of 60 months, but may not exceed the life expectancy of the equipment.

Car Buy Back Program

The Car Buy Back Program is perhaps one of our most successful programs. The Board of Directors realizes that new members may join the credit union that have existing vehicle loans at other institutions. They also realize that often times members purchase new or used vehicles “on the spot”. The credit union will “buy back” those loans for member refinancing at the credit union. We will reduce your interest rate by 25%, subject to the existing floor rate of used vehicles, and pay you $25 for each loan that you refinance with us.

Credit Cards

Visa Credit Cards are a great way to borrow funds from your credit union any time and any where that accepts Visa, worldwide. Whether you are wanting a credit card for emergencies, regular expenses, or are wanting to transfer the balance of another card-we have you covered! Call the credit union today to inquire about the benefits of an ERCU Visa Credit Card.

Other Loans

Your credit union provides loans to you for productive purposes for a variety of loan types. Our underwriting standards focus on character, capacity to repay, and credit worthiness; not simply what your beacon score may be. We use a loan system that encourages pre-approval for loans and minimizes members having to “re-qualify” each time they need to borrow monies. Why not get started now by completing an application and send it to the office?! The credit union offers life insurance, disability insurance, vehicle maintenance contracts and Guaranteed Asset Protection (GAP) insurance at extremely competitive rates. Simply another way we save you money.