Personal Loans & More
Velocity Community Credit Union is committed to helping our members in any way we can, which means that we are so much more than just car loans and checking accounts! From Personal loans to Credit Builder loans, we have so much more to offer.
Sometimes a personal loan is…well…personal. For example, an elective plastic surgery for the body part of your choice. Dentures and hearing aids are personal. Fertility treatments are extremely personal, important, and carry quite a price tag. Velocity Community Credit Union is here to help.
Call them personal loans or lifestyle loans—we call them “good reason loans.” We look for ways to say “yes” to your loan requests every day.
- Debt consolidation
- Wedding expenses
- What you need!
At one time or another, many people hit a rough financial patch that negatively impacts their credit rating. if that has happened to you, or if you are just starting to build credit for the first time, we can help.
With our Credit Builder Loan, you borrow anywhere from $500 to $5,000 at a low fixed rate. The money you borrow is held in a Velocity Community Credit Union savings account in your name until your loan is repaid. While you make your payments:
- You establish positive payment history to help build your credit rating
- The money in your account earns dividends to help offset the loan interest
- Once the loan is repaid, the balance of the savings account is available to use any way you like!
Velocity Community Credit Union helps students and parents finance education expenses through student loans for any post-secondary school, including Technical, Community College, and University.
- No application fees
- No prepayment penalties
- Repayment terms up to 15 years
- Loan proceeds paid directly to you
- Loans are simple interest loans. As the principal balance decreases, so does the interest.
Our loans are designed to help our members fill a void in the student loan market. We have three types of student loans—15 year, 10 year, and Consolidation. These loans may not be payment deferred.
Fifteen (15) Year Loan
For current students, we have a fifteen (15) year loan with interest-only payments for the first five (5) years or until you are no longer enrolled in school—whichever comes first. When you leave school, the balance is then amortized for up to a ten (10) year term.
Ten (10) Year Loan
This loan is commonly used for non-traditional students who are working full-time while they attend school. Payments include both principal and interest.
Student Loan Consolidation
This loan is perfect for the graduate looking to consolidate. You can borrow up to $30,000, which can be amortized as long as fifteen (15) years. Velocity will pay off your other student loans for you, just bring us the bills and we will mail the payoff directly to them
Use the money in your Credit Union Savings Secured Account as collateral for your loan without affecting your dividend earnings. This is a smart way to pay less on your loan while maintaining the balance in your account.