Closed end Personal Loan
At Heartland Area Federal Credit Union, our personal loans are designed to bring your goals within reach. Our personal loans offer the flexibility and support you need to cover unexpected expenses, consolidate debt, or finance a special project. With competitive interest rates and customizable repayment plans, we make it easy and affordable to manage your borrowing.
Choose Heartland Area Federal Credit Union for loans that are as individual as your needs.
Personal Loan limits vary based on gross monthly income and credit score. Call and talk with the loan department to discuss your limit.
Benefits:
- Consolidation can be done on this loan to combine debts into one payment
- Extended term allows the member flexibility of payment
- Insurance protection provides peace of mind that the debt is covered
Personal Loans – EFFECTIVE December 1, 2023
All rates are subject to change. the terms described in this disclosure are subject to change at any time.
*Annual Percentage Rate
| Credit Score | AAA 750+ | A 749-700 | B 699-650 | C 649-620 | D 619-581 | E 580-below |
|---|---|---|---|---|---|---|
| as low as | as low as | as low as | as low as | as low as | as low as | |
| 0-12 months | 9.95% | 10.95% | 11.95% | 16.95% | 18.00% | 18.00% |
| 13-24 months | 10.45% | 11.45% | 12.95% | 17.55% | 18.00% | 18.00% |
| 25-36 months | 10.95% | 11.95% | 13.45% | 17.95% | 18.00% | 18.00% |
| 37-48 months | 11.95% | 12.95% | 14.45% | x x x x | x x x x | x x x x |
| Max Term 48 Months | Rates cannot exceed the maximum allowed by law. Rates subject to change without notice | |||||
Share Certificate Loan
- Rate is 2% over the Certificate of Deposit rate
- Members can borrow 100% of face value of the certificate
- Maximum term is maturity of certificate
Benefits:
- Allows members to borrow against their certificates without penalty
- The term is set by the certificate so the member has control of payments
Share Secured Loan
- Up to 48 months, the loan rate will be 2% over current share dividend rate.
- Up to 60 months with loan minimum of $25,000, the loan rate will be 2.25% over current share dividend rate.
- Up to 72 months with loan minimum of $50,000, the loan rate will be 2.50% over current share dividend rate.
- Up to 84 months with loan minimum of $75,000, the loan rate will be 2.75% over current share dividend rate.
- Maximum of 84 months with loan minimum of $100,000, the loan rate will be 3.00% over current share dividend rate.
- Maximum is amount in share account
Benefits:
- Members can earn interest on their money while they are paying on the loan
Share Secured Loan – EFFECTIVE December 1, 2023
All rates are subject to change.
*Annual Percentage Rate
| TERM | Minimum Amount | RATE |
|---|---|---|
| Up to 60 months | Loan Mimimum of $25,000 | as low as 2.25% over current dividend rate |
| Up to 72 months | Loan Mimimum of $50,000 | as low as 2.50% over current dividend rate |
| Up to 84 months | Loan Mimimum of $75,000 | as low as 2.75% over current dividend rate |
| Up to 84 months | Loan Mimimum of $100,000 | as low as 3.00% over current dividend rate |
Skip-A-Payment on any Qualifying Loan
Give your budget a boost! Pick your month - skip one loan payment per year anytime between January 1 and December 31
*** Pick up a coupon (REQUIRED) at the credit union today.
*** There is a $30.00 administration fee per loan. On vehicle loans, the loan balance cannot exceed the NADA retail/trade-in value at the time the loan skipped. Excludes mortgage, home equity, insurance, one-pay, credit card and leased loans. You must complete and submit a Skip Loan Payment Coupon prior to your loan payment due date. Contact the credit union for details or to get your coupon.
***DISCLOSURE***
CLOSED-END CREDIT
THIS DISCLOSURE NOTICE CONTAINS IMPORTANT INFORMATION ABOUT HEARTLAND AREA FEDERAL CREDIT UNION’S CLOSED END-CREDIT LOANS. YOU SHOULD READ IT CAREFULLY AND KEEP A COPY FOR YOUR RECORDS.
Terms Subject to Change. The terms described in this disclosure are subject to change at any time. If, prior to your signing the loan documents, any of these terms have changed (other than the annual percentage rate) and you decide, as a result, not to obtain a loan from us, you would be entitled to a refund of any fees that you paid in connection with your application.
Terms of Repayment. Interest rates for closed end credit are fixed. The terms of repayment for the currently published interest rates are as listed above.
Certificate Secured, Loans covered by Certificate of Deposit from the credit union will be charged 2% over the C.D. Rate. Members can borrow 90% of face value of C.D. Loans covered by a Certificate of Deposit from another institution will have a rate of 3% over current credit union C.D. rate. Members can borrow 75% of face value of C.D.