| To Help Our Members Fulfill Their Financial Needs
|
||||
 |
 1600 N Bertrand Drive Lafayette, LA 70506 (337)261-1151 Fax: (337) 261-1397 |
|||
CREDIT REPAIR LOANS = Possible Solution – stjcu
Have Credit Problems? Ignoring the problem will not make the situation go away, and in time it will only make things worse.
Seek help to fix your credit problems…St. Jules Credit Union offers a
CREDIT REPAIR LOAN……
It could possibly be one of the keys to your future financial success.
Credit Repair Loans:
*NOTE: Funds are sent by check monthly to the creditors owed following the credit union receiving the member’s monthly payment. Creditors owed have to be willing to work with the member and the credit union. ********Read Below about the Costly Disadvantages of Bad Credit & Bankruptcy.
Loan Rates: Please refer to our Loan Rate tab.
Loan Approval: All loans are subject to credit approval and are based on current policies and procedures.
Loan Officers: We have 3 Loan Officers Available to assist you with your lending needs: Cathy St. Aubin, Lisa Dore, and Diane Lantier
There are COSTLY disadvantages to
BAD CREDIT & BANKRUPTCY….
Research: In June 2001, St. Jules Credit Union researched the effects of bad credit by calling various companies and organizations such as Insurance Companies, Consumer Credit Counseling, Credit Reporting Agencies, and other financial institutions. The facts were interesting.
Insurance Policies: In 2000, some insurance companies started using credit reports for determining homeowners, flood, and vehicle insurance payments. The insurance companies can charge individuals with bad credit or bankruptcy higher premiums than individuals with good credit.
Purchases: When purchasing making a loan, an individual with bad credit can be charged an interest rate as great as 18.00%.
Example of New Automobile Purchase: Two members are purchasing the same vehicle. They are each financing $22,000.00 for a term of 5 years. The difference between the two is their interest rate charged, and the overall cost.
5 Years Good Credit: Bad Credit
Interest Rate: 6.50% 13.00%
Monthly Payment: $430.59 $500.87
Total Finance Charge $3,835.25 $8,052.17
COST EFFECT: The effect of BAD CREDIT will cost the member $4,216.92 overall more in finance charges than the member purchasing the same vehicle with GOOD CREDIT.
Example of Mortgage Purchase: Two members are purchasing a $150,000.00 house for a term of 15 years. The difference between the two is their interest rate charged, and the overall cost.
15 Years Good Credit: Bad Credit
Interest Rate: 7.00% 13.50%
Monthly Payment: $1,742.57 $2,284.99
Total Finance Charge $59,086.98 $124,310.66
COST EFFECT: The effect of BAD CREDIT will cost the member $65,223.68 overall more in finance charges than the member purchasing the same vehicle with GOOD CREDIT.
***********************Just imagine the same effect on a 30 Year Mortgage. Poor Credit can be COSTLY!
Employment = Hiring Decision: Are you aware that some business hiring decisions can be based on your credit report? Well it is true! Bad Credit could cost you from obtaining a better job position and increased pay if they use a credit report as part of the decision process.
Good Credit is………
A reflection of yourself individually………
Responsible, Disciplined, Mature, Dedicated, Trustworthy & Successful
· Good credit does not come easy and it has to be earned: I will have to work for Good Credit by showing that I am a responsible adult by making my payments before or on the date the payment is due.
· Good credit has to be constantly maintained: I will have to always make sure that my payments are made in a timely manner. I understand that if I make one payment late, it will most probably drop my credit score.
· Good credit has Rewards: I can receive Lower Rates on Loans and therefore it saves me money!
| To Help Our Members Fulfill Their Financial Needs
|
||||
|
|
1600 N Bertrand Drive Lafayette, LA 70506 (337)261-1151 Fax: (337) 261-1397 |
|||