How does automatic payments through payroll deduction work?

When you choose the option of automatic payments through payroll deduction or any type of automatic deposits (Government payments, pension deposits, auto deposits from any outside account) an amount to cover the payment is held in your savings (or checking) account for each payment. So, for example, if your payment is $200 per month and you get paid weekly, $50 will be held in the selected account each week for the payment. If there is 5 weeks the extra $50 is accessible to you in your account. If you are paid bi-weekly $100 will be held per pay period, again in the event of an extra pay period the extra remains in your account.

This takes the worry out of making your payments as the money is set aside for you and the payment is automatically transferred to the loan.

What would my rate be for a loan?

We work hard to offer our members the best rates possible on loans. The rate a member receives is determined by a couple of factors:

  1. A member’s credit history will have the biggest impact on the rate we can offer. The better your credit the lower the rate that we can offer.
  2. The type of loan product a member is seeking, also has an effect. New auto loans have a much lower rate than a personal loan.
  3. In the case of an Auto loan, your rate is also affected by the amount you put down on your vehicle. If you borrow 80% or less of the vehicle’s value, your rate will be 1% less than if you borrow more than 80% of the vehicle’s value.

Do you offer Mortgages or Home Equity Loans?

Yes, we do offer mortgages to members in partnership with Owners Choice Funding. Through this cooperative we offer members very competitive rates to buy a new home or refinance an existing mortgage. CLICK HERE FOR RATES OR TO APPLY

Unfortunately, we do not currently offer Home Equity Loan products for our members.

What can I borrow for?

You may borrow for any reason at E&G EFCU. There are three (3) main types of loans we offer:

  1. Personal Loans-Are unsecured loans based on your credit and signature, as long as you qualify. The maximum amount you may borrow using for this type of loan is $30,000 and you may take up to 84 months to repay.
  2. Auto Loans- Borrow allow you to borrow up to 120% for New Vehicles and up to 100% for used. It is based on MSRP for new vehicles and NADA book value for used vehicles. The maximum you can borrow using a vehicle loan is $50,000 and you may take up to 84 months to repay on a new autos and 72 months on a used.

Share Secured Loans-You may borrow any amount you wish for up to 7 years using a share secured loan. This loan is secured by funds already on deposit with us. There is no credit check,