SMFCU also provides advice and
planning to assist our members budgeting plans and
debt consolidation and repayment plans. Consumer information
and advice are the main Goal Saver Loan
Goal Saver Loans were created for members who could
not commit to a program of savings, either because
they lacked belief in their ability to save or because
they were compulsive spenders. Goal Saver Loans are
viewed by us as an alternative to traditional savings
account.
Our member comes in with a goal. It ranges from wanted
to save to buy land in the islands, to setting up
a burial account, to planning for restorative dentistry,
or to just beginning a “nest egg”
An especially important value of the goal saver loan
is that it enables the borrower to build good credit
history. If for some reason, a payment cannot be made,
the amount due is transferred from the savings loan.
If a member wishes to discontinue the loan, he/she
may request the entire amount due to be transferred
form the savings.
Any amount that has been repaid belongs to the member.
Further information is available form your credit
union representative.
A church Pledge Loan (CPL) allows shareholders
an opportunity to pay their annual church pledge
in a single payment instead of weekly or monthly.
You
can do this by borrowing the total loan amount of
your pledge from your church’s own Credit
Union.
Payment of pledges to the church annually allows
the church to plan for its program; administrative
and other needs more effectively, particularly as
the summer vacation months approach.
Interest Rate: The
rate of interest on CPLs is the lowest rate of interest
currently charged on loans.
Length of loan: 1 year – the length of time
of an annual pledge to the church.
Eligibility: All shareholders (credit union members)
who qualify for loans under current rules.
Payment: Checks for
CPLs are made payable to St. Marks United Methodist
Church and submitted to the
Church Treasurer on behalf of the shareholder, who
will receive notification from the credit union that
this transaction has taken place.
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