aints68 Posted March 10, 2005 Report Posted March 10, 2005 I'm located in NC. I've seen quite a few posts on here that say that credit unions are a great place to get savings secured loans. The only problem is that I don't work at the type of job that qualifies for a credit union. Does anyone know of a credit union in NC that does not have this restriction or either a regular bank that will do a savinss secured loan? THANKS!!
jq26 Posted March 10, 2005 Report Posted March 10, 2005 My bank shot me down for a secured loan, so i joined atlantic credit union. My work isn't really affiliated with them. A lot of credit unions require something minor, like a donation to a specific charitable group for you to be able to join. Someone else on this site also mentioned one called Digital City Credit Union? From reading posts, that may be a way to go.Or you could ask around, friends and family. This is how I found the one I joiend last week that gave me the secured loan.
aints68 Posted March 12, 2005 Author Report Posted March 12, 2005 Thanks for the help. I called around and finally found one. For anyone in NC try Coastal Federal. I don't know about the secured loan yet. I joined yesterday, and I'm going in next week to get the secured loan. I'll let you know how it goes.
aints68 Posted March 12, 2005 Author Report Posted March 12, 2005 Thanks for the help. I called around and finally found one. For anyone in NC try Coastal Federal. I don't know about the secured loan yet. I joined yesterday, and I'm going in next week to get the secured loan. I'll let you know how it goes.
aints68 Posted March 18, 2005 Author Report Posted March 18, 2005 Also, my BH already belonged to a credit union. I could not go on with because of our different addresses, but BH did a secured loan here, and they were great. It's RTP Federal Credit union for anyone in North Carolina that may be able to join. They only allow federal employees and employees of a few other companies that have signed on with them (I think BJ's Wholesale Club is on of them but I'm not sure). I hope my experience with Coastal goes as well.
Tarheel Jack Posted March 18, 2005 Report Posted March 18, 2005 Keep us posted on Coastal Federal. I'm looking into them as well. I'm also keeping my fingers crossed that I can slide into State Employee Credit Union with the help of a relative...that would be sweet...
aints68 Posted March 25, 2005 Author Report Posted March 25, 2005 Tarheel Jack:I had great success with Coastal. They pulled no credit check or any lengthy applications. But they do their loan different from RTP federal. There's is an open line of credit wheras RTP is an installment. I also didn't think that I could get into RTP federal but they have a new plan now for anyone to get in for $5.00. BH has already done a loan with RTP so I know how both of these work now. I plan to go to RTP and open an account there too so that I have one installment and one open line. The only thing is that I don't know how these will show up when listed on the CR as far as secured or etc. They both say that they report to all 3CB's but it will take about a month to show up. In case this is a concern for you, I'll post back as soon as I see how they do this on my reports. Also, BH's mother is a member of State Employyee's so I went by and asked questions there. Their's is done as an installment loan BUT THEY ONLY REPORT TO EQUIFAX!! If you can get your foot in the door over there, I've heard that they have great services but if you're trying to rebuild you may want to use the other 2 for loans.I know that this isn't as much help to you folks that live outside our area, but I wanted to make everyone who is thinking of going to a credit union aware of the fact that they may not handle their secured loans the same way. Before you join and get involved, call and ask all the important questions so you will know what you are looking at.
Tarheel Jack Posted March 25, 2005 Report Posted March 25, 2005 Thanks, aints! I've got the ball rolling already w/ Coastal. I'm going in Monday to make it official. I'm definitely going to check out RTP and that $5 plan. I'd like to hear how those loans are reporting once they start.As far as SECU, I was looking at them on a long-term basis. Ya know, once I clean up the mess! I know alot of people who swear by SECU, and you're right about their services. I think I'll follow your advice and go with Coastal (& RTP if possible) during the repair phase, and hope to get in SECU for the long haul maintenance phase.Thanks for the info! Keep me updated!
aints68 Posted March 26, 2005 Author Report Posted March 26, 2005 Here's a little info on the payment structure, also. We each did a $1000 loan. His at RTP is in 12 installments running around $85.00. Mine is very different. Coastal charges a minimum payment (just like a credit card would) of 12.50 per thousand. Of course you will want to pay more than 12.50 or you will never pay it down, but it helps if you are having a tight month you are not locked into a regular payment. Also, when you open your line, you don't have to borrow anything on it right away if you don't want to. This means no payment right now. You will want to borrow on it eventually because if you don't show some kind of high credit history, it probably won't do you much good. Just my two cents.Again, I apologize to all of you outside the area, but this info should still be helpful to you if planning to deal with a credit union. Make sure you know how their loans are structured and that it will do what you need it to do.
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