Loan Program

 

The Union Plus Loan Program invites AFGE members to apply for a personal unsecured loan, extended line of credit or a home equity loan. Members can take advantage of competitive interest rates they won’t find at finance companies. Get personal, debt-consolidation and home equity loans from Union Plus through Capital Financial Services, Inc.

Personal Unsecured Loan

  • There’s no collateral required.
  • Borrow between $2,500 and $20,000 with just your signature.
  • Limited paperwork.
  • Choose between closed-end loan, revolving fixed line of credit.
  • Convenient access to revolving line of credit by checks.
  • Quick and easy application process. Apply online or by phone.
  • No obligation when you apply.

Home Equity Loan

  • Borrow up to 85% of your home’s equity.
  • Loan amounts from $15,000-$250,000.
  • Choose between a closed-end loan with fixed payments or a revolving line of credit.
  • The interest may be tax-deductible.
  • Convenient access to revolving line of credit by checks. No Money Down.
  • Home Equity Loan interest rates can be much lower than high-interest-rate credit cards.
  • Lower rates translate into lower payments.
  • Quick and easy application process. Apply online or by phone.
  • No obligation when you apply.

Personal Homeowner Loan

  • Borrow up to 100% of your home’s equity.
  • Loan amounts of $5,000 to $20,000.
  • Choose between a closed-end loan with fixed payments or a revolving line of credit.
  • The interest may be tax-deductible.
  • Convenient access to revolving line of credit by checks. No Money Down.
  • Less paperwork means an easier application process and a quicker turnaround time. You could have your loan money in as few as five business days.
  • Quick and easy application process. Apply online or by phone.
  • No obligation when you apply.

Program benefits:

  • No application fee
  • Low monthly payments
  • Skip-payment privileges on personal loans
  • Up to six months of strike coverage on home-equity loans
  • Unsecured personal loans from $2,500 - $25,000
  • Home equity loans from $5,000 - $250,000
  • A quarter-percent interest rate reduction for automatic checking account withdrawal payments
  • Specially-trained counselors help members find the best loan for their particular situation.

At this time we are unable to offer loans in all states. Call the loan program toll free to find out when we will begin offering loans in your state.

Frequently Asked Questions:

Q: Can I choose the amount of the unsecured loan?

A: Yes. You may request any amount ranging from $2,500 to $15,000. Depending on your credit rating, the approved amount may be less than the amount originally requested.

Q: What kinds of loans does the program offer?

A: The Union Plus Loan Program offers two types of unsecured loans: 1) A fixed-rate, fixed-term loan: With this loan, members borrow a specific amount of money, which is repaid in equal monthly installments (usually over four to seven years). The interest rate and monthly payment will not change for the term of the loan. 2) A fixed-rate line of credit: With this option, the line of credit also has a fixed interest rate for the term of the loan. It provides check access to a standby credit line that members can draw on whenever they need it. Monthly payments remain fixed until additional advances are taken. The program also offers a home-equity loan with lower rates and potential tax savings (consult your tax advisor). This loan is available in amounts as high as $250,000 and is repayable within 15 years.

Q: Is it possible to apply for a loan online or over the phone?

A: Certainly. Call your local union office for more information.

Q: How does the home equity loan strike benefit work?

A: The built-in strike benefit covers the member’s home equity loan principal and interest payments. It is available to any member who is on strike or locked out for more than 90 days (provided the member has had the home equity loan for at least one year at the time of the strike or the lockout). The strike assistance benefit covers one-half of the loan payment and continues for up to three months. If the member is still on strike after the first six months, loan payments are paid in full by the bank for the next three additional months. Accounts must be in good standing at the time this benefit is requested to be eligible.

Q: Can relatives of AFGE members use this program?

A: Yes, but the AFGE member needs to be either the applicant or the co-applicant.