PERSONAL LOANS
Concord Federal offers three personal loan products with affordable interest rates.
Speak with a Concord Federal Credit Union staff member for complete loan information and rates.
Click here to view Frequently Asked Questions about our personal loan products.
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Concord Federal Credit Union does not discriminate against credit applicants on the basis of race, color, creed, religion, national origin, sex, sexual orientation, gender identity or expression, age (provided applicant has the capacity to enter into a binding contract); military status, domestic violence victim status, marital status, disability, familial status, predisposing genetic characteristics, pregnancy-related condition, prior arrest or conviction record, because all or part of the applicant’s income derives from any public assistance program; lawful source of income (in housing only), retaliation for opposing unlawful discriminatory practices, or because the applicant has in good faith exercised any right under the Consumer Protection Act.
EMPOWERMENT LOAN PROGRAM
Get Empowered! Concord Federal’s Empowerment Loan Program is designed for low- and moderate-income individuals who want to enter the financial mainstream or repair their credit. Take out an Empowerment Loan to pay off tuition or make home improvements while building credit.
Our Empowerment Loan Program is ideal for those who:
Possess a low or no credit score
Pay high-interest rates on charge and credit cards or other loans
Have a high debt-to-income ratio
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• Affordable loan rates.
• Loan payback activity that is reported to the credit bureaus, thus establishing a credit history.
• Free financial counseling is required to help the borrower set realistic goals and achieve financial discipline.
• Applicants may borrow from $300 to $6,000.
• Loan terms vary from 12 months up to 36 months.
• A percentage of the loan proceeds is held in the share account earning interest that is untouched through the term of the loan.
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• Become a Concord FCU member. Bring a check or cash for $30; Social Security Number; unexpired government-issued photo identification; proof of address (e.g., bank statement, utility bill).
• Fees and documentation for the loan include:
• A $10 application fee.
• Proof of income, bank statements, current financial obligations, and acceptable proof of employment. Call for a complete list.
• One-third of the loan principal is held in the share account until the loan is paid back in full.
• A $10.00 late fee is charged if payment is not received within the 15-day grace period.
• After the borrower’s financial goal has been achieved, the program’s focus shifts primarily to savings and wealth generation.
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Please speak with a Concord Federal staff member for complete loan information and rates.
Email us at hello@concordfcu.org or call 718-622-0623.
PARTIALLY-SECURED LOAN
Are you ready to fund what’s next? Tuition? A Business? Home Improvements?
Our Partially-Secured Loans allow members to borrow funds against a portion of the money already in your share account. No need to touch your savings! It will continue to earn interest! A Partially-Secured Loan is also a great option if you want to consolidate debt or rebuild strong credit. With this type of loan, you’ll enjoy low-interest rates, flexible terms, and knowing your money is still in your share account, earning interest.
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• Submit a loan application along with the required documentation.
• Deposit 10%-20% of the requested loan amount in your share account or have CFCU use funds already on deposit to secure the loan.
• The Deposit will be “frozen” in your share account for the life of the loan, earning interest at CFCU’s published rate.
• Monthly repayment activity is reported to the credit bureaus, thereby strengthening your credit history.
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• Applicants must show required documentation including acceptable proof of employment and income, bank statements, and a list of current financial obligations.
• There is a $25 fee to apply.
• Applicants may borrow from $300 up to $30,000.
• There is a 15-day grace period for loan payments. If the payment due is not received within 15 days of the due date, a $10 late fee will be assessed.
• Loan terms vary from 12 months to 5 years
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Please speak with a Concord Federal staff member for complete loan information and rates.
Email us at hello@concordfcu.org or call 718-622-0623.
FULLY-SECURED LOAN
Let’s get your next project moving! Need to make a special purchase? Make a home improvement? Pay tuition or an unexpected expense?
Concord Federal Credit Union can help.
CFCU’s Fully-Secured Personal Loan product is for applicants who have a financial need and would like to use the balance in their share account to support a loan. 100% of the loan is secured by the funds in the member’s share account.
With a Fully-Secured Loan, you’ll enjoy low-interest rates, flexible terms, and the security of knowing your money is still in your share account, earning dividends at the published rate.
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• Complete and submit a loan application. There is a $25 fee to apply.
• Deposit 100% of the requested loan amount into your share account or have CFCU use funds already on deposit to secure the loan.
• The Deposit will be “frozen” in your account for the life of the loan, while earning dividends at the Credit Union’s published rate.
• Your monthly repayment activity is reported to the credit bureaus, strengthening your credit history.
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Borrow a minimum of $300 to a flexible maximum amount.
• Minimal documentation is needed.
• The loan term is flexible.
• There is a 15-day grace period for loan payments. If the payment due is not received within 15 days of the due date, a $10 late fee is assessed.
Conditions may apply.
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Please speak with a Concord Federal staff member for complete loan information and rates.
Email us at hello@concordfcu.org or call 718-622-0623.
CONTACT US
833 Marcy Ave, Brooklyn, NY, 11216
718-622-0623
Hello@ConcordFCU.org
HOURS
Wednesdays and Thursdays
11:00 am to 2:00 pm or call for an appointment
CFCU Routing Number #226074302
