Palmetto Trust Federal Credit Union

Loans

General Loan Information

We give prompt attention to your loan needs. Being a non-profit cooperative, Palmetto Trust FCU can provide very competitive rates for your loans. Always keep in mind that the money you borrow comes only from the savings of your fellow credit union members.

Remember, savvy financial advisors will ask if you have access to credit union membership. They know that using credit union loans, warranties, credit life, credit disability, extended car warranty, and GAP insurance can save you thousands of dollars over the years.

We recommend that you talk with your credit union loan officer before making any major purchase. Loan officers usually know the latest schemes by dealerships and merchants to take your money. Be smart before you shop!

There are no prepayment penalties. Your credit union uses "simple interest" to compute interest charges. This means that interest is computed at your contract rate only for the amount of your loan balance and the number of days since your last loan payment. You may pay extra on your loan and pay less interest over the life of the loan. However, if you make payments late you will pay more in interest and late fees because you have used the money for a longer time than you contracted for borrowing the funds. This is fair to your fellow members whose savings you have borrowed.

We provide a wide range of loans including: personal loans, VISA credit cards, new and used vehicles, boats, motor homes and share and certificate loans.

Payments
Payments can be made in person, by mail or by teller transfer. Or for your convenience on-line using "My Account". To use less of your personal time (no checks to write or postage to pay) and to simplify personal budgeting we highly recommend paying by payroll deduction or allotments. Interest is computed using simple interest.

We also offer programs such as Loanliner Plus, Risked Based Pricing, Credit Life, Credit Disability Insurance, Auto Warranty, and GAP Insurance which are described below:

Loan Calculators

Personal Loan Calculator
Vehicle Loan Calculator

GAP Insurance

The cost of vehicles has greatly increased over the last few years. To afford the vehicle you want, members often decide to lower their monthly payments by increasing the number of months you borrow money. However, if you have an accident and your vehicle cannot be repaired you run into a problem. Your insurance company will only pay the market value of your vehicle. Because you choose to extend the payments you may owe more than the market value of your vehicle. Major problems for you, our member! You need a new vehicle and not only do you not have a vehicle to trade in, but you still owe a balance on the wrecked vehicle. Our answer to help our members is GAP insurance. This insurance will pay the "gap" between the insurance check for the market value of your vehicle and your loan balance. GAP insurance is not needed for all vehicle loans; however, if you chose to extend the number of months you borrow in order to lower your payments protect yourself by purchasing GAP insurance at the time you purchase the vehicle. And, ask about GAP Plus which will pay $1,000 on your new vehicle loan at your credit union to help you through a difficult time.

Auto Warranty Insurance

Your credit union offers extended auto warranty insurance at the time of purchase at low cost. Our warranties have saved our members hundreds to thousands of dollars on the vast majority of quotes.

Credit Life and Disability Insurance

We are very proud to offer you Credit Life and Credit Disability Insurance at about one-third of what other financial entities charge their customers. Savvy financial planners will tell you that credit union Credit Life and Credit Disability insurance are the only such insurance they recommend because of the low cost. The insurance is added on once a month based on your loan balance. So, if you pay extra on your loan you only pay for the insurance you need. How do we charge so little? Credit unions started their own insurance company back in the thirties so we could offer affordable insurance to our members. We believe in providing this affordable insurance to help you and your family through times of sorrow and disability.

Risked Based Pricing

Your credit union offers the unique program of Risked Based Pricing. This is different from Risk Based Lending that other financial institutions offer. Our program is designed to match loan rates for members based on credit worthiness and each member's relationship with Palmetto Trust FCU. Your credit union loan rates are most often better than what other financial institutions and finance companies can offer. See a loan officer today for further details.

Loanliner Plus

You can take care of your current and future loan needs with our Loanliner Plus program. After approval of your first Loanliner application, you can apply for a collateral loan or advances on a personal loan limit over the phone. The loan funds can be deposited in your Palmetto Trust FCU share draft account, mailed to you or you can pick them up at either office. No long applications to fill out for each loan until we need an update every three or four years.