If you don’t have emergency savings and suddenly face a car repair, broken furnace, tax bill, or some other major expense, finding money to pay for big ticket items in a pinch can be difficult. For many, a bank card is likely the first choice, even though it doesn’t have to be. There are other options that could save you time and money in the end.
LGFCU's Signature Personal Loan may be a smart alternative to bank cards. If you need to borrow between a few hundred and a few thousand dollars for a one-time expense, a personal loan may be your best choice.
An open-ended loan is a flexible loan with unlimited advances against the approved credit line. LGFCU’s affordable rates make it easy to repay the loan. And funds can be direct deposited into your LGFCU Checking or Share savings accounts.
Cash from your home
Another option for financing a sudden expense is a Home Equity Line of Credit (HELOC). A HELOC is a line of credit secured by the equity built up in your home. Similar to credit card terms, a credit limit is placed on this account. However, you may be able to borrow cash whenever you need it to make home repairs or improvements, without having to apply for separate home equity loans.
Real-Time Loan Advance
LGFCU understands that emergencies don’t come with advanced warning. When you need extra cash quickly or on the go, get a real-time loan advance from an already existing loan (e.g. Signature Personal Loan, HELOC or Salary Advance Loan). Log on to Member Connect from any device and choose “Loan Advance” under the “Move Money” tab.* You may also use our automated 24-Hour Voice Response Service to get your loan in real time.
Requested funds are transferred immediately to your LGFCU Checking, Share, or Money Market accounts, and new repayment information is sent via mail. The deposit account is pre-selected for salary advances. A real-time loan advance can give you even more purchasing power with the flexibility you already enjoy.
Whatever your cash needs, your Credit Union gives you the option to borrow safely at affordable rates for things that just can’t wait. For more information about how LGFCU can help in the event of an emergency, call us at 888.732.8562.
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