ESL Federal Credit Union full review
Preserving the past: The importance of conserving historical landmarks
Unforeseen life events can lead to unexpected expenses, prompting the need for additional funds. Taking out a loan can help cover these expenses and get you back on track. However, it’s crucial to carefully review the terms and conditions of any loan to ensure it’s the best option for your financial situation.
About the ESL Federal Credit Union
The ESL Federal Credit Union has a long history dating back to 1920 when it was established as the Eastman Savings and Loan Association by a small group of Eastman Kodak Company employees. Throughout the years, the credit union has grown and expanded its membership and services, becoming one of the largest credit unions in the United States.
Today, the ESL Federal Credit Union serves over 394,000 members, holds $9.2 billion in total assets, and employs 900 individuals locally. The credit union offers a wide range of financial products and services, including checking and savings accounts, loans, mortgages, and investment options.
How do ESL Federal Credit Union loans work?
ESL Federal Credit Union offers a variety of loans and lines of credit with flexible terms and affordable payment options. Let’s explore the different loan options available for your personal needs:
Personal Loans: ESL offers competitive rates, flexible terms of up to 120 months, and no prepayment penalties. Here are the Annual Percentage Rates (APR) for Personal Loans:
Term in Months | APR as Low as
—————|————–
Up to 48 | 8.45%
49 – 60 | 9.45%
61 – 120 | 10.45%
Loans for Autos, Boats, and Leisure Vehicles: Whether you’re considering a new or used vehicle, ESL provides affordable fixed rates, flexible terms, and outstanding service. You can shop for a vehicle at any participating dealer or apply for a loan directly with ESL if you’re purchasing from an individual seller. Here’s what you can expect from an ESL auto loan:
– Quick credit decisions
– Flexible terms
– Competitive rates
– Fixed payments for easy budgeting
The interest rate on your loan will be determined based on the rates applicable on the day of your application.
Short-Term Loans: These loans range from $250 to $1,000 and are granted based on a credit evaluation. There are no application or hidden fees, and you can receive a fast approval decision while you wait. Once approved, you can access your funds immediately. The repayment period for these loans is up to six months, with no minimum duration or prepayment penalties. Repaying on time can also help establish or improve your credit history.
Here’s the Annual Percentage Rate (APR) for Short-Term Loans:
Term in Months | APR
—————|—–
6 months | 27.99%
Home Equity Loan and Line of Credit: ESL allows you to secure two different types of loans using your home as collateral. The Home Equity Line of Credit provides access to available equity in your home, while the Home Equity Loan allows you to borrow from the available equity. Both options offer the following benefits:
– No application fee, points, closing costs, or annual fees.
– Borrow up to 90% of your loan-to-value.
– No prepayment penalties.
The main difference lies in the interest rate structure. The Home Equity Loan offers a low, fixed interest rate throughout the loan term, while the Home Equity Line of Credit features a low variable interest rate.
Fees to Consider
Each type of loan may have its own associated fees. Here’s a breakdown of the fees for specific loan types:
Personal Loans: ESL charges a late fee of 10% of the overdue payment of interest and principal if the full monthly payment is not received 15 calendar days after the due date.
Auto Loans: A late fee of 10% of the overdue payment of interest and principal applies if the full monthly payment is not made within the designated number of days specified in the agreement. For private sales disbursed at an ESL branch or by mail, the grace period is 15 days from the scheduled due date.
Short-Term Loans, Home Equity Loans, and Lines of Credit: A late fee of 5.0% of the overdue payment of interest and principal is charged if the full monthly payment is not made 15 calendar days after the scheduled due date.
How to Apply for an ESL Federal Credit Union Personal Loan
To apply for a personal loan from ESL Federal Credit Union, click on the green button on their website to access the application. Make sure to review all the requirements and necessary information before submitting your application.
