When you need to borrow money, let the loan officers at NCCU help you determine what type of loan best suits your situation.
NCCU offers three types of loans:
The first is referred to as an installment loan. These loans are typically used to purchase cars or to fund college or vacation expenses, for example. A total dollar amount is approved and a repayment term is established.
The second is referred to as a term loan. This type is typically due in three or six months, and requires only one payment, plus accrued interest, at the end of the term.
The third is referred to as a revolving line-of-credit . With this type of loan, a dollar limit is approved and then you decide when to receive an advance. Interest is only charged on the balance due, and advances may be received by writing a check or by using a debit or credit card. Examples of revolving lines of credit offered by NCCU include the Century Checking Overdraft Protection or Visa Credit Card programs.
