LOAN TYPES

There are three types of loans available at New Century Credit Union. First, and most common, is an installment loan. A payment amount is established over a certain number of periods (usually monthly, weekly or semi-monthly). Once the total number of payments have been made, the loan should be paid, assuming the member has not obtained a Skip- A-Payment or has borrowed new money and added it to the loan.

The second type of loan is referred to as a term loan. For various reasons, a term loan can be more convenient for the member. It requires only one payment (plus interest) after a certain period of time, usually three or six months.

The third type is a revolving line-of-credit loan. In this type of loan, the member actually controls the balance of the loan. A particular maximum amount is approved and then the member can receive advances simply by writing a check. Good examples of this type of loan are the ExpandaChek overdraft loan and the VISA credit card program, both of which are available at NCCU.

When you need to borrow money, let the NCCU loan officers help you determine what type of loan would best suit your situation.