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The primary purpose of the Cleveland Police Credit Union is to loan money to the member "for a worthwhile purpose". When borrowing becomes part of your plans, the Cleveland Police Credit Union can work with you to arrange a loan.
When Can I Apply For A Loan?
- As soon as you join the Credit Union.
What Procedure Is Needed To Apply For A Loan?
- Loan applications must be completed in person or by mail.
- Verifications of income and employment
- Current Credit Report reviewed.
What Types Of Loans Are Offered?
- New and Used automobile, boat, truck, RV, camper, motorcycle and other titled vehicle Loans.
- First/Second Mortgage Loans
- Home Equity Lines of Credit Loans
- Share/Stock Secured Loans
- Personal Unsecured Signature Loans
- Visa Credit Card
- Student Loans
- Vehicle Lease
How Are Loans Approved?
After application by member, approval is based on:
- Ability to repay - Debt Ratio Calculation
- Credit records of the member
- Collateral offered
Can I Apply For A Second Loan If My First Loan Balance Still Exists?
Yes, you can.
Why Should I Borrow From The Credit Union?
- No hidden charges
- No penalty for early repayment
- Fast, efficient service
- Extra payment accepted at anytime
- Payments can be made by mail, in person or by payroll deduction or direct deposit
All loans are confidential. Credit Life and Disability insurance available. Fixed rates, simple interest on declining unpaid balance.
Why Go Anywhere Else?
New Private School Tuition Loan Program Offered!
Your Credit Union now offers a tuition loan for our members who's children attend private grade, secondary, and/or high school.
Loan terms are 12 months at 8.00% rate, and the checks are made payable right to the school!
See one of our loan officers for an application.
Mortgage Loans
Full Compliment Of Mortgage Loans Available:
- Fixed Rate - Maximum 30 year term, little as 5% downpayment required.
- Adjustable Rate Mortgages (ARM) with varying adjustable periods, i.e. 1 year, 2 year, etc.
- FHA/VA processed through outside mortgage banking affiliate.
- FHA/203K Rehab projects through mortgage banking affiliate.
- New Home Construction with permanent financing after completion.
- Non-owner occupied Investment or Commercial property mortgage loans placed with outside mortgage source.
- 5 & 1 Special mortgage for members -5 year fixed rate converted to 1 year ARM after first 5 years. Can include closing costs in amount financed.
Second Mortgages Also Available:
- Fixed rate with terms up to 20 years.
- Lend up to 80% of the value of property less total balance of your mortgages.
- May set up line of credit with Home Equity Line of Credit (HELOC)
Student Loan Program
Eligibility for a Guaranteed Student Loan is determined largely by your financial need which is the difference between your total education cost and the amount you and your family are expected to contribute to your cost of school. Such loans are often subsidized by the Federal Government during your student years. It is your personal obligation to repay the loan at a low rate of interest beginning six months after graduation or withdrawing from school. Eligibility is determined by your school's financial aids office and application submitted by your parent(s).
If you are eligible for either the Subsidized or Unsubsidized Stafford loan, you may pick up the necessary application at the credit union office, or call and we will mail it to you.
Your eligibility for a Plus loan has nothing to do with "need". Both self-supporting students and parents of dependent undergraduates are eligible. Interest rates are somewhat higher than Guaranteed Student Loans.
If you find the Federal program does not cover the total cost of your education, the Credit Union also participates in the State of Ohio Supplemental Student Loan Program which makes funds available to Ohio citizens who need additional funds for their undergraduate and graduate schooling.
If you are in need of the State of Ohio supplemental program, please give us a call and we will forward the appropriate forms to you.
Auto Loans
When shopping for a new or used vehicle, call your Credit Union first. Get free new and used vehicle pricing, and great loan rates, too! Did you know that your Credit Union also finances boats, motorcycles, and even jet ski's? Give us a call.
Enterprise Car Sales - We finance 100% on used cars purchased from Enterprise, including extended warranties.
Will Your Insurance Pay Off Your Loan If Your Car Is Totaled Or Stolen?
GAP Guaranteed Auto Protection
Protects You Financially if Your Vehicle is Totaled or Stolen
Most people believe that if their vehicle is totaled or stolen, their primary insurance will pay off their loan / lease balance. Well, think again!
If your vehicle is totaled or stolen, your primary insurance carrier will usually pay only the actual cash (current market value) of your vehicle less your deductible. This amount could be substantially lower than your loan / lease balance.
The final result is a financial GAP where you must pay the difference between your loan / lease balance and your insurance settlement, which could mean thousands of dollars out of your pocket.
That's why many owners have chosen GAP (Guaranteed Auto Protection). GAP coverage eliminates the out-of-pocket expense you would incur to pay off your loan / lease should your vehicle be totaled or stolen.
Let's say...| Based on original amount borrowed | $18,000.00 |
| At the time of loss you owe | $15,000.00 |
| Your insurance company says the actual cash value of your vehicle is | -$10,000.00 |
| Your primary insurance deductible is* | $500.00 |
| Your total out of pocket expense is | $5,500.00 |
| GAP Coverage would have paid | $5,500.00 |
| The total you owe with GAP coverage to pay off your loan is... | $0 |
| *Deductible coverage is not available in all states. | |
If you think you may be interested in GAP coverage for your vehicle, simply contact one of our loan officers for more details.