Purpose

A one-time financial need, such as a home repair or car purchase.

A one-time financial need, as well as ongoing credit needs.

Interest Rate

Fixed interest rate

Variable interest rate

Payment Options

Fixed monthly payment

Monthly payments are low, based on the outstanding balance, not the total amount of the credit line

Terms

15 years

10 year draw, up to 20 year repayment

Cash Access

Paid out in a single check or electronic transfer

Via online banking, touch-tone banking, convenience check, or by phone. Funds transferred to your credit union checking can be accessed via ATM.

Revolving Credit Line

No

Yes

Tax Deductible Interest

Yes¹

Yes¹