Loans

General Loan Info

Check with Credit Union for current details.

Purchase CUNA Credit Life Insurance on your total loan balance up to $30,000! Temporary disability insurance is also available up to an insurable balance of $50,000.

Financial Calculators

There are a wide variety of Financial Calculators at CUNA Mutual.

Loans to Members - friendly financing at its finest

Make Generations Credit Union your first stop when you need to borrow money. Our staff is prompt, friendly and skilled in providing you the very finest in financial services. If you need a loan, we provide a variety of options at competitive rates. After you complete an application, our team works to arrange a financing plan to suit your individual needs. Your loan can usually be reviewed the same day we receive your application, and when approved, you can either receive a check or have the funds directly deposited into your Share Draft account for immediate use.

When you borrow from us, you have the added benefit of electing Credit Life Insurance. Through CUNA Mutual, your Credit Union provides optional coverage for death and total disability up to $30,000. Also available to our members through Cuna Mutual Insurance is member pay accident/health insurance. This type of insurance provides you with coverage for short-term illnesses and accidents that result in lost time from your regular job.

Another benefit of borrowing from the Credit Union is payroll deduction. Payroll deduction simplifies your monthly bill paying and actually reduces the effective interest rate of the loan if you are making weekly or semimonthly deductions.

At Generations Credit Union, you borrow among friends. We offer financial counseling services to help you use your resources to your best advantage. Our loan officers can provide lending solutions that are tailored to meet your individual needs and satisfy your financial goals. Ask about our competitive loan rates and terms.

Home Equity Loans -- loan improvement

A Home Equity Loan is designed to offer you many financial advantages: sizeable amounts of cash, a low interest rate, a long repayment schedule, and possibly a large interest deduction on your federal tax return. It can be used to finance your child's education, consolidate debts, make home improvements or any number of other reasons. Because the loan is secured by your home, the interest may be tax-deductible. The purpose of the loan does not affect your ability to use the interest as a tax deduction. In many cases, consolidating high interest rate debt (such as credit card debt) into a Home Equity Loan will actually increase your monthly cash flow and decrease the cost of financing.

For example, if you consolidate $10,000 in debt that is costing you 18% APR over a period of five years, the total cost of financing is approximately $5,233 with a monthly payment of about $254. By converting that $10,000 debt into a Home Equity Loan at 8% APR* over a period of five years, the total cost of financing is approximately $2,165 with a monthly payment of about $203. You save $3,068 in finance charges and your monthly payment is reduced by $51. That's money in your pocket! Moreover, you may be able to use the interest deduction on your tax return.

Careful consideration, planning, and budgeting should be factors in determining whether a Home Equity Loan is right for you. The Credit Union can help you in making this decision by calculating your loan payment and assisting you with your long-range financial plans. We have low rates and convenient payment plans to fit your needs and budget, including a five year, fixed rate loan with no fees.

First Mortgage Program - come home with us

If you are buying a home or in the market to refinance your existing home, we have a mortgage plan to suit your individual needs. The First Mortgage Program features flexible terms, competitive market rates, and most importantly, friendly, personal service. You can choose from a variety of plans including fixed rate, balloon and adjustable rate mortgages. If you are considering your first home purchase, we can walk you through the mortgage process. You may be able to buy a home with as little as 5% down. You can begin with a pre-qualification that will give you a guideline as to the mortgage amount you can afford. From there you can begin shopping for the home of your dreams. Generations Credit Union has been helping members with home buying services for over fifteen years. When it comes to first mortgages, let us put our experience and expertise to work for you.

Auto Loans - deals on wheels

If you're in the market for new or used car, check with Generations Credit Union first. We offer extremely competitive interest rates on auto loans. In fact, if you find a better rate at another financial institution, we will make every effort to match that rate, provided the loan meets our credit qualifications and loan policies. Generally, annual percentage rates are higher and loan periods are shorter on used cars than on new ones. At the Credit Union, though, you will almost always find a better deal on a new or used auto loan than with a dealer or other lenders. Also, we have NADA pricing guides for new and used cars available for your use. Please see us before you buy!

Qwik Cash Loans - when you need money NOW

When your paycheck is a little short or a minor crisis has set you back a little, Generations Credit Union can help with a Qwik cash loan! We’ll lend members up to $500 without any hassles. As a member of Generations Credit Union, you’ll simply need to complete a loan application and bring your photo ID and most recent pay stub with you. We’ll get your Qwik Cash to you the very same day!

Credit Builder Loans – building for your future

People who are just starting out to establish their credit, or those trying to rebuild their credit after a financial crisis, need special help when they need to borrow money. Generations Credit Union is here to help. How? With a secured loan. Paying your loan back in full and on time establishes a credit history, so that in the future you can be considered for an unsecured loan, such as a personal loan or credit card. Rebuilding or starting a credit history takes a little time, so you need to be patient. If you need credit and have no history or are challenged by recent financial troubles, Generations Credit Union’s Credit Builder Loan could be right for you. We’ll loan you up to $1000, place that money in your share account as security for a loan for that same amount. Then, through your regular, on-time monthly payments, your credit score is built and the secured funds are released. Call today find out more about this program and qualifications for participation.