IECU offers loans for the following:
- Trucks and Vans
- Personal/Signature Loans
- New Furnishings/Home Improvement
- Consolidation Loans
A regular share account with a $25 minimum deposit, a completed loan application and proof of income (a recent paystub or copy of your tax return) are required for loan processing.
Each loan application is judged on an individual basis, and all records and comments are strictly confidential.
The method of payment is established at the time the loan is approved. Repayment may be made via direct deposit or payroll deduction distributions, by mail, in person, via home banking (CU@HOME), via audio response (CU*TALK), or by an automatic transfer from another Credit Union account.
Illinois Educators Credit Union imposes NO PENALTIES if a loan is paid off before the end of the contract. If you choose to pay off the loan early, you will save money because the Credit Union charges you interest only for the amount of time you borrow the money. This is a great advantage of a simple-interest loan.
Interest rates vary for different types of loans. Check out our current loans rates.
For more information about any of our lending services, contact IECU today.
If you find a loan rate better than ours, we may be able to beat it by .25%. The final rate must fall within Credit Union guidelines. Proof of the better rate must be verified and documented by the member.
Illinois Educators Credit Union offers VISA Credit Cards. Any member in good standing may apply.
Each application is judged on an individual basis, and all records and comments are strictly confidential.
If you lose your VISA Card, please contact the Credit Union as soon as possible after discovering the card is missing.
If the Credit Union is closed then please call 1-866-333-4740.
- GREAT RATES!
- Access Your Account Online via It’s Me 247!
- NO ANNUAL FEE
- 25-DAY GRACE PERIOD ON PURCHASES
No interest will be charged on purchases if the balance is paid by the due date (this does not apply to cash advances).
- CASH ADVANCE CAPABILITY
Get cash anytime – day or night – through the Cirrus Network. Cirrus has more ATMs worldwide than any other network.
- $250,000 TRAVEL ACCIDENT INSURANCE
When charges are made for travel fares, this travel accident insurance is automatically provided at no additional cost.
Consolidate your other card balances onto a Illinois Educators Credit Union VISA, and take advantage of our low interest rate. You will start saving money right away.
- FREE EXTRA CARDS
Two extra Visa cards on your account can be issued to other adults in your family upon request.
You may make your Illinois Educators Credit Union VISA Credit Card payment through the mail, in person at any IECU Office, via transfer on It’s Me 247! or CU*Talk, or through bill pay. When using bill pay or mailing your payment please use 1420 S. 8th Street, Springfield, Illinois 62703 for the billing address. For more information about this service, contact IECU today.
APPLY FOR A VISA CARD
Apply for an IECU Credit Card today! The process is easy. Fill out the application to apply and fax or mail to the Credit Union. One of our Specialists will contact you upon receipt of your application.
Home Equity Loans
Illinois Educators Credit Union offers a Home Equity Line-of- Credit (HELOC) and a fixed-rate, closed-end Second Mortgage.
Members may apply for loans up to 85 percent of the value of their property (less the first mortgage balance).
- Rate: 1% above prime
- $5000 minimum HELOC
- $100 minimum advances
- 5-Year Draw period
- Minimum Rate: 6%
- Maximum Rate: 18%
- Rate may change semi-annually
- Monthly billing noticies
CLOSED-END SECOND MORTGAGE HIGHLIGHTS:
- Fixed Rate – rate will not change
- $5000 minimum loan amount
- Fixed monthly payments
- No minimum or maximum rate
For more information about our Home Equity Lending Program or to speak to a loan officer, call the credit union at (217) 528-2642.
For more information about our First Mortgage Program or to speak to an expert loan consultant , please call us at 217-528-2642 to schedule an appointment.
Tax Advantage Auto Loan
This loan allows you to convert a vehicle loan to a closed-end second mortgage. One advantage is that you may be able to decuct the interest from your taxes. Call your credit union for more details, and consult your tax advisor for more information on deducting interest from your taxes.
For more information about this service, contact IECU today.