State Employees Credit Union Personal Loan

Providing Help In Your Time Of Need

We provide low cost loans quickly for state employees. WorkPlaceCredit® knows the role you play in supporting our states. At times, you may need access to fast money, personal loans, and installment loans. Thats why were here to offer flexible terms that are right for you.

Installment Loans

A personal installment loan program, where you can borrow from $2,000 up to $6,000, at an interest rate of 20.99%, repayable over a period of 12 to 36 months. Please note a 4% origination fee will be charged with each installment loan.

Payday Loans

Have an unexpected expense? Get a low cost, fast personal loan and avoid the high cost predatory lenders out there.

Short-Term Loans

Receive quick cash with our short-term loans. Our loans can be created for your unique needs. Low cost loans as quickly as today.

Emergency Loans

Our emergency loan is a lifesaver! Get an emergency loan of up to $1,500 at an interest rate of 29.99% with no origination fee and repayable over a period of 6 to 12 months. *Only one emergency loan can be active at any time.

What Is The State Employees Credit Union

The term State Employees Credit Union refers to a nonprofitfinancial institution that is owned by employees of the state of North Carolina. The SECU was founded in 1937 and is now one of the largest in the United States by asset size and number of members.

The credit union’s main purpose is to provide affordable financial services to its members including checking and savings accounts, loans, mortgages, and investment savings vehicles.

Secu Mission And Offerings

As mentioned above, the main purpose of the union is to provide its members with affordable and accessible financial services. These services include:

Member deposits with SECU are federally insured by theNational Credit Union Administration , one of the two organizations that offer deposit insurancethe other being the Federal Deposit Insurance Corporation .

Over time, the union expanded its offerings to include investment accounts, estate planning, trust services, and insurance products. SECUs investment accounts help members save for retirement and education by providing low-cost diversified stock and bond mutual funds. Investment advisors assess a members goals and risk profile in order to choose the best mutual fund for the members tax-advantaged or taxable investment account. Members who want to invest in stocks, bonds, or other mutual funds can do so online or with the help of assistance representatives. The traditional, Roth, and simplified employee pension individual retirement accounts have no service or transaction fees. These accounts require a minimum opening deposit of $25.

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State Employees Credit Union

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master’s in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

State Employees Credit Union Mortgage Refinancing Review

Best for:

• Residents of North Carolina or other eligible states
• Homeowners with enough equity for a cash-out refinance
• Homeowners looking for a home-equity line of credit

Standout feature: SECUs mortgage refinance loans include cash-out options.

The SECU home refinance selection is limited, but its also very straightforward, so youll know right away what your options are.

The fixed-rate and adjustable-rate loans are the same products as described above for purchases. You can take cash out in some instances and finance larger amounts depending on the interest rate and loan type you choose.

For example, while SECU lets you finance up to 100% of a conventional purchase loan, the lender also allows financing of up to 110% on adjustable-rate loans if youre doing a no cash-out refinance.

Tip:

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Nc Secu Ease Of Application

Like many credit unions, SECUs website isnt flashy but an online mortgage application is available once you’re granted member access.

Additional online conveniences like document upload and automated loan tracking are available, too, and the lender says you can electronically sign documents.

SECU also offers 24/7 member service via a toll-free support line. It also has a massive number of branch offices, with more than 270 across North Carolina alone.

Nc Secu Mortgage Rates And Fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

• N.C. State Employees’ Credit Union earns 3 of 5 stars for average origination fee.

• N.C.State Employees’ Credit Union earns 2 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

On its website, SECU says that it charges an origination fee of 1% of the total loan amount on purchase mortgages, up to $2,500, and that there’s an additional 0.5% fee for refinance transactions. It claims to charge no application or credit report fees.

Borrowers should consider the balance between lender fees and mortgage rates. While it’s not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points a fee paid with your closing costs to reduce your mortgage rate.

Deciding whether you want to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

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New Membersyou Can Borrow Too

You can access this facility immediately upon approval of your Membership Form. However, lending criteria apply.

Please ensure you provide us with ALL of the following:

• Two valid forms of national identification
• Proof of income i.e. receipts and/or contracts
• A letter of employment
• Supporting documents for the loan, i.e. a genuine invoice orquotation from the supplier

What Our Members Say

We have a personal loan with SECU. The loan process was very quick, and our loan is at a better rate than anywhere else. Member for 10+ years

What I love about State Employees Credit Union is they have been here for more than 50 years. Their name hasnt changed, the stability in knowing that its our credit union hasnt changed, they serve their members. Theyre here to help when we need that financial help.

Member for 30+ years

When I applied for an auto loan at the State Employees Credit Union, the staff was very upbeat and positive

Member for 20+ Years

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Nc State Employees Credit Union Mortgage Review 2022

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.

Fast & Reliable Loans

We pride ourselves on giving fast online loans that are easy to obtain and have very fair rates and terms. We are pleased to offer these loans with our lending program, which:

Is a great option vs. payday lending.

Is fast and easy to receive.

Helps build your credit score.

Provides consultations to make strong credit decisions.

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Nc State Employees’ Credit Union At A Glance

If youre eligible for membership, SECU offers some excellent perks in particular, no-down-payment loans for first-time home buyers, as well as closing cost assistance. SECU does not offer government-backed loans, though it does have fixed-rate conventional mortgages with a variety of terms and a few specialty loan options. It’s easy to view sample rates and fee details on its website.

Here’s a breakdown of SECU’s overall rating:

• Variety of loan types: 5 of 5 stars

• Ease of application: 5 of 5 stars

• Rates and fees: 3 of 5 stars

• Rate transparency: 4 of 5 stars

» MORE: Compare State Employees’ Credit Union with other N.C. lenders

Pros And Cons Of Refinancing Through Secu

SECUs refinance loans have drawbacks, but there are a number of benefits that could make up for them.

Pros

• Second homes and investment properties eligible for refinancing
• No application fee or credit-report fee
• 110% no-cash-out refinancing into an ARM

Cons

• Refinance fee on top of origination fee
• Limited loan types, especially for adjustable-rates
• Relatively low maximum loan amount for investment properties

Find Out: How to Refinance Rental and Investment Properties

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A Short History Of Ontario Public Employees Fcu

Since its inception in 1959 the Ontario Public Employees Federal Credit Union has been serving its members in the ONTARIO, California area with exceptional financial products. You can find their current interest rates on used car loans, new car loans, 1st mortgage loans and interest rates on both fixed and adjustable mortgages here on these pages. Currently led by Charlene Jackson, the Ontario Public Employees FCU has grown its membership to over 2,156 with assets of more than $20,540,794. They have a main office and 1 branch offices. Please see the credit unions website or contact them by phone at 984-8781 or email them at ope@opefcu.org to get exact details . There are many other credit unions in the local area. See them all here. .

Have An Unexpected Expense

Select Employees Credit Union can help! We offer personal loans for many different reasons.

We offer up to $20,000 with a maximum term of 60 months. Rate is determined by your credit score.

We make it easy to apply. You may log in to your home banking and complete the electronic application. You may also apply by stopping into the credit union to pick up a paper application.

No matter which option you choose, please know that we need a current paystub to begin processing your request. You may drop it off or email to

Once you have the loan, we offer many convenient ways to make your payments. Depending on your employer, we may be able to take the payment from your payroll. This makes it extremely convenient. You will never be late and you dont have to worry about mail service! We also offer automatic transfer from your SECU account or any other financial institution. And of course, you can always transfer payments from our mobile and home banking sites!

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How Does Secu Stack Up

If you like SECUs special loan programs but dont live in one of the states SECU serves, Northpointe Bank might have what youre looking for. Like SECU, Northpointe is a full-service financial institution with home loans for residential and investment properties. And it also caters to buyers with special financing needs with a large number of proprietary loan products.

Credible can help you compare mortgage rates from our partner lenders and potentially save you thousands of dollars on your loan. We also make it easy to upload your documents when youre ready to apply for a mortgage loan.

All your loan processing happens right on our platform, but our dedicated support team has your back in the event you need assistance.

Check todays mortgage rates:

Read More: What You Need to Know About Working With a Mortgage Broker

The company above is one of Credibles approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesnt affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay are not impacted by this compensation.

Home » All » Mortgage Lender Reviews » State Employees Credit Union Mortgage Review

Nc Secu Mortgage Loan Types

North Carolina State Employees Credit Union, or SECU, is one of the top five largest mortgage lenders in North Carolina by loan volume as of 2020, the latest data available. SECU, whose membership is primarily composed of state and public school employees and their families, has over $45 billion in assets and more than 272 branch locations.

SECUs mortgage lineup is fairly solid, but the lender does not offer government-backed home loans, like FHA and VA loans. Home loans offered include conventional 10-, 15-, 20- or 30-year fixed-rate mortgages 5/5 ARMs construction loans historic preservation mortgages and manufactured home mortgages. Lending for all home loan types is limited to properties located in Georgia, North Carolina, South Carolina, Tennessee and Virginia.

SECU does offer jumbo loans but doesnt call them that on its website. Thats because SECU does not have separate underwriting standards for loans over the Federal Housing Finance Agencys county limit, as most lenders do. Individual members can get a home loan up to $1.5 million.

Low-down-payment borrowers will appreciate this: SECU does not require private mortgage insurance on conventional loans with down payments of less than 20%.

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State Employees Credit Union Mortgage Purchase Review

Best for:

• Residents of North Carolina and surrounding states
• First-time buyers
• Buyers looking to finance a non-traditional home type

Standout feature: SECU has a variety of financing options and special mortgage programs.

SECU has several mortgage programs, but you wont find jumbo loans or government-backed loans here. Conventional loans at SECU stand out you can borrow up to 100% of the homes value with a fixed-rate mortgage and an adjustable-rate mortgage, and you wont have to pay mortgage insurance.

SECU home loans also include the credit unions own low- and no-down-payment options as well as loans for first-time homebuyers are also available.

As long as you qualify for membership, SECU will consider loan applications from borrowers who live in Georgia, North Carolina, South Carolina, Tennessee, or Virginia, and/or borrowers who wish to purchase property in any of those states.

Youre Our First Priorityevery Time

We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.

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Our Gate Remains Open For You

Enjoy our affordable interest rate of1% monthly, calculated on a reducing balance.

Make Your Dream Come True!

SECUs personal loans make life a lot easier.

Whatever your plans, whether it is a Vacation, New Furniture, House Repairs, Studies etc., you can keep your savings and still enjoy life to the fullest.

State Employees Credit Union Mortgage Review

State Employees Credit Union has some notable perks, including no down payment or mortgage insurance requirement.

Edited byChris JenningsUpdated April 25, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

State Employees Credit Union is a full-service financial institution headquartered in North Carolina. Memberships are available to current and retired employees of the state of North Carolina, government employees working in North Carolina, and eligible spouses and immediate family members. Youll need to visit a local branch or call customer service to apply for membership.

Once you join, youll have access to the SECU Fast Mortgage service, which allows you to apply online and receive up to 100% financing on your home loan no down payment or private mortgage insurance required.

At a glance: SECU offers innovative loan programs with no private mortgage insurance required even for low-down-payment loans, but membership is restricted to North Carolina state employees and eligible family members.

In this review:

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