More Loan Options
At Oregon State Credit Union
OSCU provides a student personal line of credit, deposit-secured loan, and payday advance loan to fit members’ unique financial needs.
Smart Solutions for Every Stage of Life
Student Personal Line of Credit
- Ideal for students, 18 years or older, who are enrolled in college and want to begin establishing their credit history
- $250–$800 credit limit
- Competitive variable interest rate
- No income/credit history required (previous derogatory credit may impact eligibility)
- $100 credit limit increase allowed per year of verified school enrollment upon request, up to $800
- Proof of college enrollment required
- “Revolving” convenience — no need to reapply when you need extra cash
- Easy access — ATM, branch, Member Service Center, checks, online, mobile, Phone Access Teller (24/7)
Deposit-secured Loan
- Loan can be secured by Basic Savings Account, Money Market, Investors Money Market or Certificate of Deposit
- Borrow up to the total balance of deposit account
- Continue to earn dividends while repaying loan
- Great way to establish credit
- Choose to make payments monthly or annually
Payday Advance Loan
- Affordable alternative to payday loans from predatory lenders who charge extremely high rate and fees
- 27.00% interest rate
- No loan fee
- $50–$500 loan amount — cannot exceed 20% of net base income
- Fast approval
- No credit report required
- Term: 30 days or next payday, whichever is first
Deposit-secured Loans explained
Savings-secured loans:
- The APR is set at 3% above the secured savings account’s earning rate. There is a minimum periodic rate of .013699% which equals an Annual Percentage Rate of 5.0%. The credit union may offer other rates in the future. We may be able to match rates from other lenders. All loans are subject to approval.
Certificate Share-secured loans:
- The APR is set at 3% above the certificate’s earning rate. Advances secured by credit union certificates are made at a rate based upon the earning rate of the certificate. The Periodic Rate and the Annual Percentage Rate are set at the time of the advance that is the earning rate on the pledged certificate, plus 3%. For example, if you pledge an account earning 5.00% your Periodic Rate would be .021918% and your Annual Percentage Rate would be 8.00%. The actual rate will be disclosed on the Disbursement Receipt at the time of the advance.
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