It can help fill the educational funding gap economically after other options have been exhausted.
You get a low fixed rate no matter what accredited school you attend—and an even lower interest rate if attending a United Methodist-school or seminary within the United Methodist Conferences we serve.
SnapLoan is structured as an Educational Line-of-Credit, which helps you in several ways:
- Only one application is required — no need to reapply each year
- Quick and easy one page application, and a decision is typically made in just one business day
- Complete flexibility to draw the money whenever you see fit (subject to annual limits)
- No annual FAFSA required
- Funds can be used for any educational related expense — even study abroad
- Repayment period begins one year after graduation or leaving school
And no loan origination fee or prepayment penalties — ever. Borrower must be a member of The United Methodist Credit Union(TUMCU) [don’t worry — as long as you attend a United Methodist-affiliated school—- you’re eligible]. Borrowers may need a co-signer for this loan if not otherwise qualified.
- 5.95% APR Fixed Rate if attending any accredited college or university
- 5.45% APR Fixed Rate if attending a United Methodist Affiliated College or Seminary
We recommend that at least interest be paid during the first 5 years so that you will carry forward the smallest possible financial burden. Example: On a $20,000 balance with a 5.45% APR, the monthly interest only payment would be $90.84
When repayment does begin, your line-of-credit will convert to a fixed-rate term loan (you chose the length of that fixed-rate term loan up to 10 years). Your fixed rate will be equal to the corresponding term treasury rate at that time plus 4.00%
All TUMCU loans are subject to approval and credit restrictions apply. (APR) Annual Percentage Rate.