FAQ - Get A Loan

FAQ: Get a Loan > Auto Loans

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• Does an auto loan qualify for the Skip-a-Pay Program?

  Yes. The Skip-a-Pay Program allows you to choose the month of your choice to skip one payment per calendar year on qualifying loans, such as a Wright-Patt auto loan. The request for a payment skip can be made up to 6 months in advance of the monthly payment chosen and the request will automatically be processed on the date requested. There is a small fee of $10.00 per skipped payment that will be collected at the time of the request. Finance charges will continue to accrue on the loan during the month of the skipped payment, but no late fee will be charged.

  To be eligible, you must have a positive balance, no late payment history on the loan of more than 31 days, have had the loan more than six months, and be current on all your WPCU loans.

• After I pay off my auto loan, how soon will I receive my Title?

  When a loan is secured with an Ohio title, it usually takes 3 to 4 weeks to release the lien. Titles are issued electronically in Ohio. If you need a paper title for your records, you can request one at your local title office. You must appear in person and present valid picture ID.

  If a loan was secured with a title from another state, the time frame in which you receive Title will vary by state.

• What does GAP Insurance cover?

  GAP pays the difference between your insurance settlement and your loan balance and may even pay up to $1,000 of your insurance deductible as part of the deficiency balance.

FAQ: Get a Loan > First Time Credit Card

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• What should I do if my card is lost or stolen? How much am I liable for?

  If your WPCU credit card is lost or stolen, please call (800) 762-0047 immediately. You can also report your card as lost or stolen by calling our audio response system, Call-24, at (800) 336-7277 and selecting #7 from the main menu, then sub-menu #3 for credit cards.

• What should I do if I find fraudulent transactions on my statement?

  We recommend that you review your account statement carefully each month for any suspicious account activity. If you suspect fraudulent activity on your credit card account, call us immediately at (937) 912-7000 or (800) 762-0047.

• If my card is used for fraudulent transactions, am I liable?

  No - as a member of Wright-Patt Credit Union, you are covered under our “zero liability policy” for fraudulent charges on your credit and debit cards. However, to help alleviate or minimize any inconvenience to you, please monitor your checking and credit card accounts closely, and report any suspicious activity to Wright-Patt Credit Union immediately by calling (937) 912-7000 or (800) 762-0047.

FAQ: Get a Loan > Low Rate Credit Card

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• What should I do if my card is lost or stolen? How much am I liable for?

  If your WPCU credit card is lost or stolen, please call (800) 762-0047 immediately. You can also report your card as lost or stolen by calling our audio response system, Call-24, at (800) 336-7277 and selecting #7 from the main menu, then sub-menu #3 for credit cards.

• What should I do if I find fraudulent transactions on my statement?

  We recommend that you review your account statement carefully each month for any suspicious account activity. If you suspect fraudulent activity on your credit card account, call us immediately at (937) 912-7000 or (800) 762-0047.

• If my card is used for fraudulent transactions, am I liable?

  No - as a member of Wright-Patt Credit Union, you are covered under our “zero liability policy” for fraudulent charges on your credit and debit cards. However, to help alleviate or minimize any inconvenience to you, please monitor your checking and credit card accounts closely, and report any suspicious activity to Wright-Patt Credit Union immediately by calling (937) 912-7000 or (800) 762-0047.

FAQ: Get a Loan > Personal Loans

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• Is there a maximum amount allowable for a personal unsecured loan?

  The maximum amount available for a personal unsecured loan is $25,000. The minimum amount is $100. The amount approved will vary based on the individual borrower.

• Are there limits to how I can use a Personal Loan?

  No. You can use a personal loan for any financial need, including home improvements, vacation, school, or to consolidate your high interest rate credit cards.

• Does a personal loan qualify for the Skip-a-Pay Program?

  Yes. The Skip-a-Pay Program allows you to choose the month of your choice to skip one payment per calendar year on qualifying loans, such as a Wright-Patt Personal Loan. The request for a payment skip can be made up to 6 months in advance of the monthly payment chosen and the request will automatically be processed on the date requested. There is a small fee of $10.00 per skipped payment that will be collected at the time of the request. Finance charges will continue to accrue on the loan during the month of the skipped payment, but no late fee will be charged.

  To be eligible, you must have a positive balance, no late payment history on the loan of more than 31 days, have had the loan more than six months, and be current on all your WPCU loans.

FAQ: Get a Loan > Ready Line of Credit

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• What is the minimum payment on a ReadyLine Line of Credit?

  The minimum payment on your ReadyLine Line of Credit is 3% of your outstanding balance, or $20, whichever is greater.

• How do I access my ReadyLine?

  Accessing your ReadyLine is easy. Simply write a check (ReadyLine must be set up as overdraft protection on your checking account), use Call-24™ or WPCU online Home Banking to transfer money from ReadyLine to your Wright-Patt savings or checking account, or visit a Member Center or call the Member Help Center to draw from your ReadyLine.

• What happens when I hit my credit limit?

  Once you’ve hit your credit limit, simply pay it down to free up some funds on your credit line.

FAQ: Get a Loan > StretchPay

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• Who can qualify for StretchPay?

  To qualify, you have to be a member of Wright-Patt Credit Union for 120 days, be able to show proof of income, have no delinquent accounts at Wright-Patt, and not be in the process of filing for bankruptcy. We will also do a minimal credit review of your history with payday lenders.

• Do I have to pay a fee each time I take out a StretchPay loan?

  No. You pay a fee once a year to be enrolled in the StretchPay program - $35 for a $250 loan limit, or $70 for a $500 loan limit. After that, you can borrow and repay the loan over and over, and pay only the 18% APR finance charge.

• How long do I have to repay my StretchPay loan?

  You have approximately 30 days to pay off a loan of $250. A $500 StretchPay loan is payable in two payments over approximately 60 days.

FAQ: Get a Loan > Student Choice Student Loans

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• Who is eligible for a Student Choice loan?

  Students enrolled at least half-time in a degree-granting program, with a qualified borrower. You must also be a member of Wright-Patt Credit Union.

• How much can I borrow?

  Once approved, students can borrow anywhere from $1,000 up to $30,000 per year based on the cost of attendance. The aggregate maximum (amount you can borrow throughout your college career) is $75,000.

• What are the eligibility requirements for a Federal PLUS or Federal Stafford loan?

  The Federal PLUS loan is a student loan designed for the parents or legal guardians of a dependent undergraduate student. The student must plan to attend at least "half time" at an approved school.

  The Federal Stafford loan is designed for students who plan to attend school at least "half time" at a school that participates in FFELP and is approved by the designated guaranty agency. The student must maintain satisfactory academic progress, as defined by the school. Depending upon your financial need, you may qualify for a Federal Stafford subsidized and/or unsubsidized loans.