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In This Issue
Annual Meeting Adjourned
Dangers of Payday Loans
Nationwide Insurance Savings
Love My CU Discounts
Join us on Facebook
Board of Directors
Nancy M. Smith
Ann T. Boniface
Terri L. Keene
See what's been happening at New Castle County School Employees Federal Credit Union in the Spring 2016 quarterly edition of Class Notes!
Hours & Closings
Monday - Friday
(begins Monday, August 15th)
9am to 4:30pm
(begins Saturday, September 10th)
9am to 12noon
Monday - Friday
(begins Monday, June 20th)
9am to 4:30pm
(begins June 18th)
Chrisitiana HS Branch
(When school is in session)
10 am to 1 pm
Monday, May 30th
Monday, July 4th
ATTENTION MEMBERS WITH VEHICLES FINANCED AT A
FINANCIAL INSTITUTION OTHER THAN NCCSEFCU
Loans For Every Need
VISA Credit Card
Our VISA Credit Card will easily beat
the competition! Not only are our
interest rates super low but we don't
charge any balance transfer fees or cash
advance fee! Make the switch today.
You won't regret it!
Rates as low as 7.99%*!!
Payday Loans: A Serious Problem With An Easy Solution
It's called a signature loan because we don't
ask for any collateral-- just your signed
promise to repay the loan.
Borrow up to $20,000 for whatever your
needs might be.
Interest rates as low as 8.9%*!
We've all been there. It's the middle of the month and you're two or three weeks
from your next paycheck. You're driving to work like usual when a dashboard light
starts flashing. The engine starts making noise. You don't know what it means
exactly, but you know it won't be cheap. It's weeks until payday, and you don't
have the money you need right now.
Ideally, you'll have an emergency fund, a credit line or a HELOC you can use for
those sudden, unexpected crises. Sometimes, though, you don't have the best
If you've seen ads on TV for quick cash services, you probably thought they were
too good to be true. They are. Most often, these are "payday loans." This is a
short-term loan against your next paycheck. It's a really bad deal.
Are you in need of a new mode of
NCCSEFCU can help you afford the vehicle
you've been dreaming of with our low rate
Currently financed through someone else?
Let us see if we can get you a better rate.
Rates as low as 1.75%*
*Payments/Rates are based on term and credit
worthiness and are subject to change without
You write a personal check to the lender for the amount you want to borrow plus
the lending fee. The lender holds the check until your next payday. At that point,
they either cash the check or extend the loan for a longer period of time. Those extensions usually cost the same as the fee. They charge a
new financing fee on the loan, and then you're responsible for the whole amount. This fee adds up quickly, which can turn your one-time
emergency into a crippling debt crisis.
The fees are usually the highest that are allowed by law. $15 charged per $50 loaned is not uncommon. In a hypothetical scenario, if you
borrowed $100, you'd have to write a check for $130. If you need an extension, you'd have to pay a new fee - $45 for the new loan. You'd now
owe $175. If this pattern continues, you can be in serious financial trouble very quickly.
If you miss a payment on one of these loans, you can be in for terrible consequences. For starters, your credit score will suffer. The terms of
repayment can also allow the lender to garnish your wages, seize your car, harass you at home or work or even take you to court. The contract
you sign with a payday loan provider has all kinds of terrible traps that are hidden in the fine print.
These costs are why most people who use payday loans use them only as a last resort. What else can be done if you really need cash right
now? The institutions making these loans are counting on that desperation to make their profits.
Fortunately, as a credit union member you always have another option. New Castle County School Employees FCU is here to help you. With
our low interest loans we get you the cash you need without paying an insane amount of interest! Because you're working with the credit union
you know and trust, you can be sure that there's nothing in the fine print that's going to hurt you. Call NCCSEFCU today to see how we can
Sudoku Brainteaser - Answer at bottom.
CO-OP SHARED BRANCHING
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New Castle County School Employees Federal Credit Union | 302-613-5330
[email protected] | https://www.nccsefcu.org/index.asp
113 West 6th Street
New Castle, DE 19720
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