When it comes to loans, we’re in the business of finding solutions for our members. At TEG we look at more than just your credit score. We want to hear your story and look for all the reasons to say “Yes!” Even if we can’t approve your loan immediately, we’ll help you figure out how you can qualify for a loan in the near future. That’s what makes TEG better than a bank!
Personal LoansWe offer a variety of personal loans and lines of credit, including Debt Consolidation, Wedding Loans, Student Loans, First Time Borrower Loans, and loans designed to help repair your credit. View more
*Rates stated as Annual Percentage Rate (APR). Rates are based on an evaluation of credit history, so your rate may differ. Rates subject to change.
Have peace of mind knowing you and your family are prepared for the unexpected with asset protection options.
Help protect your loan. Help preserve your standard of living.
Whether you’re taking out a loan to make home improvements or buy a vehicle, you should take steps to protect you and your family in case something unforeseen happens. You’re betting you can pay back your loan and you won’t lose your job (through no fault of your own), or become disabled (due to injury or illness), or pass away, which could leave your family responsible for your loan balance. Life events can cause financial hardship, making bill-paying difficult. You don’t want delinquent payments and defaulted loans to impact your finances.
Help play it safe.
TEG Payment Assurance is a voluntary loan-payment protection product that is designed to help you get relief from loan payments if a protected life event unexpectedly happens to you. Simple eligibility requirements help ease the signup process.
Protection that matters.
If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), TEG Payment Assurance will cancel or waive your loan payments, up to the contract maximums—helping to lessen your worries, and your family’s worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging. We offer a number of options you could protect yourself against. These events could include:
- Loss of life, as outlined in your contract
- Disability, as outlined in your contract
- Involuntary unemployment, as outlined in your contract
Your purchase of TEG Payment Assurance is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of TEG Payment Assurance. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.
DP-1202789.1-0515-0617 © CUNA Mutual Group 2015, All Rights Reserved
Guaranteed Asset Protection (GAP) is like an airbag for your vehicle loan.
If your vehicle is totaled or stolen, GAP could help fill the gap between what your car insurance will pay and what you owe on your loan, to cushion you against sudden out-of-pocket expenses. These expenses could cost you thousands of dollars.
If your vehicle is totaled, you could end up owing more on your loan than your vehicle is worth. This is known as being “upside down” on your loan. As vehicles become more expensive and people take out more loans for longer periods of time, their risk of being “upside down” has increased. Americans have signed up for a record amount of vehicle loan debt for a record length of time. Almost one out of every four car buyers took out a 6 to 7-year loan—which has extended their risk of being upside down to around five and half years. ¹
The reason for this problem is that most car insurance companies will reimburse you only for “fair market value.” Fair market value is the common resale value for a specific car (based on make, model, age, mileage, condition, demand, etc.) in a specific market. In some ways, fair market value doesn’t seem fair if your car is totaled, because you could end up owing more on your loan than the insurance company says your vehicle is worth.
The greatest gap between your loan value and the fair market value usually occurs in the first years of your loan. The second you drive your new car off the lot, it drops in value and keeps dropping. Value often drops 78% in one year, and 46% in 5years. ² But your loan value doesn’t decrease as fast, creating a gap. It may no longer be enough to protect your car, you may want to consider optional loan protection as well.
Don’t let a wrecked car wreck your finances! Get GAP.
For more details, view the brochure or call us at (845) 452-7323.
1 Experian Study, 1st quarter 2014, from Daily Finance Financial Literacy, “Auto Buyers Set New Records, Load Up On Longer Loans”
2 % for a typical vehicle in America. Edmunds, “How long should my vehicle loan be?”
Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the GAP Waiver Agreement for a full explanation of the terms of GAP. If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product.
Mechanical Breakdown Protection covers your out-of-pocket costs in the event that your vehicle needs mechanical repairs. It also includes:
- Rental Car Reimbursement
- Roadside Assistance
For more information, call us at (845) 452-7323.
Some exclusions and limitations apply. Please ask your loan officer for details.