Youth Loans

Youth loans are a great way for young adults to obtain financing, and begin to establish credit and a relationship with United Educational Credit Union. It is also provides hands on financial education on a small scale, while under the watchful eye of mom or dad.

General Guidelines

Youth loans are available to young people under the age of 18 with parent or guardian consent. Youth must have the ability to repay the loan, either through an allowance or job, however income verification is not required. A qualified co-maker who is an immediate family member or guardian may be required.

The Rate…and the Reward

The initial rate will be the established rate for C credit (which is standard for those without established credit). From there, we reward youth who have completed financial education courses with rate discounts! Rate discounts of up to a maximum of .50% off the base loan rate for youth who present:

  1. Certificate of completion of the National Endowment for Financial Education (NEFE) High School Financial Planning Program (HSFPP) = .25% discount to base rate.
  2. Verification of completion of one applicable module of the FoolProof for Parents program = .25% discount to base rate.

Both of these educational programs are available through United Educational Credit Union.

Minimums & Maximums

Unsecured loans

  1. Minimum limit is $250
  2. Maximum aggregate limit is $2,500                   

Secured loans

  1. Minimum limit is $250
  2. Maximum aggregate limit is $5,000

But That’s Not All!

Financial education is an important component of our youth loan product. So much so that our loan disbursement process includes a discussion with the youth member, their parent/guardian, and our loan staff emphasizing:

  • The importance of good credit and factors resulting in good credit
  • The ramifications of poor credit, including short and long term
  • The responsible use of credit
  • The expectation of parental guidance and monitoring of the status of the loan

Would you like to know more? Contact our Loan Department at 1-269-660-1370 or 1-800-494-6970.

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