Credit Building Loans

Pay Day Alternative Loan

We provide an unsecured six-month loan for $500. This loan can be used for unexpected expenses, emergency purposes or to build your credit score.

Terms

  • The loan is paid off in six months
  • The current rate is 18% which equals about $30 total over the life of the loan
  • This loan is a credit building product.
  • Application Fee: $30
  • Late Fee: $10
  • $75 remains frozen as a security deposit in your account until the loan is paid off

Requirements

  • Credit Union Member
  • Minimum monthly net income of $1000
  • Credit Score of 600 or higher, or must attend a credit counseling session
  • No other current loans with North Side
  • The loan may be accessed once every six months
  • Direct Deposit is Required

To Apply: Fill out and submit the loan application by login into online banking. Set up an appointment by calling (773) 769-5800.

Hot Funds/Cold Cash Loan

This unsecured loan for $500 is available to individuals who have been credit union members for at least a year. Direct deposit is not required. The loan is available only during July and August or December and January.

Terms

  • Loan must be paid off in one year.
  • 18% interest rate.
  • Application Fee: $30
  • Late Fee: $10

Requirements

  • Credit union member for at least one year with an active account in good standing
  • Minimum monthly net income of $1000
  • No current loans or loan denials in the last year with North Side
  • Eligible for loan twice a year.

To Apply: Fill out and submit the loan application by login into online banking. Set up an appointment by calling (773) 769-5800.

Borrow & Save Loan

North Side Community Federal Credit Union is offering this Borrow and Save Loan to those members who are interested in building savings as they repay their loan. Borrow $500, $750, or $1000 and build an emergency fund!

Terms

  • The loan must be paid back within six to twelve months depending on loan amount.
  • 18% interest rate.
  • Application Fee: $30
  • By agreeing to this loan, you will make an additional monthly deposit of $25-40 (dependent on loan amount) to be deposited into your savings account and secured for the length of the loan.

Requirements

  • Credit union member for at least one year with an active account in good standing
  • Minimum monthly net income of $1,000 -$1500 (dependent on loan amount) and a direct deposit
    set up to repay the loan.
  • You are only eligible for one small dollar ($1000 or less) loan at a time. You must wait until the end of the repayment period to obtain another loan.

To Apply: Fill out and submit the loan application by login into online banking. Set up an appointment by calling (773) 769-5800.

Step Up Loan

North Side Community Federal Credit Union is offering Step Up Loan to those members who are interested in building credit as they repay their loan. Borrow $1000 and build credit!

Terms

  • The loan must be paid back within six to twelve months.
  • 18% interest rate.
  • Application Fee: $30

Requirements

  • Credit union member for at least one year with the active account in good standing
  • Minimum monthly net income of $1500 and a direct deposit of at least $65
    set up to repay the loan.
  • To receive this loan it is required to pay in full at least two loans with North Side Community Federal Credit Union.
  • You are only eligible for one small dollar ($1000 or less) loan at a time. You must wait until the end of the repayment period to obtain another loan.

To Apply: Fill out and submit the loan application by login into online banking. Set up an appointment by calling (773) 769-5800.