Edwards Federal Credit Union, now with a growing network of branches and ATM locations throughout California, offers a fairly impressive array of personal finance options that might be worth considering. While it is not a national bank, this credit union does offer similar financing options to the larger, more well known banks and is certainly a competitive alternative.
Homeowner’s Resources
Edwards FCU has a variety of personal financing options for both prospective buyers and current homeowners. For first time buyers, there are programs to accommodate the needs and questions of new homeowners, assistance with FHA and VA loans, and counseling on fixed and adjusted rate loans.
The majority of EFCU’s mortgage loans are financed through Members Loan Services, Inc., a mortgage partner that operates throughout the state of California.
One of the most attractive options available through this institution is their home equity financing, which includes up to 120 month term fixed rates, while borrowing up to 80% of your loan to value. In addition to equity loans, equity lines of credit are available with similar stipulations, and might be a worthwhile alternative if a traditional loan is not ideal for your specific situation.
Auto Loan Options
Edwards Federal Credit Union does offer standard auto financing options for both cars and recreational vehicles, and one thing that did stand out was an 84 month term option for vehicles over $30,000, with no pre-payment penalty. If you, however, are a first time car buyer or a low credit situation, you might want to consider other options. While it’s unlikely that the institution lacks any kind of resources for people in these positions, there doesn’t seem to be any exclusive programs or options either; similar competitors across the country (such as America First Credit Union), have specific solutions for this demographic.
Unsecured Loans
EFCU neither fails nor shines with unsecured financing options. Their rates, term options and (slightly generous) $25,000 dollar limit are close to industry standard across the board, however it is worth noting that there are no pre-payment penalties or annual fees associated with their unsecured financing.
If You Have Collateral…
You have several personal financing options with Edwards Federal Credit Union if you have collateral to leverage. If you have a significant savings account that you’re not planning on tapping into any time soon, you can secure a loan for up to 100% of the value of your account and, as with the rest of their loans, do not come with any pre-payment penalties. Their certificate secured loans function in virtually the same manner.
Visa Credit Options
Perhaps the most attractive services this institution offers are their two Visa credit card options. Regardless of which card you apply and/or approve for, there are no annual fees, fees for balance transfers or cash advances, and a competitive 25 day payment grace period. While not as comprehensive as benefits powerhouses like Discover, there are small bonuses such as auto rental insurance available to Visa Classic cardholders.
The Platinum card, definitely geared towards the excellent credit demographic, has all of the above benefits and more. Platinum has its own ScoreCard Rewards system in place, as well as travel assistance, concierge service, emergency cash and card replacement, as well as a warranty manager similar to that of Discover or MasterCard’s major cards.
While Edwards Federal Credit Union may not necessarily be the largest or most unique institution, especially for those with exceptional financial situations, it does compete against its major rivals in the most important areas, and offer credit card benefits that could be a serious consideration for an alternative to larger institutions.