Personal Loans - Knoxville TVA Employees Credit Union

Personal Loans

Sometimes, life comes at you fast. Whether you have an unexpected expense or need to make a bigger purchase, we have a personal loan for YOU.

Easy – We’ve made the application process easier than ever! You can apply for most of our personal loans online or over the phone, and many of our branches have dedicated Loan Officers ready to help you apply!

Quick – Our loans are processed in-house, so there’s no waiting on an out-of-state committee to make the decision. Many times, you will receive your answer on the same day as your application!

Convenient – We offer multiple ways to pay your loan, so you can get back to life.

Credit Builder ¹
Let us help you pave the way to a better credit score! With KTVAECU^® Credit Builder Loan, you can help build or rebuild your credit score. Credit scores are important because they enable you to unlock life goals like buying a car or home. A good credit score leads to many savings and financial benefits, including access to loans and credit cards with the most favorable terms.

How it works: With KTVAECU Credit Builder Loan, you can borrow up to $3,000.00 at a low rate of 2.15% APR*. This borrowed amount is set aside for you in a secured savings account while paying off the loan. Each time you make a monthly payment towards your loan, the payment amount minus the interest charged becomes available to you in your account.

NO upfront cash needed
NO initial deposit needed
NO down payment needed
NO credit score minimum requirement

As each month's payment is made as agreed towards your Credit Builder Loan, KTVAECU will report it to the credit bureaus to help build or rebuild your payment history. Payment history makes up to 35% of your credit score, and on-time payments positively affect your credit score. It may take up to 6 months of on-time payments before you start seeing the payment history potentially make an impact on your credit score.

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Your Credit Builder Loan helps you save too! The money you initially borrow is set aside for you in a secured savings account. You will earn dividends while helping to build or rebuild your credit score!

No monthly fee with eStatements ²
Withdraw available funds any time
Dividends accrue daily; compound quarterly

Watch your credit score grow with FREE Credit Score ³ in online banking or the mobile app! LEARN MORE

Share Secured Loans ⁴

Share Secured Loans are another way to build or rebuild credit while also being extremely low risk.

How it Works: With a Share Secured Loan, you pledge a matching amount of funds in your account. We put these funds on hold and give them back to you in the form of a loan. As you pay off your loan, the funds (minus interest) become available in your account. Because your loan is “secured” by funds in the account, the risk is low. Just like the Credit Builder Loan, each time you make a payment, we report it to the credit bureaus, which will build your credit. Your funds will also accumulate dividends, depending on which savings account or certificate you have it in.

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Signature Loans ⁵ , ⁶

Signature Loans are one of the most versatile loan products we offer. They can be used for vacations, furniture, car repairs, and much more!

How it Works: When you get a Signature Loan, you borrow all the funds at once and pay it back over a predetermined period of time. Signature Loans are an unsecured personal loan, so you don’t need to have matching funds or collateral. Approval and limits are based on credit score and financial soundness.

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CONSUMER LOAN
PAYOFF ADDRESS
Include account number in the memo.

Knoxville TVA Employees Credit Union
Attn: Loan Payoff
PO Box 36027
Knoxville, TN 37930

CONSUMER LOAN
PAYMENT COUPON
To make a payment, write your account number on your check or print the payment coupon template (below) and return it with your monthly payment.

PRINT PAYMENT COUPON

MORTGAGE LOAN PAYMENT

MAILING/PAYMENT ADDRESS:
PO Box 36027
Knoxville, TN 37930
PAYOFF PORTAL MORTGAGE INFORMATION

Payment Protection ⁷

Life is unpredictable. Debt Protection with TruStage™ offers a safety net for your loans during unexpected life events such as illness, hospitalization, loss of life, and more. Debt Protection can be added anytime during the life of the loan and can offer peace of mind for yourself and your family members.

For more information or to add Payment Protection, call us at (865) 544-5400.

Skip-A-Payment ⁸

Member accounts in good standing can apply to Skip-A-Payment for a $35.00 fee after making at least three payments on their loan. Skip-A-Payment can be used two times per 12-month period.

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Disclosures

¹ APR = Annual Percentage Rate. Terms up to 36 months. Minimum payment $25.00 per month. Rates subject to change. Rate can change after consummation. Membership must be 90 days or older to qualify. Some restrictions may apply. Ask for details. Payment example for Regular Share Account: 36 monthly payments at 2.10% APR is $28.69 monthly payment per $1,000.00 borrowed.

² Receive a paper statement in the mail for $2.00 per month or enroll in free eStatements (electronic statements). Members under the age of 18, Senior Member Accounts, and department SSI excluded. Ask for details.

³ Coinstar^® is a registered trademark of Coinstar^® Asset Holdings, LLC. Available to qualifying Members. Transaction fee of $1.00 minimum may apply.

⁴ APR = Annual Percentage Rate. The APR may increase or decrease during the term of this loan based on the changes in an interest rate index. The index is the dividend rate or current earnings rate paid on the account on the date of the advance plus 2.00%, up to the maximum APR of 18.00% or the maximum rate allowed by the law. Any increase in APR will result in more payments. Rate subject to change. Rate can change after consummation. Payment per $1,000.00 is for example purposes.

⁵ APR = Annual Percentage Rate. Some restrictions may apply. Published rates are the lowest rates available for each loan type. Your rate may vary, based on creditworthiness, amount financed, and loan terms. Ask for details. Payment per $1,000.00 is for example purposes.

⁶ APR = Annual Percentage Rate. Some restrictions may apply. Published rates are the lowest rates available for each loan type. Your rate may vary, based on creditworthiness, amount financed, and loan terms. Ask for details. The APR may increase or decrease during the term of the loan based on changes in an interest rate index. The index is the 24-month certificate account rate paid by the CU on the last day of the previous calendar quarter plus a spread determined internally by the Credit Union. Any increase in APR will result in more payments. Rate subject to change. Rate can change after consummation. Payment per $1,000.00 is for example purposes.

⁷ Payment Protection is available through third-party partner TruStage™. Must be age 18 or older to apply. These products are optional. Insurance products are not a deposit or obligation of or guaranteed by Knoxville TVA Employees Credit Union or its affiliates. These products are not insured or guaranteed by NCUA or any agency of the federal government. Your credit approval cannot be conditioned on whether you purchase any of the insurance products. Some exceptions apply. TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Payment protection products include debt protection products available through the credit union and MEMBER'S CHOICE credit life and credit disability insurance underwritten by CMFG Life Insurance Company.

⁸ Skip-a-Payment Disclaimer - Skip-A-Payment is not valid on real estate loans, business loans, line-of-credit loans, or credit cards. $35.00 fee applies to each skip-a-payment. All qualifying loans must be current and in good standing. Maximum number of 2 skips are allowed per rolling 12-month period. Back-to-back skips are allowed if qualifications are met. Ineligible loans will not be deferred. Credit Union will not be responsible for any payments, deposits, or other communications of forms lost in the mail. Skip-A-Payment is subject to Credit Union approval. By utilizing Skip-A-Payment, you acknowledge that KTVAECU will be extending your loan and final payment by one month on each loan designated. Interest will continue to accrue on your loan during the month that you skip your payment. If a GAP Waiver insurance policy was purchased at the origination or during the course of the loan, doing any Skip-A-Payment may have an adverse impact as to how a GAP claim is paid by the GAP insurance carrier. The Credit Union will not be liable for any denial of GAP benefits created by Skip-A-Payment products.