1.Fast:  Skip the hassle of verifying your income and having your credit checked.  For most Cal Feminist loans you need to have had a savings account with us for 1 month before your loan can be funded.  These three loans are an exception, a good way to establish—or improve—your credit history.

2. Versatile: Most of our loans may be used for only certain reasons; use these loans for any purpose.

3. Lower monthly payments: most loans limit your repayment time, forcing you to make larger payments.  These loans permit you to make small payments at the beginning and larger payments later, without pre-payment penalties. (Note: if you simply want to reduce your cost of credit, you may choose to pay the loan off faster.  But if you want to establish a better credit record, take a minimum of 6 to 24 months to repay.)

4. Steps:

            a. Print out the Short Form Loan App

b. Complete the App (questions? click on How/When to Reach us)

c. Sign the app with your legal signature

d. If you’re already a member of Cal Feminist, choose one of the following:

(1)   snail mail the application to:    Cal Feminist FCU - PO Box 16587 - San Diego, CA 92176

(2)   fax the application to: (619) 298-1412

(3)   call (619) 298-SAVE (7283) for a funding appointment; give us details by phone, and bring the completed application with you to your appointment

e. If you’re not yet a member of Cal Feminist, send your application in along with your new account forms.  Click on It's Easy to Join

5. About the three types of automatically-approved loans:

a. Share-Secured Type I:  backed by savings on deposit* in your Cal Feminist savings account.  You may borrow $100 for every $106 you have on deposit in Cal Feminist.  Most of us repay loans more consistently than we deposit to our savings accounts.  Hang onto the savings you’ve worked so hard to build up.  To protect your credit history, you may want to add optional credit disability insurance to your payments.  If you’d like to leave your savings to your estate, consider adding optional credit life insurance.  Ask for details.

           b. Share-Secured Type II:  backed by savings on deposit in another person's savings account at Cal Feminist.  A friend or relative in one of the 50 states or DC enables you to borrow.  Yet, they avoid the risks of co-signing a loan.  For every $100 you borrow, she or he will need to have $106 in their own Cal Feminist savings* account.  They may have an account with us now, or they can open one just before you take out your loan.  To protect your friend or relative’s savings, you may want to add optional credit disability and credit life insurance to your payments.

            As you repay the loan, they’ll be able to withdraw from their account, so long as they leave in their savings account 106% of what you still owe.  Example:  you take out a loan of $1,000:

           when your loan balance is         their minimum savings balance must be 

            $1,000                                     $1,060

            $   500                                     $  530

            $   200                                     $  212 and so on

c. Credit-Builder Loan: To take out one of these loans, all you need is at least $50 in your own Cal Feminist savings account.  You do not receive a check:  the money you borrow is added to your Cal Feminist savings account.  It remains there, earning dividends, until you pay your loan in full. It’s like putting a savings deposit on lay-away. Why take one out?  Here are some possible reasons: 

(1) you need to improve your credit, but you can’t spare $530 in saving to back your own loan and no one else you know can either. 

(2) you don’t want to buy something you don’t really need just to improve your credit history

(3) you’d like a way of disciplining yourself to save money. You always pay your bills, but you seldom pay yourself.

(4) you need to save a certain amount of money by a certain date.

Prior Cal Feminist Credit History                 Maximum Credit-Builder Loan

none or poor                                                    $ 2,000

good for at least 6 – 12 months                        $ 5,000

near perfect for 12 or more months                  $10,000

  *Note:  the terms “savings” and “shares” are used interchangeably.  If you need a Share-Secured Type I or Type II loan quickly, deposit a cashier’s check instead of a personal or business check.  Otherwise, you may have to wait 2 – 3 weeks after your check is deposited before you’ll be able to receive funding.  For rates on these loans click on Loans

(c) 2001 - 2003 Cal Feminist FCU