MEMBER’S CHOICE™ Borrower Security helps protect your dreams and safeguard your family from financial hardship, and it protects your collateral and good credit history, all for just pennies a day.
Ask your Loan Officer for details.
Taking out a loan means one of your dreams is about to come true — for example, a new car, boat, or home improvement. But what happens to your dream when the unexpected happens? How can you make sure your family won’t shoulder the financial burden of making loan payments when you can’t?
Now you don’t have to worry about the unexpected because . . .
MEMBER’S CHOICE™ Borrower Security, an optional debt cancellation program, cancels your eligible loan balance, up to the agreement maximum, should you die before paying off your loan.
In addition, if you become disabled due to a covered illness or injury, or become involuntarily unemployed,MEMBER’S CHOICE™ Borrower Security can cancel or defer your monthly loan payment, up to the agreement maximum.
With payment cancellation, both the principal and interest portion of your loan payment are cancelled (up to the agreement maximum), and your loan balance declines.
With interest cancellation, the principal portion of your loan payment is deferred and the interest portion is cancelled (up to the agreement limit), and the loan balance neither increases nor decreases.
With MEMBER’S CHOICE™ Borrower Security, you buy enough protection to cover your loan balance, and that saves you money. Other benefits include:
Member’s Choice™ Borrower Security is a debt protection product offered by St. Cloud Federal Credit Union. Enrollment in this debt protection is voluntary and not required to obtain a loan. Please contact your Credit Union Loan Officer for additional information about eligibility, terms, conditions, and exclusions.