Category: Featured News - Page 2 - Enbright Credit Union

Back to School: 3 Ways Credit Unions Step Up

by Enbright Credit Union | Aug 9, 2022 | Community, ECU Blog, Featured News

PUBLISHED: 09/3/20 | AUTHOR: MADISON HOMAN

Key Summary: Here are three ways credit unions are stepping up and helping their communities and members head back to school – even amidst a global pandemic. Credit unions offer back-to-school loans, classroom and supply drives and donations, and funding for sports and extra-curricular activities.

As we look ahead to the 2021-2022 school year, the only certainty is uncertainty. Whether you’re preparing for yourself or for your school-aged children to return to school, we are all trying to figure out our new normal. “Back to school” certainly looks different this year, but one thing remains the same – your local credit union is there to ease the burden and take away some of your uncertainty. Here are three ways credit unions are stepping up and helping their communities and members head back to school – even amidst a global pandemic.

#1 Back-to-school loans

Heading back to school is expensive, even in “normal” times. We are asked to purchase a never-ending list of supplies, new clothes for our growing children, tuition and other expenses add to financial strains when livelihoods are at risk. Throw a global pandemic into the mix, and expenses are sure to skyrocket. According to the National Retail Foundation, the coronavirus could push back-to-school spending to record levels. “Spending is expected to total $33.9 billion, up from $26.2 billion last year and breaking the record of $30.3 billion set in 2012.”

Credit unions around the nation are helping to offset these expenses by offering “Back to School” loans. One of these credit unions, Members Choice WV Federal Credit Union in West Virginia, is offering loans tailored specifically to education needs. Gabrielle Wright, Marketing Director, notes “Back-to-school loans are a legacy loan product for us, and this year they were more important than ever. We knew we needed to offer a loan to the community that individuals could use in whatever way they needed; and the flexibility of our personal loan special, Back to School Loans, was it. Whether for students and families trying to prepare for an uncertain, upcoming school year, or just to provide supplemental cash ahead of whatever is coming next, our Back to School Loans are here to help.”

Credit unions have proven time and time again that they are perfect for all your loan needs, as they offer lower rates, and offer loans to individuals that banks turn away. Most families find credit union loans to be better solutions than alternative solutions.

#2 Classroom supply drives & donations

Children of all ages need tools and supplies essential to success in school. Credit unions around the country are working to ensure schools in their communities are equipped to make going back to school less burdensome. Keesler Federal Credit Union in Mississippi is making sure kindergartners have all the tools they need to succeed as school begins. The credit union hosted a “Backpacks for Bright Futures” supply drive benefitting 6,700 kids in 16 school districts. As the President & CEO Andy Swoger puts it, “This is a community giveback to try and lighten the load a little bit on our community.”

#3 Sports & scholastic activity

Every facet of the school year is up in the air, including school sports and extracurricular activities. This can be challenging for children and parents alike. According to ChildFund, “There is significant research available today which points to the important and positive impact that sports and physical activities can have on educational outcomes. This includes encouraging better academic performance, ensuring greater inclusivity and participation in the classroom, as well as improvements to student health and preparedness for the future.” Even scarier is the fact that funding for school sports and activities relies on sales and sponsorships during the season. Without adequate funding, many school sports teams would cease to exist.

Credit unions are stepping up to make sure that school sports remain, even if this season is canceled. Amidst the coronavirus pandemic, Gesa Credit Union in Washington announced the expansion of its official title sponsorship of the Washington Interscholastic Activities Association. Don Miller, Gesa’s President & CEO, said “enhancing this partnership provides Gesa a way to further impact students across Washington.”

Back to school may be uncertain this year, but credit unions are here to help make the transition as easy as possible.

Interested in joining a credit union? Find one near you.

Back to School: 3 Ways Credit Unions Step Up. (n.d.). Default. Retrieved August 9, 2022, from https://www.yourmoneyfurther.com/blog/post/YMF/2020/09/03/back-to-school-3-ways-credit-unions-are-stepping-up-for-students-and-families

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BACK-TO-SCHOOL MADE EASY!

Back to school may be uncertain this year, but credit unions are here to help make the transition as easy as possible.

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Know the 4 Components of a Budget

by Enbright Credit Union | Jul 26, 2022 | ECU Blog, Featured News

Key Summary
Building a budget is the first step toward becoming a better money manager. Believe it or not, many people don’t know how much money they earn or how much they spend each month. Learn how to create a budget by using these four components: net income, fixed expenses, flexible expenses, and discretionary spending/expenses.

This guest post is written by La Capitol Federal Credit Union.

Warning: This post may contain math!

Building a budget is the first step toward becoming a better money manager. Believe it or not, many people don’t know how much money they earn or how much they spend each month.

That’s why we create budgets. It’s a financial exercise that sometimes surprises people – even shocks them when they discover the amount they spend each month. It also inspires them to change their financial habits.

Before you break out the calculator, know these four main components of a budget. This will allow you to get all your paperwork in order before diving into equations and spreadsheets.

Net Income

This is the income you take home from each paycheck. Net income is your wages minus taxes, retirement contributions, employer-sponsored healthcare costs, etc. If you’re married, it also includes your spouse’s wages It also includes money you earn through investments, a part-time job, and even alimony.

It’s important to include everything to maintain an accurate budget. You should also make sure to report the income you actually receive and not the income you expect to receive. For example, if you are supposed to receive child support, but do not receive payments regularly, do not include this in your income.

Fixed Expenses

All expenses are not created equal. You need to separate them into three categories to reveal where your money is being spent and pinpoint the areas where you can cut spending if necessary.

Fixed expenses are those that are usually necessary expenses and remain fixed from month to month. They include car payments, mortgage, rent, and even expenses such as HOA fees. Basically, if you can’t change what you pay each month, then it’s a fixed expense.

Flexible Expenses

As the name suggests, these expenses are flexible in how much they cost. They change from month to month but are mostly necessary – although you can easily lower them. They include grocery bills, utilities, cable, and cell phone bills.

Discretionary Expenses

These are your wants. Discretionary expenses are items you don’t necessarily need to survive but still buy them anyway because you want them. These include gym memberships, dining out, morning coffee, and more. They may also include unexpected costs, such as home repairs. When you’re creating a budget and you need to reduce expenses, these are the first to get cut.

Start Building Your Budget

Now that you know the four components that make up a budget, you’re ready to start adding and subtracting your way to a better financial lifestyle.

Many credit unions offer free financial resources including worksheets, interactive courses, publications, videos, and more to help you take control of your financial future. Interested in joining a credit union?

Source:

Know the 4 Components of a Budget. (n.d.). Default. Retrieved July 26, 2022, from https://www.yourmoneyfurther.com/blog/post/YMF/2021/12/20/know-the-four-components-of-a-budget

I Love My Credit Union, and So Will You!

by Enbright Credit Union | Jul 25, 2022 | ECU Blog, Featured News

PUBLISHED:07/24/22
AUTHOR: MADISON HOMAN

Key Summary

Loving a credit union isn’t hard to do. By design, credit unions are different than other financial institutions. And those differences, once experienced, are hard to live without! Credit unions serve their members – not stockholders, typically have better rates and lower fees, offer personalized service, care about your community, and are available for you 24/7/365 – no matter where you are!

Credit unions are so easy to love – just ask the more than 130 million members nationwide. If you don’t have time for that many conversations, no worries! We detail some of the reasons you’ll be shouting “I LOVE MY CREDIT UNION!” very soon. Read on to find the top reasons you’ll love your credit union relationship.

You’ll love being treated like an owner.

Credit unions are a different kind of financial institution: owned by you and working for you to give you control of your financial future. Because of this, YOU get a piece of the pie. Credit unions offer the same products and services as banks, but the profit cycles back to members instead of shareholders. In fact, credit union “shareholders” are the everyday Americans who do business with them – their members. And credit union earnings are returned to members through reduced fees, higher savings rates, lower loan rates, and dividends! At a credit union, your money = your choices.

You’ll love the better rates and lower fees.

Since credit unions aren’t paying dividends to stockholders, that means they can return earnings to members in the form of higher interest rates on savings products and lower interest rates on loans and credit cards. In addition, if credit unions do charge fees, they are nominal and generally lower than what banks demand. Credit unions want to help you keep as much of your money as possible; they are here to help your wallets, not hurt them!

You’ll love the personalized service.

Credit unions are small enough to know you and your neighbors, but big enough to bring the world to your fingertips. They care about who you are, and what you dream of. This means they offer you honest, personalized service to help make your financial future brighter. Credit unions can focus energy and training on high-quality customer service as a not-for-profit. Credit unions don’t sell members the latest financial product because of a sales quota. A credit union’s products and services are tailored to the member, not a corporate quota.

You’ll love their investment in your community.

If you’re looking for a great financial partner that’s also great for your community, credit unions are the best option. Unlike the big national banks and online-only banks, credit unions are member-owned financial institutions that directly contribute to where you live, work, and worship. This community investment comes in the form of financial education and funding, philanthropy, small business supporters, and so much more! Credit unions truly live up to their motto of “people helping people”.

You’ll love that they have your back, 24/7/365!

No matter who you are or where you’re from, credit unions have your back. Credit unions put people first all across America. Today, an extensive network of credit unions form a group of financial cooperatives that have $1.5 trillion in assets: Collectively they serve more than 130 million people with modern financial service solutions to meet the needs of a growing membership that is as diverse as the United States. And just like banks and the FDIC, individual credit union deposits are protected for up to $250,000 by the National Credit Union Administration. Credit unions are there for you, available at your fingertips, wherever you are and whenever you need them!

Credit unions are SO easy to love, and if you have yet to experience the credit union difference, you’re missing out!

I Love My Credit Union, and So Will You! (n.d.). Default. Retrieved July 25, 2022, from https://www.yourmoneyfurther.com/blog/post/ymf/2022/07/24/i-love-my-credit-union-and-so-will-you

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What You Need to Know About Personal Loans

by Enbright Credit Union | Jul 18, 2022 | ECU Blog, Featured News

What is a Personal Loan?

A personal loan is money borrowed from a financial institution and is paid back with variable or fixed monthly payments over a period of time. Personal loans are flexible with short to moderate-term payment plans. Most personal loan terms can range between one and seven years.

Borrowers can use a personal loan for:

Debt Consolidation
Home improvements
Wedding expenditures
Medical expenses
Banks and credit unions offer personal loans, with credit unions not only offering highly competitive rates, but also short term loans, and small dollar loans to cover unexpected expenses or emergencies. Locate a credit union near you to compare terms and fees.

Most personal loans are unsecured. This means they are not backed by any collateral. Additionally, your income, credit score, debt, and other factors will determine if you are approved or not.

If you don’t qualify for an unsecured loan, you may apply for a secured personal loan. A secured loan is backed by collateral or an asset such as your house, car, or co-signer. A co-signed loan requires an additional applicant with a high credit score to guarantee the loan. If you can’t pay the loan, the co-signor is responsible for any missed payments.

Additional types of personal loans include:

Fixed-rate loans – rate and the monthly payment remain the same
Variable-rate loans – rate and payments change
When you pay off a loan at a credit union your membership remains open. If all you’ve ever had is one loan with a credit union, the five dollars used to open the savings account will stay open and active.

What are the Benefits of a Personal Loan?

Personal loans offer greater flexibility in what can be done with the funds. Unlike a car loan which is only used to purchase a car, personal loans are used for a wide variety of needs and circumstances. Personal loans can be used for:

Moving Costs
Emergency expenses
Funeral costs
Appliance purchases
Vehicle financing
Medical expenses
Vacation spending
Home improvements
Holiday expenses

Pros and Cons of Personal Loans

Personal loans have a lot to offer. Personal loans can build credit and consolidate debt into one convenient monthly payment. Consolidating debt through a personal loan is a better financial move than using payday loans. Payday loans can have an interest rate of 400% or higher and must be paid out within two weeks.

Personal loans are attractive because they:

Have lower interest rates
Require no collateral
Can consolidate debt into one payment
Build credit over the length of the loan
Offer flexible borrowing limits

Personal loan considerations:

Fees and penalties
High-interest charges
May require collateral
Create unnecessary debt

Personal loans can be an excellent way to cover planned and unexpected expenses, but consumers need to be aware of personal loan considerations. Be aware of all fees and penalties before signing any documents. Some lenders charge prepayment penalties. Check what the fee is for late payment and origination fees.

Only those with the best credit score will qualify for a low Annual Percentage Rate (APR). If you don’t qualify for a secured loan, you may need to use collateral. If you cannot pay the loan, the lender can keep the collateral listed. If your budget can’t take on another monthly payment, a personal loan might not be the best solution.

What is APR?

The annual percentage rate or APR is the yearly cost of a loan and is always shown as a percentage. An APR for a loan includes fees and is the total price you pay to borrow the money. Try to avoid a loan with a high APR. Determining the APR is simple:

Add all fees and total interest over the life of the loan
Divide by the loan principal
Divide result by the length of the loan
Then multiply that result by 365
Finally, multiply by 100 to get the APR as a percentage

How to Apply for a Personal Loan

Decide on how much to borrow
Check your credit score
Shop for the best loan type (fixed or variable, secured or unsecured)
Gather all personal information (pay stubs, driver’s license, etc.)
Apply for loan
Get approved and start making payments

What You Need to Know About Loans. (n.d.). Default. Retrieved July 18, 2022, from https://www.yourmoneyfurther.com/personal-money-solutions/personal-loans/what-you-need-to-know-about-loans

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Enbright CU Mobile App FAQ

by Enbright Credit Union | Apr 6, 2022 | ECU Blog, Featured News

What is the Enbright CU Mobile App?

Enbright CU Mobile App is a next-generation digital solution that integrates directly with the Mobiliti mobile banking application to deliver connected digital-first payment experiences to members.

Enbright CU Mobile App offers a multitude of debit and credit card management
functions that create control, convenience and transparency across the card lifecycle.

What are the key features?

Card controls and alerts
Push provisioning to digital wallets (Apple Pay®, Google Pay ™
Self service features
Spend insights and enriched transaction details

How does Enbright CU Mobile App benefit me as a member?

Manage cards on the go with advanced controls and self-service options.
Understand spending clearly with quick spending insights, recurring/card on file
merchant identification and transactions enriched with clear merchant names, logos, interactive maps, and contact information.
Engage in real-time with transaction alerts.
View a digital card on a mobile device and easily push it to Apple Pay ® and Google Pay ™

I'm current using Enbright Card Control. Do I need to do anything before the update?

To ensure a seamless transition, cardholders will not be able to access the card management features currently in the app starting the evening of April 20th, until the app is updated. This should only take a few hours but may take up to 24 hours.

If they haven’t already, they should download our mobile banking app, set up an account, and enable push notifications to get ready for the new features.

How can I view my card information within the Enbright CU mobile app?

When accessing the app on or after April 20th the app may need a few minutes to
update.

Next, simply tap My Cards within the app to see all the new features, enable alerts and manage your existing controls.

Here’s how paying off $10K in credit card debt with a personal loan could save you thousands

by Enbright Credit Union | Feb 14, 2022 | Featured News

By Erika Giovanetti

Credit card consolidation loans let you repay debt at a low, fixed-rate

Credit card spending can be an expensive way to cover the cost of unexpected expenses, like car repairs and surprise medical bills, due to high interest rates. Consumers are likely to pay some of the highest interest rates on revolving credit card debt that’s carried over from month to month.

Of concern, Americans are becoming increasingly reliant on credit card debt in 2021 as revolving credit balances skyrocketed to pre-pandemic levels. But thankfully, it may be possible to pay off credit card debt faster using a personal loan — all while saving thousands of dollars in interest charges over time.

Keep reading to learn more about the benefits of consolidating credit card debt into a personal loan, and visit Credible to compare debt consolidation loan rates for free without impacting your cre

Credit card consolidation can save some borrowers $4K

Making the minimum payment on your credit cards can be an expensive way to repay high-interest debt. The average credit card interest rate is at 16.44%, according to the Federal Reserve, which is much higher than rates for other financial products like auto loans and mortgages.

Consolidating credit card debt into a personal loan is one way to pay off debt faster and save money while doing so. That’s because average personal loan rates are currently at record lows, Fed data shows — just 9.09% for the two-year loan term.

A credit card user who makes the minimum payment on $10,000 worth of credit card debt at a 16.44% rate will pay $5,000 in interest charges. It will take nearly 14 years of $400 monthly payments to get out of debt using this method.

This borrower has the potential to save thousands of dollars and pay off their debt 12 years faster by consolidating into a personal loan. Repaying $10,000 worth of credit card debt with a two-year personal loan at a 9.09% rate will save them more than $4,000 over time while adding just $50 to their monthly payment.

To determine your potential savings, use a credit card minimum payment calculator. Then, use Credible’s personal loan payment calculator to determine your new monthly payments and overall interest charges.

How to pay off credit cards with a personal loan
It’s relatively simple to consolidate credit card debt into a personal loan. The application process can be done completely online, so you can start saving money without leaving the comfort of your home. Here’s what you’ll need to do:

Determine how much you need to borrow. You can consolidate the balances of one or more credit cards into a personal loan, so add up the total debt across all the accounts you want to repay.
Check your credit score. Borrowers with very good to excellent credit scores, defined by the FICO model as 740 or above, will receive the lowest rates possible on a personal loan.
Compare personal loan rates. Most lenders let you get prequalified to see your estimated terms with a soft credit check, which won’t affect your credit score.
Formally apply for the loan. This will require a hard credit inquiry, which will show up on your credit report with a minimal impact to your score.
Pay off your credit cards. Personal loan funding is fast, typically available on the next business day after loan approval. Use your loan funds to pay off your credit card balances to zero.

If you decide to consolidate credit card debt with a personal loan, it’s important to spend wisely to avoid racking up more credit card debt while you repay your current debt.

You can browse current personal loan interest rates in the table below, and visit Credible to compare rates across multiple lenders at once without impacting your credit score. Shopping around guarantees that you’ll find the lowest rate possible for your financial situation.

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

SOURCE: Giovanetti, E. (2022, January 28). Here’s how paying off $10K in credit card debt with a personal loan could save you thousands. Sponsored by Credible – Which Is Majority Owned by Our Parent, Fox Corporation, and Is Solely Responsible for Its Services. https://www.foxbusiness.com/personal-finance/pay-off-10k-in-credit-card-debt-savings

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