Low or No-cost Savings Account , SSCFCU offers a savings/share account that is only $25.00 to open inclusive of a one-time only $10.00 membership fee. The monthly minimum balance requirement is only $15.00. There is a $2.00 monthly service charge if the balance falls below $15.00. Direct Deposit and payroll deductions are available.
Free Checking Account – SSCFCU offers free share draft/checking accounts. It is $50.00 to open. Member must have a share account balance of $100 at the time the account is opened.
Small Business Savings & Checking - SSCFCU offers small business savings and share/draft checking accounts. Both are available to businesses within our field of membership. Member businesses may open a savings account for $100.00. Share draft /checking accounts can be opened for a minimum of $100.00. The monthly service charge is $10.00 if the balance falls below $1,000.00
Transfer sweeps - SSCFCU offers transfer sweeps as a form of overdraft protection. The cost is $5.00. Whenever the share draft/ checking account is overdrawn, the amount needed to cover the in-clearing item is automatically transferred from funds available is the savings/ share account to pay the item.
Check Cashing - SSCFCU is a cashless credit union and does not cash checks over the counter. SSCFCU maintains a relationship with BMO Harris Bank that cashes all SSCFCU teller checks and money orders free of charge at their Wentworth branch.
Money Orders - SSCFCU offers money orders for $1.00 each regardless of the amount. These money orders are withdrawn from a member's account.
Remittances – SSCFCU offers wire transfers and Western Unions at a cost of $20.00.
On-line services – SSCFCU now offers on-line/ mobile account access. Check with a member service representative for more details.
Debt Consolidation Loans - SSCFCU offers low-interest rate debt consolidation loans up to $5K.
Credit Enhancement – SSCFCU provides free one-on-one credit/financial counseling to help improve one's credit score. SSCFCU is a HUD certified home ownership counseling center. We also offer low interest rate credit builder loans.
Other Savings – SSCFCU offers IRA's, Youth, Holiday and Vacation Club accounts as well as Certificates of Deposit.
Small Dollar loans – SSCFCU offers low interest rate installment, personal, auto, home and small business loans. It even offers Payday Alternative Loans and Credit Builder loans. The application fee ranges between $10-$20. The interest rates range between 4.05% - 28% depending on the loan product, a person's credit score and their debt-to-income-ratio.
Financial Education/Planning Seminars - SSCFCU has 11 years experience in offering free financial education classes on and off-site of the credit union. It is an 8 week course. that provides certificates of completion.
Payroll Advance Loans
You can borrow up to $500 for 6 months. Application fee: $20.00 Interest Rate: 16%
Minimum Requirements: Must provide most recent two pay stubs, receive a direct deposit, maintain a $150 deposit balance, and have income of $1,000/mo.
Payday Alternative Loan Plus
You can borrow up to $1,000 for 6 months. Application fee: $20.00 Interest Rate: 28% or 27% with direct deposit
Minimum Requirement: Must provide most recent two pay stubs, maintain a $50.00 deposit balance, be a credit union member for 30 days, and have income of $1,000/mo.
You can borrow between $1,000 - $5,000 for paying bills, debt consolidation and purchases. Application fee: $20.00 Terms: 6 months to 48 months Interest Rate: may range between 8% - 16%
Minimum Requirement: Must provide most recent two pay stubs, proof of rent or mortgage, maintain a $50.00 deposit balance, and demonstrate the capacity to repay the loan.
Credit Builder Loans
You can borrow between $150 and up. Application fee: $10.00 Terms: 6 months to 48 months Interest Rate: May range between 4.05% - 4.20% This loan is 100% secured by available funds in your share/savings account.
New and Used Auto Loans
SSCFCU will finance a new or used vehicle up to 90% of Kelley's Blue Book Value. Vehicle must be less than 7 years old. You can borrow up to $40K for a new car or $35K for a used car. Application fee: $20.00 Terms: Up to 48 mos. (used) & 72 mos. (new) Interest Rate: may range between 3.25% - 16%
Minimum Requirement: Must provide a vehicle description, most recent two pay stubs, proof of rent or mortgage, maintain a $50.00 deposit balance, and demonstrate the capacity to repay the loan. Comprehensive collision insurance required prior to loan disbursement.
Title "Alternative" Loans
You can borrow between $400 - $4,000 against the title to your vehicle.
Application Fee: $25.00 Term: 6 month to 24 months Interest Rate: 16% or 15.50% with direct deposit
Minimum Requirement: Must provide title, copy of registration and insurance. Provide most recent two pay stubs, proof of rent or mortgage, maintain a $50.00 deposit balance, be a credit union member for 3 days, and demonstrate the capacity to repay the loan.
Micro Business Loans
Loans are available up to $15,000.00 for start up and existing businesses. Terms: Up to 48 months at 10%
Application fee: $25.00 Fees: 3% collateral filing and processing
Requirements: Business must be a legal entity located on the South Side of Chicago (FOM), Must maintain $100 account balance, Loans over $5000.00 must be collateralized by auto or cash, and complete a loan application. Process may take up to 10 days after submitting a complete application.
Contact (773) 548-5500 for more information or visit www.southsidecommunityfcu.org to download an application.