The financial security of our members is a top priority at Eastex Credit Union. That is why we offer a variety of payment protection services to keep our members’ lives, homes, and finances secure. When you take out a loan for events, such as buying a vehicle or making home improvements, you are responsible for paying back the amount you borrow. That could be hard to do if you unexpectedly become disabled or involuntarily lose your job. The reduced or lost income could make it difficult to keep up with payments. Protect your assets, credit rating, and your family’s financial security by playing it safe and protecting your loan. It’s like having an umbrella to use just in case it rains.
What is Payment Protection?
Payment protection is a voluntary loan product designed to assist you in making your loan repayments if you become unable to work due to an unforeseen event, such as illness, an accident, or involuntary job loss. Having payment protection can give you peace of mind knowing that your financial obligations will be taken care of in case of unexpected disaster. To determine if payment protection is right for you, review your financial situation and consider what sources of emergency income would be available if you needed it. If you would be unable to make your monthly loan obligations, then you might want to consider one of Eastex CU’s payment protection products.
Payment Protection Products at Eastex Credit Union
MEMBER’S CHOICE™ Borrower Security Program
Eastex Credit Union wants to protect our member’s standard of living, which is why we offer MEMBER’S CHOICE™ Borrower Security for consumer loans and credit cards. This optional payment protection can help provide your family financial assistance during a time when they need it most. This add-on option protects the loan by paying the lender in the event the borrower has an unexpected loss of income. The fees are rolled into the debt for convenience so you do not have to worry about separate payments.
Various Options
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Platinum
- Loss of Life
- Disability
- Involuntary Unemployment
- Family Medical Leave
- Accidental Dismemberment
- Terminal Illness
- Hospitalization
- Family Medical Leave
- Loss of a Non-Protected Dependent
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Gold
- Loss of Life
- Disability
- Accidental Dismemberment
- Terminal Illness
- Hospitalization
- Family Medical Leave
- Loss of a Non-Protected Dependent
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Life
- Loss of Life
- Accidental Dismemberment
- Terminal Illness
- Hospitalization
- Family Medical Leave
- Loss of a Non-Protected Dependent
GAP (Guaranteed Asset Protection)
GAP covers the difference between what your vehicle is worth and what your loan balance is. It is very affordable and we can add it directly to your loan balance.
Coverage specifics, such as maximum protection amount, maximum number of payment cancellations, and waiting periods depend on the type of protected event that occurred and which level of protection you have on your loan. If you want to learn about the specifics, don’t hesitate to contact us! We want to make sure you and your family have a financial umbrella in case you need it.
