125 North Fulton St. Ithaca, NY 14850
Phone: (607) 273-4611
Toll Free: (877) 273-AFCU      E-mail
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Opportunity Lending

Opportunity Lending® makes credit available quickly, to as many members as possible, over a wide range of credit standings, at excellent rates.

Notice to Out of Area Applicants:
Alternatives is a regional credit union. We offer a full range of banking services to anyone who lives in Ithaca, Tompkins County and the adjacent counties of Cayuga, Chemung, Cortland, Schuyler, Seneca and Tioga. For people who live outside this area, we offer savings accounts and certificates. Some loan services are available after two years membership.

Secured Auto Loans are available to people who live in and register the vehicle in New York State counties north of Orange and Putnam counties. This excludes any vehicles for business use or vehicle loans through the Business Loan Department.

 
(Rates current as of November 16, 2011)

SECURED LOANS APR (Autos, Boats, Motorcycles, etc. 2005 and newer)

CREDIT SCORE Up to 36 Months Up to 48 Months 60 months 72 months
740+ 3.99 4.24 4.49 4.74
680 - 739 4.49 4.74 4.99 5.24
640 - 679 5.49 5.74 5.99 6.24
600 - 639 6.99 7.24 7.49 7.74
550 - 599 9.49 9.74 9.99 10.24
549 or less 14.49 14.74 14.49 N/A

 
 

  • 0.25% discount for direct deposits
  • 0.25% discount for automatic payment from a direct deposit or Alternatives account. 
  • Additional .25% discount for hybrids and cars with 30 MPG (HWY) or more.
  • Loyal member discount 0.25% APR. Member must meet all three criteria:
  • Minimum one year membership
  • One or more previous loans with no payments more than 30 days late 
  • Active Alternatives VISA Debit Card or BillPay@Home (min. 6 transactions per month for the previous three months)
  • Maximum discount 0.50%
  • 72-month loan terms are limited to loans of $25,000 or greater.
  • Loan maximum for new cars (current year's model or previous model years with less than 18,000 miles): $40,000
  • Loan maximum for used cars: $40,000
  • Autos, boats and motorcycles must be registered in upstate New York.

    SIGNATURE LOANS APR (Personal, Older Autos, Computers, Etc.)
    CREDIT SCORE 12 Months 24 months 36 months 48-60 months
    740+ 10.00 10.25 10.50 11.00
    680 - 739 11.00 11.25
    		 11.50
    		 12.00
    640 - 679 12.50 12.75 13.00 13.50
    600 - 639 14.50 14.75 15.00 15.50
    550 - 599 18.00 18.00 18.00 18.00
    549 or less 18.00 18.00 18.00 18.00
     
  • 0.25% discount for direct deposit
  • 0.25% discount for automatic payment from a direct deposit or Alternatives account.
    •
  • Liens may be placed on collateral, including vehicles older than 2005, but signature rates apply.
  • Debt consolidation loans over $20,000 and/or 24 month term may be subject to a 2.00% rate increase.
    •
  • At 18% APR, no discounts are given.

    How Opportunity Lending Works
    One of the conumdrums we have always faced is how can we invest in our members while maintaining the financial stability of the Credit Union. We have looked for years for ways to be able to safely extend credit to more members. We believe our new loan process will do just that.

    Our loan approval procedure for personal and auto loans has something for everyone.

  • For those with a perfect credit history and ability to repay, our rates are fantastic - may well be the best in town.
  • No credit history? We'll work with you to establish credit.
  • Some problems in the past? Please see us first! Forget rental centers or finance companies. We can now approve more loans.

      

    DESCRIPTION TERM APR
    Credit Builder
    For low income and 1st time borrowers. Maximum loan $1,000. Includes discounts for direct deposit and automatic payment.    		 Up to 18 Months 14.00 - 14.25%
    Line of Credit
    (with or without Alternatives VISA Debit Card)    		 No Annual Fee 14.25%
    Alternatives VISA Debit Card
    $1 fee for non-Alternatives ATM cash withdrawals (exemption: members with a Line of Credit).    		 No Annual Fee N/A
    Shared Secured Loans
    An equal amount to the amount borrowed is placed in a Share Certificate and loan rate is 2.00% above what the shares are earning.    		 Up to 60 Months +2.00%*

     

     

     

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    Claire N.

    It is very satisfying to have a way to put in writing how well I have been treated at Alternatives Federal Credit Union since I first moved to Ithaca over 20 years ago. It is not just the philosophy and community mindedness that impresses me, but that no matter what questions I have, if the employee does not know the answer at that time, that person finds someone who does, so that I am reassured when the conversation is over.

    In this busy, over-stressed society, I am glad that I have a financial institution that makes intentional choices to work with the individual with resolutions that effect the individual's well-being, as well as the whole community and beyond.


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