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 July 6, 2010)
SECURED LOANS APR (Autos, Boats, Motorcycles, etc. 2003 and newer)
| CREDIT SCORE |
Up to 36 Months |
Up to 48 Months |
60 months |
72 months |
| 740+ |
4.50 |
4.75 |
5.00 |
5.25 |
| 680 - 739 |
5.00 |
5.25 |
5.50 |
5.75 |
| 640 - 679 |
6.00 |
6.25 |
6.50 |
6.75 |
| 600 - 639 |
7.50 |
7.75 |
8.00 |
8.25 |
| 550 - 599 |
10.00 |
10.25 |
10.50 |
10.75 |
| 549 or less |
15.00 |
15.25 |
15.50 |
N/A |
Includes discounts for direct deposits and automatic payment.
Additional .50% discount for hybrids and cars with 30 MPG or more.
We will meet competitors' rates up to a .75% discount, depending on creditworthiness.
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.
At 18% APR, no discounts are given.
Secured Loan Adjustments
Auto age adjustments that may apply:
2007 and 2008 models: add .50%
2005 and 2006 models: add .75%
2003 and 2004 models: add 3.00%
Loan-to-Value (LTV) adjustments:
80-94%: deduct .50%
95-104%: no adjustment
105-114%: add .50%
Over 115%: add 1.00%
SIGNATURE LOANS APR (Personal, Older Autos, Computers, Etc.)
| CREDIT SCORE |
12 Months |
24 months |
36 months |
48-60 months |
| 740+ |
9.50 |
9.75 |
10.00 |
10.50 |
| 680 - 739 |
10.50 |
10.75
|
11.00
|
11.50
|
| 640 - 679 |
12.00 |
12.25 |
12.50 |
13.00 |
| 600 - 639 |
14.00 |
14.25 |
14.50 |
15.00 |
| 550 - 599 |
18.00 |
18.00 |
18.00 |
18.00 |
| 549 or less |
18.00 |
18.00 |
18.00 |
18.00 |
Includes discounts for direct deposits and automatic payment.
Liens may be placed on collateral, including vehicles older than 2002, but signature rates apply.
Maximum discount 1.5%
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.
Click here to apply for an auto or personal loan online.
| 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 |
12.50 - 12.75% |
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%* |
built by Cyrus
