August 14, 2019
With family, work, volunteer efforts, and hobbies, you have more commitments than there are hours in a day. The last thing you want to do is dedicate time you don’t have toward managing your loan payments. We can help!
When you sign up for LUSO’s Automatic Loan Payment (ALP) program, you can schedule your monthly loan payment to be automatically withdrawn each month from your checking or savings account at LUSO, or from another financial institution.
Still need convincing? Here are a few of the benefits of Automatic Loan Payments:
Automatically withdrawing money from your LUSO checking or savings account means you won’t spend money on stamps to mail your payment to us, nor will you spend it on gas to drive to one of our branch locations in order to pay your loan in person. Every little bit adds up over the life of your loan!
Improved Credit Rating
Payment history is one of the biggest factors in determining a person’s credit score. The reason? Creditors want to know that, over time, you can manage your debt responsibly by making regular, on-time payments. Falling behind on a loan payment can negatively impact your credit score, which means you could have a difficult time obtaining loans in the future. When you sign up for ALP, we make sure your loan is paid on-time, every time.
Easy & Convenient
Arguably the biggest selling point for Automatic Loan Payments is the ease with which it’s possible to ensure your loan is paid on time. All you have to do is:
- Open a LUSO Share Draft Checking or Statement Share Account
- Set up Direct Deposit into your account
- Fill out our Automatic Transfer Authorization Form and drop it off at either of our branch locations (or mail to 599 East St., Ludlow, MA 01056)
- Let LUSO handle the rest!
Once your automatic payment is set up, it’s one less thing for you to remember, and you’ll never miss a due date.
LUSO Federal Credit Union is a member-owned, not-for-profit financial cooperative dedicated to providing its members with quality financial services and products. We at LUSO pride ourselves on serving the financial needs of those who live, work, worship, do business, or attend school throughout Western Massachusetts, regardless of economic status.
For more information about our products and services, contact our Ludlow branch toll free at 1-844-LUSO-FCU or our Wilbraham Branch at 1-800-808-5876.