Loans
Loan Options:
- The Credit Union offers loans for many purposes. When you apply for a Credit Union loan, you get fast, confidential service from a member of our staff who will help you determine the best loan option for your particular financial needs.
- Loan applications can be made in person, by mail, fax or on the internet.
- No penalty for early payoff.
- All Credit Union loans are calculated using the Simple Interest Method.
- The Credit Union offers pre-approval so you can shop with confidence knowing your loan has already been approved. Take advantage of this service.
- New and Used Vehicle Loans.
- New and Used Boat Loans.
- Motorcycles and 4-Wheelers.
- Signature Loans.
- Share and Certificate Secured Loans.
- The Credit Union offers payment protection with Credit Life and Disability Insurance.
- Single credit life insurance is available to members to pay off the loan up to $40,000 by CUNA Mutual Insurance Group in the event the member passes away. This eliminates putting more stress on family members after the member is deceased to collect delinquent loan payments. Call the Credit Union for Pricing.
- Single credit disability insurance will pay the Credit Union loan payments, up to $750.00, after the member has been off work for 31 days due to disability. The insurance eliminates the worry of paying the Credit Union monthly loan payments when the member is not receiving income. Call the Credit Union for Pricing.
- Guaranteed Asset Protection (GAP) The Credit Union offers GAP insurance on any loan secured by a vehicle, boat, motorcycle or recreational vehicle. The insurance will pay the difference between the insurance settlement and the loan balance if the collateral is declared a total loss. The insurance will also give members up to $1,000 toward a new vehicle purchase if the vehicle is financed by the Credit Union. Call the Credit Union for Pricing.
- Extended Warranties are available through competitive pricing by CUNA Mutual Group. You can service your vehicle at any licensed mechanic. Call the Credit Union for information and pricing or read more about our Extended Warranties.
Closed End Home Equity Loans (Second Mortgages):
The Credit Union offers closed end home equity loans to its members with no closing costs. Other benefits include:
- Loans from $5,000 - $100,000. Borrow up to 90% of the value of your home minus your first mortgage balance.
- First or second mortgages only.
- The payment is based on the term and the rate. Terms are available for 5, 10, and 15 years. Visit our rates page to learn more.
- Fees:
- Late fee is 5% of the payment due (minimum late fee $20).
- If closed within one year, settlement charges disclosed on settlement agreement.
-
Approved Counties for home equity lending are:
- Kentucky: Breckenridge, Bullitt, Carroll, Daviess, Grayson, Hancock, Hardin, Hart, Henderson, Henry, Jefferson, Larue, Meade, Nelson, Oldham, Shelby, Spencer, Trimble
- Indiana: Clark, Crawford, Floyd, Harrison, Jefferson, Orange, Perry, Scott, Switzerland, Washington
Home Equity Lines of Credit (Fixed and Variable Rate):
- Home Equity lines of credit will be for $5,000 - $100,000.
- First or second mortgages only.
- Minimum draw/advance $250.
- 25 FREE loan drafts.
- Access by loan drafts or advances at the Credit Union.
- Payment is $1.50 per $100 of the loan balance (minimum payment $50).
- Fees:
- Late fee is 5% of the payment due with a minimum late fee of $20.
- $25/year maintenance fee.
- $20 under $250 minimum advance, third party fees ($350 - $1,000) paid on your behalf if the loan is closed within three years for variable rate loans or within one year for fixed rate loans.
- Variable Rate
Term -- 15 years maximum (5 year draw and maximum 10 year payback). After five years, the member has the option to refinance the loan if they meet underwriting guidelines. - Fixed Rate
Term -- 7 years maximum (2 year draw and maximum 5 year payback). After two years, the member has the option to refinance the loan if they meet underwriting guidelines.
Land / Lot Loans:
- Loans on land / lots available from $5,000 to $75,000.
- The Credit Union will loan up to 80% of the appraised value of the land/lot.
Mortgage Loans:
- The Credit Union has partnered with MyCUMortgage to bring our member several options for Mortgages
- Several options on Mortgages now available: VA, FHA, Conventional, ARMs, USDA, Vacation/second home, and Investment/rental properties
- Loans up to $500,000
- Terms up to 30 years
- Qualifying loans up to 90% loan to value with no PMI
Mortgage Lending Originators:
- Credit Union NMLS #410538
- Shari NMLS #2104761
- Todd NMLS #1760919
- Kelsey NMLS #1849727
- Shannon NMLS #1849712
- Asia NMLS#2409015
Student Loans:
Get the money you need to help make higher education happen
Student loans from LG&E Co. Credit Union in partnership with Sallie Mae® could help!
For those attending or borrowing for a student attending a degree-granting institution
Whether you’re an undergraduate student, graduate student, or parent helping a student pay for school, these flexible loans are designed to meet your needs:
- Competitive variable and fixed interest rates
- No origination fee or prepayment penalty1
- Multiple repayment options
Undergraduate
Smart Option Student Loan® for Undergraduate Students
Pay for your bachelor’s, associate’s, or certificate expenses at a degree-granting school
Graduate
Graduate School Loan
Pay for expenses as you pursue your master’s and doctoral degrees
MBA Loan
Pay for your business school expenses as you pursue your Masters of Business Administration degree
Medical School Loan
Pay for your medical degree expenses in allopathic, general, osteopathic, podiatric, radiology, sports, and veterinary medicine
Dental School Loan
Pay for your dental degree expenses in general dentistry, endodontics, oral and maxillofacial surgery, orthodontics, pediatric dentistry, periodontics, and prosthodontics
Graduate School Loan for Health Professions
Pay for your health professions degree expenses in allied health, nursing, pharmacy, and other graduate-level health programs
Law School Loan
Pay for your school and associated expenses as you study for your law degree
Parents
Parent Loan
Help your student by taking responsibility with a loan in your name
Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
These loans are made by Sallie Mae Bank or a lender partner. LG&E Co. Credit Union is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers.
Smart Option Student Loan and graduate loan products: This information is for students attending participating degree-granting schools. Smart Option Student Loan information is for undergraduates only. Graduate Certificate/Continuing Education coursework is not eligible for MBA, Medical, Dental, and Law School Loans. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Parent Loan: This information is for borrowers with students attending participating degree-granting schools. The student is not eligible to be a borrower or cosigner. The borrower, cosigner and student must be U.S. citizens or U.S. permanent residents. The school may refund loan funds directly to the student, and if that occurs, borrower, and cosigner (if applicable) would still be responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: First to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
© 2019 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.