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See all posts Frank GogolEastman Credit Union (ECU) Loans Review
Updated on April 9, 2024
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The Eastman Credit Union is a not-for-profit financial services cooperative that provides financial products and services to an individual as well as businesses. As of now the organization has over $3.5 billion in assets and serves over 180,000 members at over 25 branches. Headquartered in Kingsport, ECU is the largest credit union in the state of Tennessee.
The financial organization was established in 1934, and as of 2017, it has achieved the status of the 45th largest credit union in the United States of America. Over the years, ECU has turned into a massive financial products and service provider due to its dedicated and customer friendly policies. The company is known for its Certificate of Deposit (CD) Rates which are 61% higher than the national average.
Eastman Credit Union (ECU) Loans Review
Apart from providing the facility of Savings Account and Checking Account, Eastman Credit Union also provides all kinds of
Membership Information of Eastman Credit Union
ECU is dedicated for providing its members the best of financial products and services. For this purpose, ECU constantly adds new products and services to meet the financial requirements of the members. The financial institution is committed to the best interests of its members and even returns value back in the form of low fee products and services, attractive loan rates and even bonuses often referred as the “extraordinary dividend.”
A person who is interested to be a member of Eastman Credit Union can join if:
- He/she Lives, works, worships, attend school or operate a business in Lee, Scott, Washington, Dickenson Counties, selected portions of Wise and Russell Counties in Virginia and Hancock, Hawkins, Greene, Sullivan, Washington, or Sevier Counties in Tennessee and Gregg or Harrison Counties in Texas.
- He/she works regularly in the healthcare industry in the following counties outside ECU’s community charter including Carter, Hamblen, Johnson or Unicoi Counties in Tennessee, Buchanan, Russell, Smyth, Tazewell or Wise Counties in Virginia.
- He/she is employed by one of ECU’s sponsor or contractor companies.
- He/she is a family member of one of their eligible member.
Eastman Credit Union Financial Services and Products
Auto Loan
ECU provides auto
|
Time |
Type | Rate |
|
36 months |
New Auto |
1.790% |
|
36 months |
Used Auto | 1.790% |
|
48 – 84 months |
New Auto |
2.350% – 3.750% |
| 48 – 84 months | Used Auto |
2.650% – 4.100% |
Recreational Merchandise Loan
With ECU’s recreational merchandise loan customers can finance any of the following items:
- Boat, Motor, Trailer
- Travel Trailer
- Motor Home
- Pop-up Camper
- 5th Wheel Camper
- Truck Camper
- Motorcycle or Dirt Bike
- Jet Ski
- Motorcycle Trailer
- Motorcycle Side Car
- ATV or 4 Wheeled Utility Cart
Moreover, ECU offers no application fees and neither pre-payment penalties. The term of the loan can be extended up to 240 months.
Loans for Visa Holders!
Loans for up to $25,000. No cosigner required. No prepayment penalty.
Personal Loan
A member can take a personal loan from ECU at competitive rates for any purpose like a vacation, family function, and house repair or debt consolidation.
Under personal loan, a member can opt for Signature Loan, Personal Line of Credit, Single Payment Loan, Salary Advance Loan etc. Members can even opt for a combination of any two types of
- Current Rates for Signature Loan:
|
Time |
Type | Rate |
| Up to 60 months | Fixed Rate |
9.950% |
- Current Rates for Line of Credit:
|
Time |
Type | Rate |
| Up to 60 months | Fixed Rate |
11.850% |
- Current Rates for Salary Advance:
|
Time |
Type | Rate |
| Up to 90 days | Fixed Rate |
17.750% |
Eastman Credit Union Student Loan
Employees of ECU consider education as a tool to live the best life possible. Student
Even students can consolidate multiple
Student Consolidation Rates
Up to 12 months Fixed Rate 6.500%
Up to 24 months Fixed Rate 6.500%
Up to 48 months Fixed Rate 6.500%
Up to 60 months Fixed Rate 6.500%
Up to 84 months Fixed Rate 6.500%
Up to 180 months Fixed Rate 6.500%
Up to 216 months Fixed Rate 7.000%
Up to 240 months Fixed Rate 7.500%
Up to 300 months Fixed Rate 8.000%
Student Line of Credit
Up to 132 months Fixed Rate 6.500%
Up to 168 months Fixed Rate 7.000%
Up to 192 months Fixed Rate 7.500%
Up to 252 months Fixed Rate 8.000%
ECU Beyond Free Checking Account
Features
- No monthly service fee
- Free stock checks
- Earn dividends on all balances
- No minimum balance requirements
- No ECU surcharge at foreign ATMs
- No fee for debit card or ATM usage
No minimum balance requirements
- Free Visa Check Card
- Free switch kit to take the hassle out of changing direct deposits and automatic debits
- Outgoing and income domestic (U.S.) wire transfers will be limited to a cumulative total of eight free per month
- Free American Express Gift Cheques
- Free American Express Travellers Cheques
- Free online check
Free certified checks
- Free access to ECU Online
- Free account access by phone
- Free Online Statements
- Free use of 60+ ECU ATMs
- Free access to 55,000+ ATMs on the Allpoint surcharge-free ATM network with ECU Visa Check Card
- Free enrollment of direct deposit on Social Security, Disability, SSI and other government payments
Regular Savings Account
With A regular savings account in ECU, members earn an extraordinary dividend in the form of a year-end bonus. Plus dividends are even earned on the money deposited into the account monthly.
All a person needs is to make a $5 deposit to open a regular savings account with ECU. In possession of a regular savings account with ECU a person is confirmed as a member as well as a shareholder of ECU.
What Makes Eastman Credit Union So Appealing?
The Eastman Credit Union has a policy of holding customers first over the organization. So each employee works keeping in mind the welfare of the customer as if a customer makes progress in life, same the organization will do. The entire process of availing a service or a financial product from ECU is so simple that anyone can go and get their job done conveniently. The ultra-friendly employees of the financial organization are a hallmark of this financial institution.
Other Services Offered By Eastman Credit Union
- The Eastman Credit Union, apart from individuals, also provides an account as well as loan facilities for businesses.
- Persons can even apply for a Visa Credit Card with ECU.
- Apart from the above-mentioned loan products; a customer can also avail mortgage as well as equipment
loans . With EquipmentLoans , a person can easily buy a bulldozer, tractor, and even a golf cart. - ECU also provides its customers with insurance services through Edwards, Tipton Witt Agency (ETW). ETW offers different insurance facilities including Home, Auto, Watercraft (Boat, Jet Ski), Motorcycle and ATV, Umbrella Liability, Life, and Health.
Skip A Payment Program by ECU
The ‘Skip A Payment’ provision by ECU allows the customers to skip the loan payment for a month and use the funds for special circumstances like illness, unplanned travel, etc.
Conclusion
The Eastman Credit Union is a one of a kind financial institution which provides numerous financial products and services to its members. All the policies, rules and regulations are designed keeping in view the interest and the welfare of the member. Right from the ground level to the pinnacle of ECU, members or customers are kept in high regard and every employee strives to offer the best of services.
The Eastman Credit Union focuses on simplicity than anything else. Every process is designed in the simplest way possible. The company aims to help each and every member to accomplish their financial goals.
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.