Payment Protection
Contact UsWhy get payment protection with your loan?
People often take out loans when they buy a car, a house or something else big. But sometimes life hits us with things we can't control, and we just can't make timely loan payments. A MECU Payment Protection plan can help ease your burden during challenging times by reducing your financial obligations.
Roll premiums into your loan total
Minimal eligibility requirements, no medical screening
Add to a new loan or an existing loan
Life can be unpredictable. It pays to be prepared.
No one likes to think about losing their job, being disabled, or even passing away at a too-early age. But if you no longer have an income, could you or your family pay off your MECU loan? A MEMBER’S CHOICE™ Borrower Security* Payment Protection plan is the simple, low-cost way to protect your family's finances.- Helps prevent loan delinquency, default, or foreclosure when a protected life event occurs
- Monthly payments are either canceled or waived for a certain time period
- Frees up money that allows your family to pay other household bills
Banking with MECU Credit Union in Maryland means belonging to a local financial institution that invests in the Baltimore community and offers competitive rates on auto loans and other vehicle lending products.
Disclosures
* Your purchase of MEMBER’S CHOICE™ Borrower Security Payment Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Payment Protection is currently not offered on mortgage and home equity loan types. Please contact a MECU loan representative, or refer to your Member Agreement (Contract) for a full explanation of the terms of MEMBER’S CHOICE™ Borrower Security Payment Protection. You may cancel the protection at any time. If you cancel protection within 30 days your will receive a full refund of any fee paid. DP-944294.1-0614-0716.
