We all know educators spend their own money on classroom supplies. We can’t fix that challenge, but we CAN make it more affordable!
RelyOn now offers a Teacher Supply Loan for educators at only 7.00% APR. No need to use those high interest credit cards from other lenders. At RelyOn Credit Union, we have local educators covered.
Who is eligible for a Teacher Supply Loan?
A: School teachers, teachers' aides, and school administrators
Are new members eligible for a Teacher Supply Loan?
A: Yes. There is no waiting period.
What are the requirements of the Teacher Supply Loan?
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Max loan amount = $2,500
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APR = 7.00%
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Max term = 24 months
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First payment date within 60 days
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Copy of teaching contract or paystub to validate job title
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Two references
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Must be in good standing with RelyOn (deposit and loan accounts)
Is automatic payment required?
A: No, but it is recommended that the payment is set up on ACH or drafted from a RelyOn account.
Will the Teacher Supply Loan be reported to the credit bureaus?
A: Yes, the loan will be reported to all three credit bureaus monthly. This will be a great way for the member to build credit.