Loans FAQ

Learn more about loans and your loan payment options.

EXPRESS PAY

What is Express Pay?

Express Pay allows you to make same-day loan payments or deposits to your Cornerstone accounts using accounts at other financial institutions. Acceptable forms of payment are Mastercard, Discover Card, Non-CFCU debit card, or ACH using your checking account number. VISA and American Express credit cards are not eligible.

How much does it cost to use Express Pay?

The cost per payment/deposit is $9.95. This amount is charged to the card or checking account that you select as your form of payment. You must agree to this fee at the end of the Express Pay transaction in order for the payment/deposit to be completed.

How do I get started using Express Pay?

Access Express Pay from our website. At the login screen, use the Express Pay button to make a onetime payment. This option requires your 7-digit CFCU account number that begins with a 5, a valid email address, and the last 4 digits of your Social Security Number. Or, register to create an Express Pay account that can be quickly accessed to make onetime or recurring payments. This option requires your 7-digit CFCU account number that begins with a 5, a valid email address, the last 4 digits of your Social Security Number, and your date of birth.

How do I navigate the web site to make my payment/deposit?

Once your account has been validated, click the "Pay Now" button of the loan or share that you would like to pay/deposit and select either the card option (for credit or debit cards) or the bank account option (for checking accounts). Enter the required information and the amount to pay. The amount to pay field for a loan displays your loan payment amount but this amount may be edited. (For loan payoffs, you should call CFCU to obtain accurate payoff information.) Click the "Next" button and verify the total payment which includes the $9.95 fee. Check the box next to "I Agree" which authorizes the payment and click on the “Submit Payment” button. You will receive an email recap of your transaction.

When will my Express Pay payment/deposit post?

Express Pay transactions that are received prior to the cutoff of 8:00 PM Central Time will be posted the same day. Transactions received after the cutoff will post on the next business day.

Which Cornerstone loans are eligible for Express Pay?

All loans that are eligible for Express Pay will appear once your account is validated. Most loans with a loan payment of $1,500 or less are eligible for payments. The list includes auto and recreational vehicle loans, signature loans, advance loans, lines of credit, share loans, and Shelterline loans.*

Which Cornerstone loans are not eligible for Express Pay?

Loans with payments that exceed $1,500 are not eligible for Express Pay. Also, other loans such as credit card loans, mortgage loans, and business loans cannot be paid using Express Pay.

Which Cornerstone shares are eligible for Express Pay?

All shares that are eligible for Express Pay will appear once the account is validated. Deposits that are $1,500 or less can be made to share savings, special savings, checking, and Wealth Builder money market accounts.*

Which Cornerstone shares are not eligible for Express Pay?

Deposits that exceed $1,500 are not eligible for Express Pay. Also, accounts such as Summer Saver, Salary Distribution Plan, Christmas savings, IRA’s, share certificates, and business accounts cannot accept Express Pay deposits.

* Certain restrictions apply.

GENERAL LENDING

What is a collateral loan?

Collateral is when security interest (a lien) is given on property that will be held to guarantee the repayment of the loan. When a lien is taken on property, insurance is required to protect the collateral. For example, a vehicle loan will require comprehensive and collision insurance with minimum deductible requirements.

What is the benefit of a collateral loan?

Interest rates are lower on collateral loans compared to signature loans.

What is the difference between a joint applicant and a guarantor (co-signer)?

A joint applicant shares in the benefit of the loan and is responsible for repaying the loan. A guarantor does not usually benefit from the proceeds of the loan, but is responsible for payment when the member does not meet their payment obligations.

How does my credit score impact my ability to receive a loan?

Cornerstone evaluates all information received on an application, including credit history of the applicant(s), to determine credit worthiness. The credit score is used to assign the interest rate and repayment terms received.

MORTGAGE LOANS

How do I calculate the equity I can borrow on my home?

To calculate the equity in your home, we use the appraised value or purchase price, whichever is less. Depending on the type of mortgage, 80% to 85% of this value is available less your first mortgage balance.

Example:
$100,000 = Home Value
$80,000 = 80% Value
$60,000 = Less 1st Mortgage Balance
$20,000 = Available Equity

PERSONAL LOANS

What is a signature loan?

A signature loan is a loan for which no collateral is required. The only requirements are the signatures of the responsible parties on the loan agreement. The loan amount for which applicants may qualify is based on several factors, including credit history, debt-to-income ratio, and employment history.

Do you offer student loans?

Cornerstone does not offer traditional student loans. We do offer signature and debt consolidation loans. We recommend you explore available options for student loan consolidation to determine the best option for you. We also partner with GreenPath Financial Wellness, which offers free financial counseling to help you take the right path with student loan debt.

VEHICLE LOANS

What is a NADA value?

NADA is an appraisal guide for vehicles that offers market-reflective retail and trade-in values. Cornerstone uses this appraisal to determine the value of collateral being offered as security on a loan.

What types of vehicles are considered Recreational Vehicles?

Vehicles that qualify for the Recreational Vehicle loan include all-terrain vehicle (ATV), boat, camper, motorcycle, motorhome, personal watercraft (jet ski), or travel trailer. Financing may be available on other types of vehicles with different rates of interest.