Personal Borrowing FAQs

For a fully amortized payment, the payment is calculated to be principal and interest necessary to fully amortize the outstanding balance over a 20-year term, subject to a minimum monthly payment of $100.

For an interest-only payment, the payment is calculated as the amount of interest accrued to the last day of the billing cycle, subject to a minimum monthly payment of $100.

The following payment methods are available, but may vary based on loan type:

• Automatic or one-time transfers from Online Banking
• Internal transfer from a SECU Checking or Share Savings account
• Monthly biller
• Automated Clearing House (ACH) from a checking or savings account at another institution

The following payment methods are available, but may vary based on loan type:

• Automatic or one-time transfers from online banking
• Internal transfer from a SECU checking or Share Savings account
• Monthly biller
• Automated Clearing House (ACH) from a checking or savings account at another institution

A co-borrower is someone who applies jointly for credit with the primary applicant and who is equally responsible for repayment of the loan. The payment history on the loan will affect all borrowers.

Rates are based on the credit score supplied by the credit reporting agency. Your rate may also vary based on the length of your loan or your repayment method.

We can only release information on a loan to the borrowers or with their written permission to discuss with someone else.

To determine your accurate loan payoff amount, contact one of our member service representatives at 800-879-7328 or visit one of our financial centers.

You can also request this online depending on the type of account:

• Real estate payoff online form
• Consumer loan payoff online form

Follow the steps below to make a loan payment in mobile banking:

1. Log in to the mobile app.
2. Tap the Transfers option from the menu.
3. Select the account you want the funds to come from.
4. On the next screen, select the account you would like to make the payment to.
5. Select the payment option you would like: regular payment, principal only, etc.
6. Review to make sure the details of the loan payment are correct.
7. Tap Submit Transfer.

We have several options to help lower your monthly payment and interest rates, and if you aren’t sure what is best for your situation, we can guide you.

Schedule a financial consultation with us:

• Schedule an in-person appointment
• Schedule a virtual appointment

You can also use our debt consolidation calculator to see what options are right for you.

Oftentimes, yes. We strive to provide the financial assistance you need despite less-than-perfect credit history.

To check the status of your loan application please call us, visit one of our financial centers or schedule a virtual appointment.

There are many factors that go into your credit score, including payment history and the amount of time your credit accounts have been opened and more.

Schedule a financial consultation with us to let us help you get started:

• Schedule an in-person appointment
• Schedule a virtual appointment

Loan qualifications differ depending on which loan you are applying for. The best way to find out if you qualify for a loan is to apply.

Your credit score plays a role in whether you qualify for a loan. To check yours, log in to online banking and click Credit Score.

We offer a 15-day grace period for loan payments. At 15 days late, we charge a late fee (the late fee amount is outlined in the loan agreement). Once a loan is 30 days late, we report the lateness to the credit bureau.

If you are unable to make your monthly payment, please contact SECU or visit your local financial center and we can walk through deferment options.

Yes, anybody can pay off the loan. However, title rights and responsibilities belong solely to the party listed on the title and loan.

Loan payoff forms can be found here. These can be submitted by the member or third party.

Members looking to payoff using funds in their internal deposit accounts should contact SECU at 800-879-7328 to have the request submitted to withdraw and payoff. Checks received from a third party will be accepted and posted to the loan for the purpose of payoff.

If you are unable to make your monthly payment, contact SECU for assistance and we can walk through deferment options.

Members can apply for a payment deferment. Please visit one of our financial centers or make a virtual appointment.

Secured loans are loans backed by collateral. This means that if you cannot pay back your loan, you will forfeit your collateral to repay the debt.

Unsecured loans do not require collateral and allow you to borrow money based on the lender’s evaluation of your finances, credit, and more.

A loan application can have an instant decision or take up to 4 days for a decision, depending on the type of loan or if we need to follow up and gather more information. 

Yes. Follow the steps below:

1. Log in to online banking.
2. In the left-hand navigation, click Transfers.
3. Navigate to the Detailed
4. Select the account you want to transfer from.
5. Select the amount you would like to transfer.
6. Select the account you want to transfer to.
7. Select the frequency at which you would like the transfer to occur.
8. Choose how the recurring payment should end.
9. Click Submit Transfer.
10. You can view your scheduled transfers on the Scheduled tab.

To make a loan payment to a loan at another financial institution, you can use our bill pay service.

1. Log in to online banking.
2. Click on Bill Pay.

Set up the other financial institution as a payee and schedule a payment.

You can request a loan payoff by completing the correct form found here. You can also request your payoff at any SECU financial center, through our contact center, or by faxing your request to 410-487-7246.

Follow the steps below to pay your loan online from your SECU account:

1. Log in to online banking.
2. Click or tap the Transfers option from the menu.
3. To make a quick loan payment, choose the account you would like to pay in the From column.
4. Select the Amount you would like to pay, or enter a custom amount.
5. In the To column, select your loan account.
   1. If you would like to make an automatic, recurring payment, click the Detailed tab.
   2. Fill in the To, From, and Amount fields.
   3. From here you will be able to select the Frequency and Ending of your recurring transfer.
6. Review to make sure the details of the loan payment are correct.
7. Click Submit Transfer.

Standard mail

SECU
PO Box 13026
Baltimore, MD 21203

Overnight mail

Attn: Mail Operations
971 Corporate Blvd
Linthicum, MD 21090

At any SECU financial center.

Contact SECU at 800-879-7328 to make a payment over the phone. You can also log in to online banking or mobile banking to make a payment through the Transfers tool.