Covenant Health Credit Union | A division of Consumer Credit Union

Loan FAQ

Below are the answers to common questions about loans at Convenant Health Credit Union.

 

  • How long do I have to be a member before I can apply for a loan?
    You are eligible to apply as soon as you become a member.
  • How do I apply for a loan?
    Apply online or pick up an application at any of our locations and FAX or mail it to us. For additional information, call our main office at 865-541-1239, Parkwest at 373-1650 or Kingston Pike branch at 560-5611.
  • When will I know if my loan has been approved?
    In most cases loans will be approved the same day you apply.
  • How is my interest calculated?
    Interest is calculated daily on the unpaid balance. As your loan balance reduces you pay less interest.
  • Do I save money by making extra payments?
    Yes. Extra or additional payments reduce the amount on which interest is calculated daily. Not only will you save money on interest but your loan will be paid off early.
    Payroll deduction of loan payments allows you to save even more as your balance decreases bi-weekly.
  • What happens if I get sick and can't make my loan payment?
    The Credit Union has low cost Credit Disability Insurance (temporary) available just for this type of emergency. The coverage (subject to 30 day retroactive period) will pay the regular installment in the event of disability.
    Credit Life Insurance is also available at low cost.