25 Sep

Finding the New Normal with Your Finances

Staying on top of your finances and credit can be overwhelming as is, but when you add a global pandemic and economic crisis to the mix, it can be extremely overwhelming. Here are three tips to help you navigate your financial situation and find your new normal during these times.

Look at Your Debt

If you are among the millions of Americans who have unfortunately lost their jobs or are expecting a loss of income, stick to making the minimum payment on your lower priority debts for now.

When you pay the minimum, you’ll keep up to date with your accounts, and your credit score will remain more on track. You can also consolidate your debt into a lower interest rate loan. RMLEFCU has competitive rates for our loans. Contact us to find out more!

Find New Routines

Although the stress of a global pandemic may make you run to material comfort, you should keep your money in your pocket instead of spending it on new belongings. In times of tension, we’re all looking for something comforting and the sensation of spending can be something we turn to.

Instead, consider little rituals that will bring back routine and a sense of calmness to your life. Find new ways to feel satisfied and comfortable at home, such as studying, artwork, new hobbies, or talking to a friend.

See New Opportunities

Pre-pandemic, you may have made totally different financial decisions than those you’re making right now. See this as an opportunity to take a more active role in your financial life and create positive habits.

Start by creating a budget for yourself. When you’ve got a hold of your monthly spending, take out your credit report and see where your credit is. Keeping track of these things will help guide you to a better financial situation.

RMLEFCU is here to help you with your financial needs. Your membership includes a free financial advisor and plenty of low rate loans for you to refinance into. Contact us at 303-458-6660 for more information.

22 Sep

Signature Equipment Loan

Congratulations! You have just graduated from the Police Academy, now what? Law enforcement officers are burdened with the costs of equipment from the first day they graduate. RMLEFCU has been helping new graduates since 1938!

History of RMLEFCU

It was a crude understatement to say that it was hard to get a loan in 1938. The Denver Police had nothing to give in the form of collateral and, combined with the financial instability of the Great Depression, their loan demands fell deaf to the ears of the bankers.

A new way to promote financial stability was required. 

Fortunately, three Denver police officers, Ivan Eldher, Harold Dill, and Roy Floyd, formed a credit union devoted to law enforcement officers. This credit union? Rocky Mountain Law Enforcement Credit Union.

Over the past eight decades, we have experienced numerous moves, increased membership, and modernized programs – but our loyalty to officers who keep Colorado communities safe remains unchanged.

New Recruits

Joining the Rocky Mountain Law Enforcement Federal Credit Union was a rite of passage that happened soon after an officer had been sworn in. Newly minted police officers would obtain a $250 signature loan to help buy the required equipment.

Over the years, we have evolved to include more than 14,000 members and more than $220 million in assets. We are still supplying new officers with our Signature Equipment Loan, but now for up to $2000.

From our humble beginnings with one employee in the Denver Police Department’s basement, we have grown to three physical locations in the Denver Metro area with fifty employees.

RMLEFCU members enjoy joint branching with 200 other credit unions in Colorado and with more than 5,000 locations throughout the country.

We’ve constantly improved our online banking to be as smooth and stable as possible. To learn how to become a member, please see our switch kit or contact us at (303) 458-6660.

11 Sep

Current Low Rates Means Refinancing Your Auto Loan is a Big Deal

The current pandemic is straining economies both locally and internationally. It’s now time to find opportunities to save money.

One way for some people to minimize monthly payments is by refinancing their car loans at lower interest rates. These current rates are much lower than average, and it is important to consider what the refinancing of a car loan means.

RMLEFCU will help you navigate the refinancing of your auto loan to get the lowest rate out there.

Look at More than the Monthly Payment

A lower monthly payment can still mean paying more for your vehicle over time, particularly if your loan period is extended. This could get you in some other financial trouble later.

Pay attention to the rate of interest you’re paying, as well as when you’re actually going to get rid of the car payment. This is especially important if you don’t intend to keep your car around for a long time. Your aim should be to make the loan payments quicker.

Do Your Research

Just like all big financial decisions, it’s important to do your homework before you get a refinancing loan. Jumping in headfirst and committing to a new loan before you fully understand it could be a major mistake.

Your existing loan may be subject to a prepayment penalty, which means that you may have to pay a prepayment charge to substitute it with a new loan. Shop around a little to see what the prices are like before you commit.

Features Available at RMLEFCU

RMLEFCU offers low, competitive auto loan rates for new or used vehicles with a variety of repayment terms available. We also have a variety of buyer resources to make your car purchasing and refinancing process easier:

  • Get fast financing with Credit Union Direct Connect.
  • Easily browse inventory and make an informed auto buying decision with AutoTrek.
  • Protect yourself against financial loss in the event your car is totaled or stolen with GAP Insurance.
  • Be prepared for unexpected auto repair costs with RMLEFCU’s Mechanical Repair Coverage. Our benefits are usually hundreds less than the prices the dealerships offer.

We’re also offering an exclusive member-only special on our Relationship Rate! Normally, members can take an extra 0.5% APR* off our already low auto loan rates if they qualify for four out of five following services:

  • Line of Credit (includes credit cards, overdraft protection, or a home equity line of credit)
  • Kasasa Checking
  • Online Banking
  • Direct Deposit
  • Automatic Payments

This month, for Member Appreciation Month, we are offering an EXTRA 0.25% APR** off the Relationship Rate. This means you can get a total of .75% off our already low rate of 3.5% APR*! That means your rate could be as low as 2.75% APR*! With auto loan rates currently low, it might be the perfect time to refinance your auto loan.

 

 

 

 

 

*Annual Percentage Rate. With approved credit. Some restrictions may apply. Rates subject to change.

**Annual Percentage Rate. With approved credit. Some restrictions may apply. Rates subject to change. Offer valid for the month of September 2020.