23 Mar

How RMLEFCU Can Help You During This Crisis

hands holding during crisis helping

First things first – we care about our members and want you to be successful. Please be proactive by contacting RMLEFCU if you run into any hard times during this crisis. We can help you save money, but most importantly, reduce some of the tension that you may face if you are facing financial hardship.

Here are just some of the ways RMLEFCU can help right now:

  • Skip-a-Pay is available now to members during this crisis to skip an RMLEFCU loan payment with no fee.* Exclusions apply.
  • Refinance your auto loan at RMLEFCU and receive a lower interest rate and no payments for 90 days. 90 days without a car payment could be a helpful break from a bill during this crisis. Save another 0.5% if you qualify for our relationship rate.
  • Refinance your mortgage with RMLEFCU and receive a $500 lender credit** toward closing costs, plus skip your first month’s payment. This could lower your monthly payment and allow you to skip a payment during the crisis.
  • Transfer your credit card balance from another institution onto an RMLEFCU credit card for free and a likely receive a lower interest rate. See our rates.
  • We are offering low rate personal loans to pay bills to those institutions who aren’t as understanding.
  • Sign up for debt protection to cover loan payments in the event of death, disability or involuntary unemployment.

Do not hesitate to call us if you are having trouble making a payment or if you have any questions about RMLEFCU’s services. Contact us at lending@rmlefcu.org or (303) 458-6660.

What to do During Times of Uncertainty

The last thing you need in times of uncertainty is financial stress. The following financial guide includes free tips, guidance, goods, resources, and financial assistance programs to help you save and access money. This will ensure you have what you need to handle some of the financial and emotional challenges that may occur in periods of instability, specifically during the COVID-19 outbreak. We’ll keep adding more tools, so keep checking back to this post!

Come Up with an Action Plan

Your first step is to come up with an action plan to move forward with confidence. Below are three things that you can bear in mind when you first receive reports about times of crisis.

  • Remain calm. Don’t make irrational or short-term financial decisions during this period of uncertainty. This can actually do more harm than good. Examples include withdrawing large amounts of cash or selling stock at the bottom of a crash.
  • Reduce expenses to a minimum. If your income is limited, it’s a smart idea to reduce your expenses to a minimum. If you are having trouble making a payment, please contact us. RMLEFCU understands what law enforcement officers and their families have to go through and we will work with you to the best of our ability to help reduce financial stress.
  • Keep investments for the long term. If you are an investor, it’s recommended that you do not check the markets daily and take caution against making decisions on the basis of media headlines. These fluctuations may seem concerning now, but over a longer period of time they will average out.

Re-Examine Financial Expenses

It’s not often in life that we re-examine our financial expenses. Here are a few practical things you can do to make the best of these times.

  • Re-examine your bills. Gather all your bills and find out the amount you need to pay every month for essential expenses. Then, you can prioritize your expenses by the amount of satisfaction. Then, you’ll have a better understanding of what to cut out of your budget during hard times.
  • Re-examine subscriptions. Subscriptions are easy to stack up and forget about. We’ve written a comprehensive guide to canceling your unneeded subscriptions to help you determine which are worth keeping and which you can do without.
  • Create a plan for the future. Think about the improvements you want to make in the way you spend your money. At the end of the day, the best way to use your income is to ask: what are the things you should spend money on that make you and your family happy, and what are the things you spend money on that don’t make you happy? When you have learned these things, you’ll be able to build a realistic strategy for healthy financial investment.

Help with Housing Payments and Utilities

Paying for rent and utilities can be some of the greatest challenges these days. Ask your landlord or utility provider if it is possible to seek an extension on full or partial payment if you aren’t able to make it. See if they’re willing to help you get on a payment plan. It never hurts to ask, and they’re most likely amenable to helping out when there is transparent communication.

You can also go to your credit union for assistance in the form of a low rate personal loan or the ability to skip a payment.

Finally, it could be a good time to pick up a side job in an industry that is booming right now, like food delivery or grocery stores, to make a little extra cash.

 

 

* Lines of credit, VISA or mortgage loans do not qualify at this time.

** Exclusions apply. Must be refinancing from another institution.

30 Dec

Focus on What You Can Control During a Recession

calculating costs of recession and cutting down budget

Discussions about an upcoming recession are extremely frightening. Focusing on what you can control is a good way to be prepared and maintain your sanity.

The most important thing is to focus on what you can influence in your own life. While things may seem scary and the unknown is looming, it’s going to be all right! Look hard at your job security, debt, and investments.

Secure Your Job

The first step is to look at the money you earn, which means you should consider the safety of your work. Make yourself indispensable in your job in order to create job security. To complement your role, learn new skills and begin to acquire more responsibilities. Pursuing an education is one of the best investments you can make.

You should also get your resume together and start networking in order to be prepared for a Plan B. If a recession hits, you don’t want to start a job search with a bunch of other people already laid off. By networking ahead of time, you’ll have a head start.

Pay Down Debt

If you have high-interest debt, now is the best time to begin aggressively attacking it. Prioritize debt starting from credit cards and switch to other types of loans, such as mortgages or auto loans. Student loans have more favorable terms, making it less important to pay them off.

One technique that is often advised by experts in the form of a debt avalanche. The plan is to continue to pay the minimum on each balance, on time, but put any extra money on balance with the highest APR.

To order to create some breathing room in your budget, it is important that you pay down any outstanding debt, more precisely high-cost debt, such as your credit card balance.

Start Saving

If a recession truly scares you, take your budget out and start cutting expenses now. The money you save can go straight into your emergency fund, which can be kept in a high-yield savings account with zero market risk and even growth opportunities.

Regardless of the condition of the economy, maintaining an emergency fund is key. After all, an enormous medical bill or temporary income loss may occur at any time. The first line of defense against debt is to support yourself with a cash safety net.

Recessions can be worrisome, but if you follow these tips and help prepare yourself for a recession, you may come out of it smoothly! Follow our blog for more recession tips. If you have any questions, call RMLEFCU at 303-458-6660.

23 Sep

Money Tips for Young Adults

Money Tips for Young Adults

As a young adult in your 20s or 30s, you’re probably excited about all the opportunities life has to offer, but you’re also aware of increased financial responsibility. Unfortunately, in most high schools or colleges, personal finance is not a required subject. This lack of basic financial education leaves many young adults clueless about how they should manage their finances, apply for credit, or even get and stay out of debt.

We’ve come up with three important things to understand about money to help you be more financially responsible.

Build a Budget

Regardless of your age, the number one money tip that you should follow is to live within your means. You should never spend more than what you’re earning. It’s easy to get into debt but getting out of it is much harder.

This is why it is helpful to have a budget. If you track your spending, not only will you see where your money goes, but you will also be more aware of what you spend your money on.

Start an Emergency Fund

Life can be unpredictable and being prepared for when unexpected things occur will benefit you in the long run. Having a safety net for those unplanned moments, like car repairs, medical expenses, or unemployment, will make it easier for you to bounce back financially.

As a rule for your emergency fund, you should have 3 to 6 months of living expenses saved up. This is where the previous tip helps. If you know how much you’re spending, you’ll know how much you need to save.

Save for Retirement

While retirement may seem a long way away, the earlier you begin, the better. Starting early on your retirement savings is recommended. If you start adding to your accounts now, you’ll see more money later! Start by investing in a 401(k) or IRA. Make sure you also maximize the opportunity if your company offers a matching contribution.

There are also a lot of retirement options to choose from. Read our blog post on Retirement 101 to learn more about the different retirement accounts you can choose from.

These three tips should give you a head start on financial responsibility, but the most important tip is not to compare with others. It’s easy to look on social media and get an elevated, flawless perception of reality and it may seem as if everyone is doing well and affording extravagant things, but everyone’s situation is different! If you would like help with financial planning, RMLEFCU offers personal services to members! Learn more about our financial planning services here or call us at 303-458-6660.

18 Jun

What Are Credit Builder Loans and How Do They Work?

Credit Builder Loan at RMLEFCU

If you have poor or no credit, it may seem like getting a loan is impossible.

A lender’s main concern when considering a loan application is whether or not the applicant will be able to pay the loan back. Your credit score is a way for lenders to know if you are trustworthy enough to loan to. A credit score takes into account payment history and allows lenders to determine if the applicant is risky or not.

A credit builder loan is designed for people who have poor credit or little to no credit history to build credit. It’s designed to help you eventually qualify for other loans.

What Is A Credit Builder Loan?

Building up your credit takes patience. To show lenders you are consistently reliable and make on-time payments, you’ll need to put in the work. Credit builder loans are a great way to begin establishing a good credit score.

A financial institution, such as a credit union, deposits a small amount of money into a secured savings account. The borrower then pays the money back in monthly installments, with interest, over a set period of time. At the end of the loan’s term, the borrower receives the total amount of the credit builder loan in a lump sum, plus any interest earned, if the lender offers interest.

RMLEFCU’s credit builder loan features:

  • No money needed to secure the loan
  • Eligible to members 18 and older who have means to repay the loan
  • Low monthly installment payments
  • Convenient automatic payments
  • Easy application process
  • Quick, local decision-making
  • Attentive, friendly service from start to finish

How Does A Credit Builder Loan Work?

This loan helps build credit by providing an opportunity for people who want to build their credit to make small monthly payments.

With this loan, your credit history will show you can make regular, on-time loan payments.

Most credit builder loans are small, which means they will have small monthly payments. Interest rates vary by bank, so be sure you compare all your options to get the best rate.

Where Can I Find A Credit Builder Loan?

Rocky Mountain Law Enforcement Federal Credit Union, of course!

Credit Unions often list loans and loan details online and have lower rates than traditional banks. Take a look at the loans RMLEFCU offers.

Some traditional banks also offer credit builder loans to help clients build a good credit score and work toward good financial health.

If you have any questions or would like to talk to a lending officer at RMLEFCU about our Credit Builder Loan, give us a call at 303 458-6660 or send a message to lending@rmlefcu.org.

09 Aug

Banking for Students

Banking for Students

As a student, your schedule can vary widely from day to day, along with your financial needs. It’s important that your credit union be flexible and grow with you as your needs change. RMLEFCU offers a number of convenient features for students, such as mobile banking, person-2-person transfers, and shared branching. Rocky Mountain Law Enforcement Federal Credit Union also has a first time Visa credit card for students without any credit history. Banking for students is not just limited to whatever institution has an ATM near campus – use RMLEFCU when you are away at school for both its convenience and unbeatably low rates.

Convenience

With RMLEFCU you can do most banking transactions from your phone or online, which is perfect for students that don’t have the time or transportation to get to a branch. This includes depositing checks, transferring money, checking your balance, and more.

If you are not near an RMLEFCU branch and do need to visit in person, RMLEFCU makes that possible by partnering with over 5,000 credit unions across the United States. Wherever you are going to school, RMLEFCU will go with you. Visit any partner credit union to perform your in-branch transactions.

Take advantage of free overdraft protection and courtesy pay for those students that are a little tight on cash. Your card will not be declined for insufficient funds and you do not need to worry about ATM fees either. With a Kasasa checking account, up to $25 in ATM fees are refundable each month.

Person-2-Person Transfers

As a student, there is a lot of splitting costs for meals and bills with roommates. RMLEFCU offers person-2-person transfers for those unpredictable times that you need to give someone money but don’t have (or want to pull out) any cash. Using either online banking or your mobile phone app, you can transfer funds from your bank account directly to someone else. Who carries cash these days anyways?

Build Credit Early

Most students don’t have much credit yet, but the time to build it is now. RMLEFCU can help you get your first credit card and establish length of account history with a checking account. RMLEFCU has reasonable interest rates for credit cards, even for first time card holders. By working on establishing credit as a student, after graduation you will be able to get great rates on everything from a car to your first house.

Pay for School

Another popular feature for students is using a HELOC to pay for schooling/living expenses. Having your parents take out a Home Equity Line of Credit, or a HELOC, to pay for schooling will help keep your interest rates low – saving both students and parents a lot of money. It can be drawn on when needed and paid back as you are able to.

RMLEFCU – Banking for Students

With shared branching, online banking, and mobile banking, you can get everything you need as a member of Rocky Mountain Law Enforcement Federal Credit Union even when you are away at school. Take advantage of our low rates for first time card holders and build credit now so you are in a good place after college to start making those large purchases.