Hoosier Hills Good Neighbor Loan
Sometimes, being better for our members means helping when times are tough. If you’ve recently been affected by job loss, you may be facing some tough decisions. Hoosier Hills wants to be your good neighbor in helping you get back on your feet, while avoiding pitfalls along the way.
Figuring out where to start, especially if you feel like you’re already in financial trouble, can be daunting. Below are options and resources to help you begin. A visit to Hoosier Hills is another great first step. We want to help you on your way to a more secure future.
The Hoosier Hills Good Neighbor Loan is available to members affected by recent job losses. It is a Signature Loan for up to $5,000 with no payments for six months.
If you think a deferred Good Neighbor loan might be an option for you, give us a call or see us at your local Service Center. We’d be happy to help!
*Example: $5,000 at 9.5% APR for 36 months with $167.85 monthly payment. Finance charges begin accruing from the transaction date, but payment may be deferred for up to six months. Available for a limited time. Offer subject to change without notification. Subject to qualifications standards.
Manage Your Mortgage
If you have an adjustable rate (ARM) and are facing a rate adjustment, refinancing your home loan with Hoosier Hills might be the break you need. If you qualify you could:
- Refinance to a fixed-rate 30-year (or shorter-term) mortgage.
- Refinance to anew ARM that has terms better to your situation.
Put Your Home’s Equity to Work
A Home Equity Line of Credit (HELOC) can be a useful cushion if you’re not already overloaded with debt. You can set up a HELOC and never draw on it, but have the comfort of knowing it’s there if needed. Or use it for large purchases that may be coming up, However, if you already have a lot of debt, borrowing more is not the answer.
Cut Credit Card Costs
Not all credit cards are created equal. Some cards carry terms that are not if your favor. Switch to a Hoosier Hills credit card. The interest rates and fees on our cards are generally lower than bank and department store cards. Transferring balances to our lower rate, lower fee card can save you a bundle.
Pass up Payday Loans
Payday lenders promise to help when you’re short on cash. You’ll get the money you need, but with interest rates that are so high the loan may become difficult to repay.
Use Direct Deposit
The national electronic payments association survey recently revealed that those using Direct Deposit to deposit their paycheck automatically into their savings account save an average of $390 per month, $90 more than those saving manually. The reason is they have consistent, rather than random, saving.
Steer Clear of Scams
Some scammers use news of layoffs or job loss to scare investors into high-risk investments. They use investors’ fears to promote sketchy schemes with promises of high return and no risk that leave investors with nothing but empty wallets and a lot heartache.
- Hang up on aggressive cold callers.
- Delete unsolicited emails promoting investments opportunities
- Do not give out your personal information if you’re speaking. This includes your account number, password, and Personal Identification Numbers (PINs).
For more information or to apply, stop in any Hoosier Hills location or call us at 800-865-2612.
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- Indiana Career Connect: www.indianacareerconnect.com Official career site for the State of Indiana; no charge service to assist workers in their job search. Provides a complete set of employment tools for job seekers in Indiana. Search jobs, create resumes, find education and training.
- Work One Indiana: https://secure.in.gov/dwd/WorkOne/ WorkOneWorks.com provides valuable information about WorkOne and its programs. Find more information on employment services, education and training, unemployment insurance and more. Whether you are looking to improve your job qualifications, explore a different profession, or find a new career, WorkOne can help.
- America’s Service Locator: www.servicelocator.org Identifies locations of local offices providing employment and training services. This site is sponsored by the U. S. Department of Labor.
- Understanding Unemployment Insurance: www.workforcesecurity.doleta.gov/unemploy/ Provides information on the Unemployment Insurance Program designed to reduce the impact of economic downturns by providing temporary support to laid off workers.
- Frequently Asked Questions for Laid Off Workers: www.doleta.gov/layoff/faq_workers.cfm
- Take Charge: www.careeronestoep.org Take self-assessments and find occupations and industries that match your skills. Explore careers, access education and training, search for jobs, review resumes, interviews, salaries, and benefits.
- Employment Projections and Data: www.bls.gov/emp/#data Employment statistics and information from the Bureau of Labor Statistics.