Pension Loan

Looking to catch up on your Pension Plan contributions?

Let your Credit Union help. At BFSFCU, we have several loan options to help you meet your financial goals for retirement. BFSFCU now offers a Pension Loan product for eligible members with three rate/term options as follows:

Table data for Pension Loan Options
 
Option 1 Option 2 Option 2 Alert Me
Rate Type Fixed Fixed Variable
Term 10 years 6 years 10 years
APR1 6.20% 5.45% 4.75%
Sample Payment $56/month $82/month $52/month
  • 1APR=Annual Percentage Rate. Rates as of 1/1/2015 and are subject to change. New money only. Maximum loan amount is $75,000 per year with an total aggregate amount of $150,000. All loan approvals are subject to normal underwriting procedures. Applicant must provide a copy of their pension statement from their Human Resources department regarding eligible contribution amounts with application. Loan proceeds will be funded directly to the pension account. The APR for variable rate changes may increase in accordance with the Wall Street Journal Prime Rate (“Index”, currently 4.50%) plus a Margin. APR changes will occur every six (6) months on the anniversary of the Date of the Advance of Funds, which is referred to as the Change Date. Loan repayment example is based on loan amount of $5,000. Other terms and conditions may apply.

Are there other borrowing options?

Do you have a savings account or share certificate account at the Credit Union? Rather than breaking your certificate and paying a penalty, simply borrow against those funds already on deposit with our Share-Secured or Share Certificate-Secured Loan. We have many different loan options—any one might be applicable to your unique situation. 

Contact us at 202 212 6400 to speak with a loan representative to get started.

Personal Loans