APY: Annual Percentage Yield
APR: Annual Percentage Rate
*Rates effective 10/1/2015
All loans subject to credit approval. All Annual Percentage Rate subject to credit history, term, and other factors including ALEC services utilized. Rates can change daily.
Auto Loans - Returning loan members who have a current loan with ALEC and is applying for a new loan will automatically receive a 0.25% APR rate discount. New loan members who do not have any current loans with ALEC must have an ALEC Checking Account (Free or Rewards) with $500 in direct deposit per statement cycle AND be enrolled in E-Statements to be eligible for the 0.25% APR discount. Discount not valid on credit cards, mortgage, Rapid Refi and Home Equity Line of Credit.
Home Equity Loans are available in Illinois, Ohio and Wisconsin only and limited to owner occupied properties. Maximum 80% LTV. Maximum loan to value may be reduced due to underwriting factors.
Interest Rate/APR: 1.99% for the first six months. After the first six months, the Annual Percentage Rate (APR) is variable and is subject to change monthly based on the Prime Rate. Prime Rate is “prime” as listed in the “Money Rates” section of the Wall Street Journal from the last business day of the previous month, as of September 30, 2015, PRIME is 3.25%. The rate floor is 4.00%. The variable rate is subject to credit history, term and other factors. Maximum APR during the life of the loan is 18% APR. $5,000 minimum initial draw required. ALEC will waive your closing costs for fees including Property Appraisal, Title Insurance, Recording Fees and Flood Certification. New loans only. Current members modifying, increasing or refinancing existing equity lines of credit are not eligible for the promotional rate. Amortization up to 15 years. Loans will be renewed at the end of the 60 month term, with options to reapply or pay in full at that time.
Visa Credit Cards See credit card Application and Solicitation disclosure for rate and fee information. Bonus points will be posted on your first statement after meeting the requirement. If the total posted transactions are not met within 90 days of account opening, no bonus points are awarded. All credit cards must be in good standing at time of posting. Bonus points are not transferable. CURewards points to Cash Back option available on Select Rewards Visa only. $50 cash award for 5,000 CURewards points. Maximum $250 cash award annually. Cash advances are excluded. New Cardholders only.
Click here for Application and Solicitation Disclosure.
The Annual Percentage Yield is the rate that is earned if the funds are left to compound for ONE YEAR. All dividends are paid monthly based on the daily average balance. A penalty may be imposed for early withdrawal on certificates. Dividend rates are reviewed periodically and are subject to change without notice. 0.20% APY Money Market yield valid for account balances $50,000 or greater.