Loans

Many preconceived notions and unfamiliar tools prevent people from maximizing their wealth.
Common Myths

  • With the drop in the housing market, I don’t think that my home has any equity
  • It would be better to take the money out of my 401K or IRA rather than take out a loan or line of credit
  • I can’t use a Home Equity Line of Credit to pay off my mortgage
  • It will take too long to get approved or I will never get approved
  • Interest rate and terms of condition at all financial institutions are the same
  • A personal loan to pay off my credit cards would always be at a higher interest rate than my credit card rate
  • I can’t transfer the balances from my other credit cards to my Ohio Catholic card unless there is a special promotion

The secret is to structure the different types of debt that will maximize your financial wealth in the long run.  Ohio Catholic associates are trained to review the entire situation in order to provide members with optimal solutions.  Everyday, Ohio Catholic tries to provide solutions that will enhance our members’ lives and financial situations.  Stop in or call Ohio Catholic to speak with an associate about your Smart Money Solution today!

Real Smart Money Solutions for Real Members
Member restructures type of debt to obtain funds for home repairs.
Smart Money Solution – John** had four credit cards with hefty balances, a car loan, and an immediate need to make some home repairs.  John did not qualify for a $5,000 personal loan for the home repairs because he had too much unsecured debt in his financial portfolio.  After talking with an experienced Ohio Catholic representative, John applied for and was approved for a $30,000 Home Equity Line of Credit (HELOC).  In addition to providing the funds for the home repairs, the HELOC allowed John to pay off ALL the credit cards and the car loan.  Even with the additional funds financed, John’s monthly payment did NOT increase because he was able to take advantage of the HELOC’s low interest rate.

How high are your credit card interest rates?
Smart Money Solution – Jane** visited Ohio Catholic for help in managing her credit card debt.  Her credit card rates were near 30% APR*.  Jane was approved for an Ohio Catholic VISA card with the rate of 12.99% APR*.  Jane closed her high interest credit cards after she transferred the balances to her new Ohio Catholic VISA card.  It did not cost Jane anything to transfer her balances and it is saving her $230 a month.  Ohio Catholic’s VISA credit cards have an interest rate cap of 18% APR* and the interest rate on balance transfers, cash advances and purchases are all the same.  There is also no annual fee and reward points are earned with each purchase.
*APR = Annual Percentage Rate
**Names have been changed to protect members’ privacy.

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