Credit Protection

Wondering how to handle payments if you become disabled? Concerned about your loans if you suddenly lose your job? Want peace of mind knowing your loan will be covered if something happens to you?
Credit Protection
Credit Protection is an agreement between you and Desert Schools that safeguards your credit rating on your Desert Schools loan(s) during a critical period when Credit Protection is added to your loan. If you purchase the Credit Protection, we agree to cancel up to 3 or 6 months of consumer or home equity loan payments* in the event of involuntary unemployment or disability. For loss of life, Desert Schools will cancel the loan balance as of the date of death, up to a maximum benefit of $75,000. Our packages are noted below.

Consumer Loan Plans

  • Total: Involuntary unemployment, disability, or loss of life
  • Disability: Disability or loss of life
  • Life: Loss of life
  • Unemployment: Involuntary unemployment or loss of life

Real Estate Loan Plans

  • Total: Involuntary unemployment, disability, or loss of life
  • Disability: Disability or loss of life
  • Life: Loss of life

This product is optional
Your purchase of credit protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us.

Additional disclosures
We will give you additional information before you are required to pay for credit protection. This information will include a copy of the contract containing the terms and conditions of credit protection. Members may sign up for Credit Protection at time of funding or up to 6 months after funding by visiting a branch or by calling 602-433-LOAN (5626).

Eligibility requirements, conditions and exclusions
There are eligibility requirements, conditions, and exclusions that could prevent you from receiving credit protection benefits. You should carefully read your credit protection contract for a full explanation of the terms and conditions of the credit protection program.

*Credit Protection is an agreement between Desert Schools and the member. Desert Schools agrees to waive up to six months of payments up to $1,000 per payment in the event of disability and/or involuntary unemployment. For the loss of life option, Desert Schools will forgive the entire unpaid loan balance up to a maximum benefit of $75,000.

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