Borrowing

How do I know when the funds for my loan are available?

Your loan will appear on your account the instant we fund it. Or, you may call the Loan Application Center at (602) 433-LOAN for loan status.

What is the minimum loan amount I can apply for?

The minimum application amount for consumer loans is $1,000 and home equity loans is $5,000. Mortgage loans have different minimum loan amounts, depending on the product selected.

For what can I use my Home Equity Line of Credit?

It may be used when and where you want. For instance, you can renovate your home or yard, make the most of an investment opportunity, fund your child's education . . . or simply make small purchases at your discretion.

How do I access my line of credit?

You may access your line of credit via PAL or Online Banking. If you choose to speak with a representative, a $3 fee will apply.

What is the difference between original and current balance?

Original balance is the amount you originally borrowed, including fees and insurance. Current balance is the amount you still owe on the loan. Your actual payoff amount may differ from the outstanding balance because interest is applied to your account daily. To obtain a payoff amount, please call (602) 433-7000.

If I make two loan payments this month, will I need to make my regularly scheduled payment next month?

Yes. Although you pay additional money toward the amount you owe, your original loan agreement states that the minimum payment must be made each month. The extra payment will, in essence, reduce the total amount you owe and may decrease the number of months of your loan, depending on the amount.

What is auto pay?

Auto pay, as it is commonly referred to, is an automatic loan payment withdrawn from a Desert School checking account on the same day each month. By signing up for eStatements and electing auto pay, you are eligible to receive a .25% discount on your loan's already low interest rate.

Can I take advantage of the auto pay discount at any time?

No. However, if you obtained your auto loan through our dealer network, you have two weeks from the date Desert Schools funds your loan to choose auto pay and obtain the discount.

Equal Housing Lender Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S.Government Agency. ©2014 Desert Schools Federal Credit Union