Loan Payment Protection
MEMBER'S CHOICE™ Borrower Security* Payment Protection
To protect your loan, request Payment Protection at loan application. Or, add Payment Protection to an existing MECU loan call 410-752-8313.
A voluntary loan-payment protection product that relieves your financial burden of delinquency, default, or foreclosure when a protected life event occurs. And, simple eligibility requirements ease the enrollment process.
Did You Know...
- Just over 1 in 4 of today's 20-year-olds will become disabled before reaching age 67. (Source: Social Security Administration, Fact Sheet, June 2013.)
- About 1 in 8 of today's 20-year-olds will die before reaching age 67. (Source: Social Security Administration, Fact Sheet, June 2013.)
- Long-term unemployment (those jobless for 27 weeks or more) has accounted for more than one-third of the total unemployment since July of 2009. (Source: Bureau of Labor Statistics, Databases, Tables and Calculators by Subject, June 2013.)
Why Get Payment Protection* With Your Loan?
Most of us take out a loan when we make a big purchase so we can pay it off over time. But sometimes things happen out of our control that can make it difficult to repay that loan.
If a protected life event happens to you (and you're a protected borrower or co-borrower on the loan), MEMBER'S CHOICE™ Borrower Security* Payment Protection will cancel or waive your loan payments), up to the contract maximums--helping to lessen your worries, and your family's worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging.
Refer to our product guide for additional program details and product FAQs.
* Your purchase of MEMBER’S CHOICE™ Borrower Security Payment Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Payment Protection is currently not offered on mortgage and home equity loan types. Please contact a MECU loan representative, or refer to your Member Agreement (Contract) for a full explanation of the terms of MEMBER’S CHOICE™ Borrower Security Payment Protection. You may cancel the protection at any time. If you cancel protection within 30 days your will receive a full refund of any fee paid. DP-944294.1-0614-0716.