“Our Financial Security”
The OPPFFCU structure is unique and enables it to keep loan interest rates low, compared to a traditional bank. The interest rate charged for loans depends on the loan applicant credit rating, the use of the loan, and is the minimum required to pay for the Credit Union expenses, member services, and required reserves. The remainder of the income is distributed to members in the form of dividends (interest) on their shares (savings).
OPPFFCU offers the following types of loans:
- Automobile loans
- Personal loans for needs such as:
- Transportation (auto loans)
- Home Improvements
- Special Events (e.g. weddings)
- Debt Consolidation: Clean up old, high rate debts by consolidating them into a single borrowing.
- Life Membership: Funding for the Life Membership in the Omega Psi Phi Fraternity, Inc.
- Chapter Loans: Financing for certain Omega Psi Phi Fraternity, Inc. chapters needs.