For Your Information
If you work for the City of Irving, you can have your loan payments automatically deducted out of your check each payday.
All ICEFCU loans are based on Simple Interest Method of Interest Calculation. This is the best interest calculation method for the borrower as interest is paid only on the decreasing monthly balance. There are no pre-payment penalties with CU loans, so interest is paid only for how long the funds are borrowed.
We’re here to save you money! Since the credit union is a financial cooperative, our members, by their deposits/savings, provide the pool of funds that we in turn loan back to our members borrowing funds. The interest made from loans (along with income from investments, etc.) and after deducting operating expenses is returned to the membership in the form of dividends on deposits and services.
Payments are rounded up to the next whole dollar amount.
Late Charge: $20 per payment on every payment over 5 days past due.
ICEFCU does not make Commercial/Business Loans.
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report. Loans more than 30 days past due are normally reported to a credit bureau. This information may be reflected in the account holder’s credit report.