What sort of loans do you offer?
We offer personal loans (also known as signature loans) and credit cards. We also offer secured loans such as mortgages, auto loans, motorcycle loans, and recreational vehicles .
How can I apply for a loan?
Call our Lending Info Center at 330-664-4770, stop into a branch, or apply online 24/7. You can even call your favorite loan officer directly!
What are your loan rates?
Rates depend on the type of loan and other criteria like how long your loan is, age of collateral, and your credit score– click here or call us at 330-664-4770 to learn more.
What does the loan application process look like?
Applications can be submitted either online or in one of our three branches. Once an application is submitted, our team reviews the application and other factors (that may include credit score, income, housing expenses, type of loan requested, etc.).
If the application is approved, a Loan Officer will reach out to you to complete the loan and sign paperwork, which may be done online via DocuSign or in a branch.
Any paperwork completed with DocuSign is all finalized through Towpath Credit Union so there’s nothing for members to download or sign up for!
The applicant must also be eligible for membership so that an account may be opened prior to the loan being finalized.
Which credit bureaus do you work with?
How quickly does Towpath CU process loan applications?
This depends on the loan type request. If you submit an application, we will usually respond within 24 -48 hours. Approved consumer loans (such as personal loans and auto loans) can be closed very quickly if we have all the information needed – sometimes we get same day approval! Home equity loans are much more complex and can take up to 30 days to process and close.
What sort of documentation will I need to apply for a loan?
It depends on the type of loan. We will typically ask for common items like verification of income (such as paystubs or tax returns). For home equity loans, we will always need verification of income and proof of your homeowner’s insurance. We will always ask for identification when signing for an approved loan.
Can you do private sale auto loans?
Yes, we can provide loans for Ohioans privately purchasing vehicles titled in Ohio. Unfortunately, we cannot provide loans for out-of-state private sales. We also cannot finance salvage or rebuilt salvage vehicle titles.
Can you finance my leased vehicle?
We can help you “buy out” your lease! You cannot purchase another person’s leased vehicle; you must be listed as the lessee on the contract. Towpath CU does not participate in leasing vehicles, but if you decide to buy your lease contact us first.
Can you do out-of-state auto loan purchases?
Unfortunately, we cannot currently process out-of-state auto purchases for Members who are purchasing a vehicle from a state that they do not reside in. Additionally, we cannot finance buy-back, salvage, or rebuilt salvage vehicles titles.
Do you offer GAP insurance or Extended Warranties?
We sure do! Our GAP waiver is an affordable option for your vehicle, motorcycle, RV, or boat. Our extended warranties are available for most vehicles up to 11 years old and 150,000 miles. We have three levels of coverage based on year, make, and mileage, offered by Auto Exam and underwritten by Amtrust Insurance. Price of extended warranty and GAP waiver can often be included with the loan if approved.
Do you offer payment protection?
Yes, we offer Everyday Debt Defender on many of our loans and credit cards. If an unexpected job loss, death, or disability prevents borrowers from making loan payments, the Everyday Debt Defender can help by canceling all or part of the protected loan payment or balance. Our Members can be protected from loss of borrower’s life, borrower’s disability, and involuntary unemployment. Coverage is optional, Member eligibility varies, and Everyday Debt Defender price is based on loan account principal balance. This optional product is serviced by CUNA Mutual Group.
Do you require that used vehicles are inspected?
We often require a third-party mechanical inspection for older used vehicles and vehicles with higher mileage. We can finance classic cars, too, and will often require an appraisal in order to determine the value.