Loans & Lines of Credit

If you have any questions about SouthPoint’s LoanPay Xpress or encounter difficulties logging in, please contact a SouthPoint representative at 877-794-6712.

All payments made before 6:00 p.m. on business days will be credited to your account on the next business day. All payments made after 6:00 p.m. will be credited to your account in 2-3 business days. Payments made on Saturday and Sunday will post to your loan within 2-3 business days. Federal holidays will post the payment the 2-3 business days.

No. In a given month you are able to pay more toward your SouthPoint loan, however, the LoanPay Xpress system will not advance the due date of your next payment. Any extra funds that are paid in a given month will be put toward the principal, but members will still need to make their required payment the following month.

If you want to make payments using funds in your SouthPoint savings or checking account, you can use SouthPoint’s Internet Banking system to make a FREE payment.

You can use SouthPoint’s LoanPay Xpress to make payments on all your loans. After you create a unique User ID and password, then you can register all your SouthPoint loans using the different Loan Numbers.

You can use any non-SouthPoint debit or credit card, with VISA(VISA Debit Cards Only), MasterCard and Discover logos. SouthPoint’s LoanPay Xpress does not accept American Express payments. You can also do a Direct Debit (ACH) from another financial institution’s savings or checking account.

All you need is your SouthPoint Member Number and the Loan Number. Here is an example

Member Number 123456 Loan Number 52

In the LoanPay Xpress system, it will read that as 12345652

Using SouthPoint’s LoanPay Xpress you can pay auto loans, boat/recreational loans, personal loans, and Home Equity Line of Credits.

Great question! The initial account you have with the credit union is known as a "Share" savings account. So... a share secured loan is a loan that is matched and guaranteed by funds on deposit in a share account.

For example, let's say you have $5,000 in your share savings account and you want to take out a loan against that amount. Your loan amount is $5,000 and your rate would be 2.50% added to whatever rate your share account is paying for dividends. These loans are a great way to build credit history.

Yes, SouthPoint offers personal loans called Member Loans. A member loan is a loan secured with your good credit--without any collateral. Whether you need the funds for vacation, an emergency car repair, or any other worthwhile purpose, the credit union offers these loans at rates and terms you can afford.

Apply for a Member Loan today!

SouthPoint does offer consolidation loans for our members to consolidate bills and pay off other debts. There are several options available to most members. This may include personal loans, home equity loans/lines, or even a first mortgage.

The easiest way to find out what is best for your situation is to apply. A loan officer will contact you to discuss your options upon receipt of your application.

The credit union offers convenient options for you to apply.

• Loan Application: Using our mobile and online loan application, you can apply 24/7 from wherever you are. We'll even preapprove you for the loan in minutes if you qualify.
• Through VideoConnect: Monday - Friday from 8:30am-6:30pm and Saturday from 8:00am-Noon.
• Over the Phone: Our Member Advisors are trained to take your application Monday - Friday from 8:00am-6:00pm and Saturday from 8:00am-Noon. Just call them at 877-794-6712.
• In Person: You can always stop by one of our branch offices and meet with us personally.

If you would like to discuss options before applying, simply call our Member Solutions team at 877-794-6712. They are trained to assess your personal situation and decide what loan type fits best.

Yes, the Credit Union offers a line of credit that is not dependent upon having equity in the value of your home. This is called a Ready Reserve. It is a flexible, personal line of credit that is used as an overdraft protection but can also be used for other purposes and may be accessed at any time by using your debit card or checks. 

Learn more or apply for a Ready Reserve on our Personal Loans page.

There are three major credit-reporting bureaus—Equifax, Experian and Transunion—and two scoring models—FICO or VantageScore—that determine credit scores. Financial institutions use different bureaus, as well as their own scoring models.

Over 200 factors of a credit report may be considered when calculating a score and each model may weigh credit factors differently, so no scoring model is completely identical.

No matter what credit bureau or credit scoring model is used, consumers do fall into specific credit ranges:

• Excellent - 781–850
• Good - 661-780
• Fair - 601-660
• Unfavorable - 501-600
• Bad Below - 500

There are lots of interpretations of "good credit". If you have had credit difficulties in the past, the best way to find out if we can assist you is to apply for a loan.

Federal student loans follow U.S. Dept of Education guidelines, and usually offer fixed and lower interest rates compared to private student loans. However, federal loans, unlike most private loans, have borrowing limits, which may not allow a student to borrow enough to cover the entire cost of education. Private loans can help students fill the funding gap between the cost of attending school and the amount of federal loans, grants, and available scholarships a student receives. Both private and federal student loans typically allow students to defer payments while in school. Unlike federal loan programs, private lenders generally assess the credit history of the borrower and cosigner before making a loan.

The minimum you can borrow is $2,500.00. The maximum you can borrow is the certified amount determined by your school — up to $15,000.00 for undergraduate students and $15,000.00 for graduate students. The school certified amount is typically the Cost of Attendance (COA) less any other financial aid received.

Not all educational institutions are eligible for our program. Unfortunately, we do not offer financing if the school you’re attending isn’t on our eligibility list.

We send the funds directly to the school. The actual date of loan disbursement is determined by your school.

Yes! SouthPoint offers both private student loans and refinance student loans.

We’ve joined with a dedicated team of insurance professionals to offer you competitive quotes with any new or used auto/pick-up loan. Simply let us know during your loan process and you will receive a non-binding quote via email or phone. 

Insurance protection is part of a solid financial plan. From getting a good rate on coverage for your car to making sure your life insurance is adequate, dependable insurance coverage ensures financial relief when you need it. Along the way, you’ll take comfort in knowing you’re protected.

Whatever the term that was agreed upon when the loan documents were signed is the maximum timeframe required to pay your loan. There are no pre-payment penalties for auto loans. For more information give us a call at 877-794-6712 or stop by one of our branch locations. 

The credit union's current auto loan rates are always available on our Auto Lending page. 

Yes! Minimize the impact of unexpected auto repair bills with Member's Choice Mechanical Repair Breakdown coverage. Learn more by giving us a call at 877-794-6712 or stop by one of our branch locations.

Insurance products are offered through CUNA Mutual Insurance Agency, Inc. These products are not a deposit, not NCUA or federally insured or guaranteed by SouthPoint Financial Credit Union, and may involve investment risk, including possible loss of principal.

GAP is an optional product that covers the "gap" between the amount owed on the loan and the vehicle’s value in the event of a total loss. Some exclusions apply, so it is important to review the coverage details to understand the limitations to GAP coverage.

An Example
Your vehicle was in an accident and deemed a total loss. Your insurance company determines that the fair market value of the vehicle is $15,000, so that is what they paid out. The remaining loan balance on the vehicle is $17,000. After insurance, you still owe $2,000. If you have GAP, the remaining $2,000 may be covered.

There are lots of interpretations of "good credit". If you have had credit difficulties in the past, the best way to find out if we can assist you is to apply for a loan.

No, GAP coverage only helps in the event of a total loss and is considered a supplement to your primary insurance. Car insurance covers the vehicle, while GAP covers the loan.