Personal Loan FAQs

What is a secured loan?
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or real estate) as collateral for the loan. It provides the lender something as trade in case the loan is not paid back.

What is an unsecured loan or signature loan?
An unsecured loan is a loan that is issued based on creditworthiness rather than by a type of collateral, like a secured loan. Borrowers generally will need a higher credit rating to be approved for an unsecured loan as opposed to a secured loan.

Do you have student loans?
No, Freedom First does not offer student loans. We offer home equity loans that can be used to pay student loans.

How do I find out the status of my loan application?
You can check the status of your application here. If you have further questions regarding your application, call our Contact Center at 540-389-0244 (local) / 866-389-0244 (toll-free).

How do I apply for a loan?
You can easily apply online, call our Contact Center at 540-389-0244 (local) / 866-389-0244 (toll-free), or visit a local branch.

Why do I have to join the credit union before I get a loan?
To join, you must deposit $5 into a primary share account. This represents your membership, or ownership, in the credit union. By federal law, all those who want to get a loan through Freedom First must become a member of the Credit Union.

How do I find out the current payoff amount of my loan?
Call our Contact Center at 540-389-0244 (local) / 866-389-0244 (toll-free) or visit a local branch to request a payoff amount.

How can I make a payment on my loan?
The easiest way to make a payment is through Online Banking. If you don't have an account with us, we offer QuickPay to make a payment for a small fee.

Can I skip a payment on a loan?
Yes, if your loan is eligible. You can skip a payment easily in Online/Mobile banking or download the skip payment application on this page. Please call our Contact Center at 540-389-0244 (local) / 866-389-0244 (toll-free) for further details and restrictions.

What if I have poor credit? Can I still get a loan?
Yes. We offer a number of award-winning loan programs for people with credit challenges, including Responsible Rides® for automobile loans or Flash Cash small dollar relationship-based loans. To learn more about our options, call our Contact Center at 540-389-0244 (local) / 866-389-0244 (toll-free).

Where applicable, titles may be held as collateral. Full insurance coverage is required on all carry trailers and tagged vehicles securing the loan.

If you elected for the one-time pay note, funds will not become available to you until the loan has been paid in full. For monthly payment notes, the hold on the share will be reduced as the principal is paid.

Certificates, Regular Shares, and any other Secondary Savings can be used as collateral. IRA Shares CANNOT be pledged.

Vehicle values are determined using the Kelly Blue Book and JD Power Values.

No, the premium can be added to the loan or paid separately.

Yes, coverage can be purchased up to 18 months after loan closing. The coverage is not retroactive and the vehicle cannot have experienced a total loss prior to coverage purchase.

In the Freedom First mobile app, click the "+" sign at the top of the "Accounts" card, then select the "Flash Cash Application" link. Within online banking, click the "Accounts" link at the top of the home page and then select the "Flash Cash Application" link from the menu on the right.

There is a non-refundable application fee of $20 that is charged regardless of whether or not your loan is approved. Please note that it will also be charged if you have proceeded far enough in the application and navigate away from the page. There will be a warning notice in your app that a fee will be charged if you proceed any further, so please be careful when using this application. Federal regulation prohibits us from refunding this fee.

The entire process - from application to loan decision to funding your Freedom First account - takes less than 5 minutes.

Instead of pulling a credit report, Flash Cash looks at your overall relationship with Freedom First - everything from your direct deposit history, to your payment history, to the length of your membership, and more. The application then uses all of this relationship data to determine loan approval or denial, as well as the maximum Flash Cash loan amount that Freedom First can offer at this time. You can then choose to either accept that maximum amount or a lesser amount - as low as $250.

Congratulations! The proceeds from your Flash Cash loan will be deposited into your Freedom First checking account. If you don't have a checking account, then it will be deposited into your primary share (savings) account. 

During the application process, you'll be able to select your desired payment date for your Flash Cash loan. Once you accept the loan terms and your Flash Cash loan is finalized, we'll set up automatic payments from your Freedom First checking account from the payment date you selected so you don't have to worry about missing a payment. If you don't have a Freedom First checking account, the payment will be automatically drafted from your primary share (savings) account instead.

Yes! You can pay off your Flash Cash loan early with no penalty. You can make a payment by visiting a branch, calling our Contact Center at 540-389-0244 (local) / 866-389-0244 (toll-free), or through online/mobile banking.

Some account types (Trust, Vutma, Business, IDA, For Benefit Of, Guardianship, Estate, BEA, Escrow, Payee, and Board Member) are not eligible to apply for Flash Cash loans. These account types may be eligible for other traditional loan products.

As long as the first loan is fully paid off and is showing as closed with no remaining balance, you can apply for another Flash Cash loan right away. Remember, though - you can only have 3 Flash Cash loans within a 6-month period.

No. The limit for Flash Cash loans is applied across all memberships, based on the social security number of the Primary Member. If you have an open Flash Cash loan on one membership, you are not eligible for another one on a different membership.