Redstone Federal Credit Union

ƒe Stretch and Save loan is an affordable product with a built-in savings feature that requires 20% of the loan proceeds be placed in savings and held until the loan balance is paid in full. For example, if you borrow $1,250* – the maximum Stretch and Save loan amount – you would receive $1,000 at loan closing and the remaining $250 is placed and held in savings until the loan is paid off. ƒe previous Stretch loan product has been discontinued. Another important benefit of the Stretch and Save loan is that timely repayments can improve your credit score. "We are very committed to helping our members avoid becoming caught up in the payday lending cycle," says Yvette Banks, Executive Vice President and Chief Retail Officer. "We want to improve the financial health of our members so that they can meet their financial obligations and also experience the benefits of saving for the future. ƒose savings can then be used as an emergency fund when unexpected expenses occur," Banks said. Struggling financially? Redstone has a Member Solutions Department staffed with certified financial counselors to assist members. Call Redstone at 256-722-3796 to set up an appointment with a financial counselor. r e d f c u.o r g | 11 GROW YOUR SAVINGS AUTOMATICALLY WITH A Must have no active Stretch loans or Stretch and Save loans and no co-borrowers are permitted. Requires verification of residential address and verification of income, if not a direct deposit to RFCU. Subject to credit approval, a minimum of one-year membership required, must not have caused RFCU a loss, and all accounts must be in good standing (e.g., not in the negative, including joint accounts and no delinquent loans). Other restrictions apply. * Typical 100% financing example with no down payment for Stretch & Save loan: The monthly payment for a $1,250 loan at an 18% fixed Annual Percentage Rate (APR) for 12 months would be $115. STRETCH AND SAVE LOAN Redstone announces a new small-dollar loan for members that o‚ers an alternative to costly payday lenders, while providing an automatic savings component.

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