Loan Services

Have you heard that we reward our members for their loan business with an *Interest Rebate?
Each year on December 31st we deposit/return a percentage of the interest our members paid on their loan(s)* into their regular share/savings account!

The interest rebate for 2018 was 17%!


Here's what we've historically returned: 

2016: 18.0%   2008: 20.0%
2015: 17.0%   2007: 8.5%
2014: 17.0%   2006: 7.5%
2013: 15.0%   2005: 5.0%
2012: 9.0%   2004: 5.5%
2011: 9.0%   2003: 6.5%
2010: 8.0%   2002: 4.0%
2009: 11.0%   2001: 4.0%


*For example, if your total finance charge on your vehicle loan in 2018 was $500, we credited $85 back to your regular share account on 12/31/18! As this is a return of interest you paid during the year, it is not reported to the IRS as income.

Student loans or loans in default/under bankruptcy or  2 month's delinquent during the year do not qualify for the rebate; nor do member accounts that have caused the CU a loss in their checking accounts. MasterCard, Student Loans and real estate loans made through MemberHomeLoan are not included in the rebate.  Effective 2019:  Members with icefcu Mastercard's that are 2 months delinquent during the year will not qualify for the rebate on any of their icefcu loans.


You can make your loan payments automatically through payroll deduction! If you work for the City of Irving, you can have your loan payments taken automatically 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 offer open end lending which allows the borrower to obtain advances on their existing loans. Example:  If you financed your vehicle with us several years ago, you may have equity in the vehicle which you may be able to borrow.  Some restrictions apply, please ask a Loan Officer if you are eligible.  Under open-end lending regulations, we pull a credit bureau every two years on open loan accounts instead of every time a member makes a loan request.

We offer free a CARFAX Vehicle History Report when you finance the vehicle here. 

We offer Guaranteed Auto Protection (GAP) on vehicle loans for as low as $349!  Compare that to what the dealership is offering!   We also have attractive rates on Disability/Credit life insurance!  Plus, add an Extended Warranty & you can extend your loan by 3 months without increasing the interest rate. 

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 monthly 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.

*APR = Annual Percentage Rate

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