How to Use Navy Fed CLOC...

[Anonymous]

So I finally got approved for the Navy Fed CLOC. I only asked for $1000 (because honestly I didn't think I'd get approved for that). lol How do you use it though? Can you just use your debit card for it? I'm not going to use it unless it's absolutely needed but I'd like to know how to use it just in case. 

Ursula

[fltireguy]

Hi
You can either write a check, which will be paid against the CLOC if there isnt enough money in the checking acct., or you can also use your debit card the same way. NFCU will also give you checks to use with it as well

[purplegurl1920]

I was wondering the same thing. Also since you only asked for 1k, you and was approved. You may have left money on the table. The limit is 15k, you may want to go back to them and see if you can be approved for the max. Even if you don't use it, it just helps with utilization.

[Erusidhion]

    If you have your checking account number+routing number/debit card setup for whatever bill/credit card/etc I am pretty sure the CLOC will kick in to pay the difference that your checking account cannot. The checks are nice if you got some emergency like HVAC going out, roofing replacement, mechanical breakdown of vehicle or whatever emergency life hands you that won't take a debit card. I'm actually going to try to get a PLOC from my local credit union and see if they'll give it to me at a lower interest rate than the NFCU CLOC. Granted I have a Visa through my CU for $6400 that I can transfer over to my checking for no fee at 12.9% APR so I guess I already have access to a better emergency line of credit.

    And actually if you get the Plat or Rewards from NFCU for a lower interest rate I think they have no fees and it's same interest to cash advance from card to checking so you'd probably be better off just doing that perhaps since the APR should be lower. One of the BEST THINGS about a Credit Union is this ability to have access to cash from a CC/LOC/CLOC when you need it with no fees but paying a little interest when you need to.

    I think the best thing about the CLOC is that it affords those that live pay check to pay check the ability to always know their bills will be paid on time. It's better than a returned check fee/insufficient funds/etc by just paying that daily interest until you can get it paid off. Beats payday loans 100%. I think this is the reason the CLOC exists really when it comes to military members/dod/veterans. Sometimes stuff happens where you need to float money and pay a little bit of interest.

    We all try not to pay interest but sometimes it's not that easy. At least with NFCU you got a fall back until you can get caught back up financially with whaterver life throws at you. Just be financially responsible and know your budget so you can pay NFCU that borrowed money back and enjoy the privilege they have given to you.

[fltireguy]

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@Erusidhion wrote:

    If you have your checking account number+routing number/debit card setup for whatever bill/credit card/etc I am pretty sure the CLOC will kick in to pay the difference that your checking account cannot. The checks are nice if you got some emergency like HVAC going out, roofing replacement, mechanical breakdown of vehicle or whatever emergency life hands you that won't take a debit card. I'm actually going to try to get a PLOC from my local credit union and see if they'll give it to me at a lower interest rate than the NFCU CLOC. Granted I have a Visa through my CU for $6400 that I can transfer over to my checking for no fee at 12.9% APR so I guess I already have access to a better emergency line of credit.

    And actually if you get the Plat or Rewards from NFCU for a lower interest rate I think they have no fees and it's same interest to cash advance from card to checking so you'd probably be better off just doing that perhaps since the APR should be lower. One of the BEST THINGS about a Credit Union is this ability to have access to cash from a CC/LOC/CLOC when you need it with no fees but paying a little interest when you need to.

    I think the best thing about the CLOC is that it affords those that live pay check to pay check the ability to always know their bills will be paid on time. It's better than a returned check fee/insufficient funds/etc by just paying that daily interest until you can get it paid off. Beats payday loans 100%. I think this is the reason the CLOC exists really when it comes to military members/dod/veterans. Sometimes stuff happens where you need to float money and pay a little bit of interest.

    We all try not to pay interest but sometimes it's not that easy. At least with NFCU you got a fall back until you can get caught back up financially with whaterver life throws at you. Just be financially responsible and know your budget so you can pay NFCU that borrowed money back and enjoy the privilege they have given to you.

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The APR for a cash advance, I believe is 2% over your CC APR. You are limited to 30% of your CL for cash advances. THere is no fee

[Anonymous]

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@fltireguy wrote:

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@Erusidhion wrote:

    If you have your checking account number+routing number/debit card setup for whatever bill/credit card/etc I am pretty sure the CLOC will kick in to pay the difference that your checking account cannot. The checks are nice if you got some emergency like HVAC going out, roofing replacement, mechanical breakdown of vehicle or whatever emergency life hands you that won't take a debit card. I'm actually going to try to get a PLOC from my local credit union and see if they'll give it to me at a lower interest rate than the NFCU CLOC. Granted I have a Visa through my CU for $6400 that I can transfer over to my checking for no fee at 12.9% APR so I guess I already have access to a better emergency line of credit.

    And actually if you get the Plat or Rewards from NFCU for a lower interest rate I think they have no fees and it's same interest to cash advance from card to checking so you'd probably be better off just doing that perhaps since the APR should be lower. One of the BEST THINGS about a Credit Union is this ability to have access to cash from a CC/LOC/CLOC when you need it with no fees but paying a little interest when you need to.

    I think the best thing about the CLOC is that it affords those that live pay check to pay check the ability to always know their bills will be paid on time. It's better than a returned check fee/insufficient funds/etc by just paying that daily interest until you can get it paid off. Beats payday loans 100%. I think this is the reason the CLOC exists really when it comes to military members/dod/veterans. Sometimes stuff happens where you need to float money and pay a little bit of interest.

    We all try not to pay interest but sometimes it's not that easy. At least with NFCU you got a fall back until you can get caught back up financially with whaterver life throws at you. Just be financially responsible and know your budget so you can pay NFCU that borrowed money back and enjoy the privilege they have given to you.

---

The APR for a cash advance, I believe is 2% over your CC APR. You are limited to 30% of your CL for cash advances. THere is no fee

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+1