Loan and Credit Questions

When your loan is approved, a loan officer will discuss your payment options. Below are our loan payment options, from most to least convenient.

• Payroll Deduction
• Automatic Transfers from your account
• Online/Mobile Banking Transfers
• Online Bill Pay at another bank/credit union
• Mail a check with a payment coupon
• In person at a RiverLand Office or Shared Branch

Note for Payroll Deduction: Deductions will not stop automatically when your loan is paid off.  Instead, the payment amount will be deposited into your savings account.  Please contact us or your employer's payroll department to make changes. If you switch jobs, you are responsible for adjusting your payment source, so you do not miss a payment. 

Yes! To make your loan or credit card payments online, you must first register for RiverLand's Online Banking. Once registered, you will be able to set up payments to your RiverLand loans or credit cards using either your RiverLand checking/savings account or by connecting with other financial institutions. Payments are located under the Move Money tab in online banking and in the mobile app.  If you do not see the option to add another financial institution for payments, contact us.  The feature may be disabled by default. 

Payroll deductions will not stop automatically when your loan is paid in full.  Instead, the payment amount will be deposited into your savings account. If you are an Entergy employee, you may contact us to stop or change your payroll deductions.

  Savings Hack: Many members choose not to stop their payroll deductions, allowing the deposits to build up in their savings until they are ready for another vehicle loan or major purchase.  Why? It's an easy way to save extra money since you're used to having that amount deducted each month. 

When a Grand Loan request is approved, we will notify the member at their primary email address, and the funds will be deposited into their RiverLand account.  If a request is incomplete or denied, we will notify the member by both email and direct mail with the reason.  Grand Loan processing can take anywhere from 1 to 7 business days depending on the volume of requests received.

The Grand Loan payment amounts are set based on your payment frequency, which is usually determined by your payroll direct deposit.

• Monthly, 12 payments of $90.82
• Semi-Monthly, 24 payments of $45.26
• Bi-Weekly, 26 payments of $41.79
• Weekly, 52 payments of $20.93

Payment amounts are accurate as of our 2024 Grand Loan season. They assume a full $1,000 loan with 14.95% APR (Annual Percentage Rate) and a 12-month term.  Please, refer to your Loan Disclosure Statement for your exact payment amounts based on your situation and terms.

The Grand Loan Request Fee is a $35 non-refundable fee and must be paid when the loan request form is submitted.

Our Grand Loan is offered from October to December 15th each year.  The exact start date changes, but it is typically early October.

Yes. You can learn more about membership here: Become a Member

Members can apply online, in person at a RiverLand Office, or by calling 1.800.586.4728 option 2.

If you are not a member, must first join the Credit Union.  Then, you can apply for a loan.

Because the federal government requires that each of the three national credit-reporting agencies—Experian, Equifax, and TransUnion—gives you a free credit report every year, consider staggering the receipt of each of your credit reports. That way, you'll get a continuous picture of how your credit picture looks, because the three bureaus feed each other the latest information. You’ll also be able to clean up errors as you find them (because errors can drag down a credit score) and you'll also keep an eye on identity theft.

To get a free copy of your credit report, visit AnnualCreditReport.com.

We offer many types of consumer loans, including:

• Auto Loans for Cars, Trucks, & SUVs (New, Used, or Refinance)
• Sport & Recreational Vehicle Loans for Boats, RVs, Motorcycles, ATVs, Watercraft, etc. (New, Used, or Refinance)
• Personal Loans (a.k.a. Signature Loans or Unsecured Loans)
• Credit Cards (Mastercard^®)
• Secured Loans & Secured Credit Cards (a.k.a. Credit Builders, these are backed by either a savings account or certificate)
• Personal Line of Credit (like a credit card but with no card to swipe)
• Home Loans (New Purchase or Refinance)
• HELOCs (Home Equity Line of Credit)
• Grand Loans (holiday loan offered annually from October to December 15th)

For other less common loan types, please contact us. We may be able to find a solution for you!

The federal government requires that each of the three national credit-reporting agencies—Experian, Equifax, and TransUnion—gives you a free credit report every year. You can request a free copy of your credit report by visiting AnnualCreditReport.com.

According to the Federal Trade Commission, the only authorized online source is at annualcreditreport.com. Consumers should be aware that there are many sites out there that claim to offer “free” credit reports but often charge you for another product if you accept the report.

To request your credit report by phone, call (877) 322–8228. To request your credit report by mail, write to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Do not contact the individual credit-reporting agencies.