Tideland EMC is excited to offer you membership in ElecTel Cooperative Federal Credit Union. ElecTel is an ideal source for financing energy related projects such as backup generators, new HVAC systems and insulation projects.
The first step is to apply for membership online at electel.org. An ElecTel member service representative will contact you to conduct the “onboarding” process to obtain proof that you are a Tideland EMC member. A copy of your bill will suffice or if you are a FlexPay member Tideland can provide verification of membership.
Once confirmed your ElecTel account is opened with as little as a $1 deposit. Now you are ready to begin the loan application process. Application can be made online or by mail Proof of income and the proposal for the energy related project must be submitted.
Once terms are agreeable, loan documents will be sent for electronic signature. For members who don’t have access to a smartphone or email, the documents will be mailed to your home. When loan funds are disbursed they are sent directly to the vendor/contractor.
Loan rates are based on the member’s credit score and the term for which they finance. Currently ElecTel offers terms up to 10 years for energy projects and rates as low as 4.9%. Energy project loans are capped at $40,000 and require a first or second lien on the member’s home when financing over $10,000. In the case of manufactured homes, loans can be made if the member owns the land but lending is capped at $5,000.
In the event that ElecTel is unable to provide lending services due to credit or income concerns, their member service team will attempt to identify alternative lending sources.
Who is Electel?
Membership in ElecTel Cooperative Federal Credit Union is open to any member/consumer and their families of the 26 electric cooperatives in North Carolina.
Membership is also open to the employees, directors, and officers of the electric and telephone cooperatives in North Carolina, Virginia, Maryland, Delaware, Tennessee and West Virginia.
Unlike banks, whose primary goal is to maximize profit for a select group of stockholders, credit unions are owned and governed by members. And everyone has an equal voice.
ElecTel Cooperative FCU exists to serve your financial needs by offering a full range of affordable, easy to obtain services. Their “profits” are returned to you in the form of higher savings rates, lower loan rates, and fewer fees than you’ll find at most other institutions.
Once you join your membership is good for life! Call 800.849.5600 or go online to learn more.