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Payment Protection
If you are a Redwood Credit Union Member with a Visa®, auto or RV loan, a signature loan, or a line of credit, you could protect your payments with RCU’s Payment Protection. In the event of disability, death, or involuntary unemployment, Payment Protection can waive or cancel your loan payments, helping to protect your finances.
Payment Protection Details
Payment protection is available to RCU Members with qualifying loans and Visa® accounts, and is entirely optional.
This protection could help you stay out of debt when something unexpected occurs, like a job loss.
Cancels up to six months of minimum payments on consumer loans, or
For Visa® Credit Cards, cancels up to six months or $6,000 of payments at a minimum of $200 per month for Disability or Involuntary Unemployment.
Please note, Payment Protection added now will not protect current unemployment due to COVID-19, even after the 90-day waiting period.
If you’re interested in adding Payment Protection to your loan or Visa® card or you’d like to discuss your options in more detail, contact us today at (707) 576-5115.
Payment Protection pricing options
Review the five Payment Protection options below and choose the protection and price that works best for you. Your monthly cost is calculated using your current RCU loan or RCU credit card balance. You pay for only the protection you need. As your loan or credit card balance increases or decreases, the monthly cost for Payment Protection will also increase or decrease.
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Life |
Disability |
Involuntary Unemployment |
Option 1
$0.395/$100 of balance |
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Option 2
$0.29/$100 of balance |
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Option 3
$0.31/$100 of balance |
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Option 4
$0.29/$100 of balance |
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Option 5
$0.149/$100 of balance |
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You must be working 25 hours or more per week for options 1 – 4 listed. Option 5 does not require employment.
When the unexpected happens, you have enough to worry about. With Payment Protection, you can take a proactive approach to make sure your payments are protected. If you choose to protect your RCU loan(s) and have a protected disability or involuntary unemployment loss, Payment Protection may cancel up to six months of minimum loan payments.
Types of RCU consumer loans protected
Signature Loan
Line of Credit (LOC)
RCU loan types not eligible for protection
HELOC
Business
Mortgage Loan
Non-RCU Visa® and Consumer Loans
Protection details:
Payment Protection added now will not protect current unemployment due to COVID-19, even after the 90-day waiting period.
You must have protection for at least 90 days prior to the date of loss to file an involuntary unemployment claim.
Protection is effective immediately for disability and life claims, excluding cases resulting from a pre-existing condition.
Costs range from $0.149/$100 to $0.395/$100, depending on which protection you choose. See Payment Protection Pricing Tab for full details.
You are free to cancel your protection at any time.
For more information or to purchase Payment Protection on your consumer loan(s), please call (707) 576-5115.
With Payment Protection, you can also choose to protect your RCU Visa® credit card. Payment Protection pays up to six months of payments at a minimum of $200 per month on Visa® credit cards.
Payment Protection added now will not protect current unemployment due to COVID-19, even after the 90-day waiting period.
Credit cards that hold a $0 balance will not be charged a monthly fee.
Our Payment Protection program can only protect cards issued by RCU.
You must have protection for at least 90 days prior to losing your job.
Protection is effective immediately for disability and life claims, excluding cases resulting from a pre-existing condition.
Payment Protection is budget-friendly, it is designed to comfortably fit into your monthly payment. See Payment Protection Pricing above for full details.
For more information or to purchase Payment Protection on your consumer loan(s), please call (707) 576-5115.
Get Payment Protection before you need it
You can't be sure what life will throw your way. Payment Protection provides some peace of mind. Contact us today to get started.
Common Payment Protection questions
- Who is eligible for Payment Protection?
You must be an RCU Member with an RCU loan or RCU Visa®. Payment Protection is not available on loans or credit cards from other financial institutions.
- How long must I keep my protection?
You are free to change or cancel your Payment Protection at any time. Just call RCU Member Services team at (707) 576-5115.
- What types of loans can I protect?
You can protect all RCU consumer loans and Visa® credit cards. HELOC, business, and mortgage loans are not eligible.
- Once I purchase protection, how long before I'm protected?
Your loan is protected on the date you sign the agreement, however there are exclusionary periods for certain losses. For example, you must have protection for at least 90 days prior to losing your job and during the first six months of protection, losses due to pre-existing conditions are not eligible for life or disability benefits. Protection is effective immediately for disability and life claims, excluding cases resulting from a pre-existing condition.
Have questions? Please call us toll-free at (866)-477-4225 or at (707) 576-5115.
*Your purchase of Payment Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply.
Please contact your loan representative or refer to the Member Agreement for a full explanation of the terms of Payment Protection. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid.
DP, GAP-3927819.1-1121-1223
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