Start My Answer
loading...

What is LGFCU Personal Loan?

Dena Standley | March 23, 2023

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: LGFCU is the financial institution of choice for North Carolina residents working for the local government. Their competitive rates and low fees lead to more consumers taking out loans with them. Unfortunately, not all can pay within the reasonable time allotted. If you fell behind on your loan payments with LGFCU, you can settle your debt and move on with life.

Local Government Federal Credit Union (LGFCU) personal loan is a loan offered by LGFCU to its members looking to borrow unsecured loans for personal use. The loan does not require consumers to furnish collateral such as a home or car.

Further, the interest rate is specific to the borrower's creditworthiness and payment history. Members of the union borrow the money to use for various needs such as:

  • Consolidating debt
  • Medical expenses
  • Home renovations and repairs
  • Funeral expenses
  • Unexpected expenses

LGFCU loan repayment terms range from 12–60 months with no prepayment penalties if the borrower pays off the loan early. Even with reasonable repayment terms, some borrowers get into a rough patch and fail to make payments on time—leading to an unpleasant experience with the debt collectors. For instance, if you receive multiple calls a day from LGFCU, you can send a Debt Validation Letter to stop their calls.

Today, SoloSuit will give you more information about LGFCU, how it works, the complaints received against them, and how to solve your debt challenges with LGFCU.

What is LGFCU, and how does it work?

LGFCU is a financial institution serving North Carolina’s local government employees, their families, volunteers, and affiliated organizations. It is the 4th largest credit union in North Carolina, with its main office in Raleigh.

LGFCU was established in 1983 and currently has 210 employees and over 399,268 members. They offer various financial products and services, including:

  • Savings and checking accounts
  • Loans
  • Credit cards
  • Investment opportunities

LGFCU operates under the supervision of the National Credit Union Administration (NCUA), a federal agency that regulates and insures credit unions in America. Being a member-owned institution, LGFCU provides low fees, competitive rates, and personalized customer services. The following are the steps to join the union:

  1. Determine your eligibility: LGFCU limits its services to people who work for the North Carolina government and their close family members. Hence, check for your eligibility on the LGFCU website.

  2. Provide the required information: You must enter your personal information, such as your driver's license, social security number, national identity card, and most recent contact information.

  3. Apply for membership: You can apply online, by phone, or in person. To do it online, go to the LGFCU website, click join and begin the application process.

  4. Fund your account: Once your application goes through, you must fund your account regularly by electronic transfer, mail, or in-person.

  5. Start using LGFCU services: The services mentioned earlier are available to you for the period you are a member.

Have you been using their loan services and are now stuck with unpaid debts? Learn how to settle your debts once and for all with SoloSettle in the following video.

Customer reviews about LGFCU

LGFCU has received numerous positive comments about its services and terms of payment. For example, Trudy gave them a 5-star rating on the lending tree platform (deposits and accounts) and said they were once a victim of a fraudulent attack on their account. On contacting LGFCU, they helped to resolve the problem quickly and even refunded the stolen money.

On the other hand, some consumers reported having negative experiences with LGFCU. They have raised complaints on several platforms, including Better Business Bureau (BBB). Here is an example of a complaint against LGFCU from its BBB profile.

“We bought our house in 2020 and signed a monthly loan with our bank for $628. Fast forward to 2022. Last week we got a letter in the mail saying our house has started the process of foreclosure due to unpaid taxes. Mind you. We have made every payment. Apparently, the credit union made an error and did not pay the taxes and did not put the taxes into our escrow. So since 2020, we have been under the impression we have been paying all of our taxes in escrow. Now they do not want to own up to their mistake and are trying to raise our house mortgage payment from $628 to $783 a month! Our loan disclosure states if the bank fails to pay, it falls on them, not the borrower.”

LGFCU has failed to respond to several complaints on their BBB profile, like the one above, resulting in a D- rating. In addition to reporting to the BBB, you can raise your complaints on the Fair Trade Commission website or report to your state's attorney general office.

Settle your debt with the help of SoloSettle

You can take matters into your own hands and settle your debts by yourself with the help of SoloSettle.

SoloSettle, powered by SoloSuit, is different from traditional debt settlement companies. Here’s how:

  • You can settle the debt on your own with SoloSettle.
  • You have legal defense built in with SoloSuit. You can respond to a debt lawsuit and fight off collectors in court while working on the settlement.
  • You don’t have to make any payments until you’ve reached a debt settlement agreement.
  • You can settle a debt of any size with SoloSettle. Many debt settlement companies require you to have a large debt of $15,000 or more to enroll.
  • You stay updated with each step of the settlement process until an offer is accepted by your creditor or collector.

Let’s take a look at an example of settling a debt with SoloSettle.

Example: Leah is being sued by LGFCU for $1,500. She uses SoloSuit to respond to the case with a written Answer, buying herself time to work out a debt settlement plan. After taking a close look at her finances, Lean decides she can pay off 75% of the debt, or $1,125. She uses SoloSettle to send a settlement offer to LGFCU, starting low at 40%, or $600. This gives her room to grow, and after a few rounds of negotiations, they reach an agreement at 60% of the debt, or $900. Leah saves hundreds, and LGFCU dismisses the case.


Settle with SoloSettle

Make an Offer

What is Solo?

Solo makes it easy to resolve debt with debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt. SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

SoloSettle can help you contact your debt collector or creditor and negotiate the debt to settle for less, all online. It simplifies and streamlines the process to settling your debt.

No matter where you find yourself in the debt collection process, Solo is here to help you resolve your debt.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

Guides on how to resolve debt with every debt collector

Are you being sued by a debt collector? We’re making guides on how to resolve debt with each one.

Resolve your debt with your creditor

Some creditors, banks, and lenders have an internal collections department. If they come after you for a debt, Solosuit can still help you respond and resolve the debt. Here’s a list of guides on how to resolve debt with different creditors.

Settle your medical debt

Having a health challenge is stressful, but dealing medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

Guides on arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

Stop calls from debt collectors

Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.

Federal debt collection laws can protect you

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

Get debt relief in your state

We’ve created a specialized guide on how to find debt relief in all 50 states, complete with steps to take to find relief, state-specific resources, and more.

Debt collection laws in all 50 states

Debt collection laws vary by state, so we have compiled a guide to each state’s debt collection laws to make it easier for you to stand up for your rights—no matter where you live.

Statute of limitations on debt state guides

Like all debt collection laws, the statute of limitations on debt varies by state. So, we wrote a guide on each state’s statutes. Check it out below.

Statute of Limitations on Debt Collection by State (Best Guide)

Check the status of your court case

Don’t have time to go to your local courthouse to check the status of your case? We’ve created a guide on how to check the status of your case in every state, complete with online search tools and court directories.

How to stop wage garnishment in your state

Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in all 50 states.

Other wage garnishment resources

How to settle a debt in your state

Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created a guide on how to settle your debt in all 50 states. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

How to settle with every debt collector

Not sure how to negotiate a debt settlement with a debt collector? We are creating guides to help you know how to start the settlement conversation and increase your chances of coming to an agreement with every debt collector.

Other debt settlement resources

Personal loan and debt relief reviews

We give a factual review of the following debt consolidation, debt settlement, and loan organizations and companies to help you make an informed decision before you take on a debt.

How to repair and improve your credit score

Debt has a big impact on your credit. Below is a list of guides on how to repair and improve your credit, even while managing major debt.

How to resolve student loan debt

Struggling with student debt? SoloSuit’s got you covered. Below are resources on handling student loan debt.

Civil law legal definitions

You can represent yourself in court. Save yourself the time and cost of finding an attorney, and use the following resources to understand legal definitions better and how they may apply to your case.

Get answers to these FAQs on debt collection

How-to debt guides

Learn more with these additional debt resources

It only takes 15 minutes.

And 50% of our customers' cases have been dismissed in the past.


"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather



Get Started

Contents