Borrower Security


Borrower Security
Because Life Happens.
Life events, such as death, disability and involuntary unemployment, can cause financial hardship, making bill-paying difficult. You can create a safety net with Member’s Choice™ Borrower Security, a voluntary loan payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event happens to you. Simple eligibility requirements ease the enrollment process.
How does it work?
If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), SESLOC debt protection will cancel or reduce repayment of your loan debt. Protected events can include:
- Loss of life, including those caused by acts of war
- Disability, including those caused by acts of war
- Involuntary unemployment
Member’s Choice Borrower Security helps to ease your worries during a time when your income may be reduced or lost. Protect your loan…because Life Happens. Ask a Consumer Loan Representative to provide complete details.
Less than 10% of disabling accidents and illnesses are work related. The other 90% are not, meaning Workers’ Compensation doesn’t cover them (Council for Disability Awareness, Long-Term Disability Claims Review, 2010).
Our purchase of Member’s Choice Borrower Security 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 a SESLOC loan representative for a full explanation of the terms of Member Choice Borrower Security. This protection may be added to any consumer loan at any time.
Have questions?
Visit any branch or call us at (805) 543-1816.
PEOPLE ARE MORE IMPORTANT THAN PROFITS
New to credit unions? Learn more about our philosophy and how your money stays local.
SESLOC News
From the News+ Blog
SESLOC Cares for Community Award: Teresa Rivas
We’re partnering with News Channel 12 to honor nonprofit volunteers who make our community thrive....
SESLOC Employees Save 6 Tons of CO2 Through Alternative Commuting
SESLOC employees saved 6.1 tons of carbon dioxide from entering our local air during the first quarter of...
SESLOC Donates $40,000 to Local Nonprofits to Honor 80th Anniversary
We donated $40,000 to 80 local nonprofits in celebration of our 80th anniversary in 2022. Throughout the year-long celebration, our amazing staff nominated their favorite organizations to receive a $500 donation — a nod to the amount the credit union was founded with in 1942.