Lots of questions. All the answers.

Search our help center for answers to your questions, or send us a note if you can’t find what you’re looking for. We’ll get you on your way ASAP.

Loans

Why was a Collateral Protection Insurance Premium added to my loan account?

It means Andigo has purchased insurance for your collateral because we don't have information from you to prove you have current insurance coverage. You should have received a phone call and three letters including a copy of the actual insurance policy that Andigo purchased before we added this insurance premium to your loan account.

Sometimes this is because we don't have the right contact information for you or that we're not listed as a loss payee, mortgagee or 2nd mortgagee on your insurance policy (it should be listed as Andigo, PO Box 792268, San Antonio, TX 78279-2268).

If any of this is the case and you do have adequate insurance coverage, please fax that information to our Insurance Department 5834 at 877.308.8760 (for vehicles and vessels - comprehensive and collision deductibles must be no greater than $1000 each) or 877.308.8759 (for mortgages or home equity products - must be at least the amounts of all mortgages on the property) and we'll take care of it right away.

Confused? No worries, just give our collateral protection crew a call at 866.439.3614.

How does the interest and principal payment breakdown work on my consumer/home equity loan?

The monthly payment amount includes two parts:

  1. Interest that has accrued since the last payment.
  2. The principal balance of the loan. The portions posting to each will fluctuate from month to month depending on the number of days between payment postings.

    Here's an example, straight outta Mr. Webber's math class: the loan balance equals $2,573.00, the interest rate is 4.50% APR (Annual Percentage Rate) and the monthly payment = $212.00: If the previous payment was made 30 days earlier, the interest portion of the new payment made today would be calculated as $2,573.00 X .045 / 365 X 30 = $9.52 with the remaining $202.48 posting to principal. If the previous payment was made 20 days earlier, the interest portion of the new payment made today would be calculated as $2,573.00 X .045 / 365 X 20 = $6.34 with the remaining $205.66 posting to principal.
More time passed since payments = more of your payment going to interest instead of principal. Got it? Great.

What are my loan payment options?

When you close your Andigo Consumer Loan (meaning any loan other than mortgages, Visa credit cards and student loans), you'll tell us if you want to repay your loan by automated transfers from an Andigo checking or savings account or by loan coupons.

Either way, you have a few options for how you'd like to pay:

  1. Pay your loan by making a transfer payment to your loan using online banking
  2. Call our Member Solutions Center 847.576.5199 or toll-free 877.270.6392
  3. Mail the payment to us at 1501 E. Woodfield Road, Suite 400W, Schaumburg, IL 60173
  4. Visit one of our branches or a shared branch location.
  5. Give us a call at 847.576.5199 or toll-free 877.270.6392 and we'll help you out.

How do I find out the loan payoff amount?

Here's how you find it:

  • Just log into online banking and send us a secure message or give us a call at 847.576.5199 or 877.270.6392.
  • You'll get a ten-day payoff amount including interest.
  • For home equity loans or lines of credit you can do the same or you have an old school option of sending a signed request via fax to 847.538.4563.
  • For mortgages, contact your mortgage servicer directly - we offer lots, so best to go through them directly.

How long will it take to process my loan application?

It depends. It can take just minutes to approve your auto loan, personal loan or Visa. Once approved, we'll shoot you an email detailing the conditions of the approval and additional instructions. Then one of our loan officers will follow up with you via phone and/or email to make sure we're all good. A Home Equity or Mortgage on the other hand has loads more processing steps and people involved, so that usually takes three to five weeks from start to finish.

How will I be notified of my ScoreCard reward points expiration?

On your Andigo monthly statements or Andigo Visa statements for 12 consecutive months prior to expiration. So lots of warning. They both include the number of points that will expire and the exact date of expiration.