Cup Loan Program Review: A MUST Read Before You Apply

If you’re considering the Cup Loan Program, it’s important to have a comprehensive understanding of its features and requirements.

In this review, we’ll cover all the essential details you need to know to make an informed decision.

A loan is a financial agreement between a lender and a borrower, in which the lender provides the borrower with a specified amount of money, which must be repaid by the borrower with interest over a period of time. Loans can be obtained from various sources, including banks, credit unions, and online lenders.

The internet has made it easier to obtain loans in several ways. First, online lenders have emerged as a viable alternative to traditional banks and credit unions, offering a wide range of loan products and often providing faster and more convenient access to funds.

Online lenders often have lower overhead costs than traditional lenders, which can translate into lower interest rates and fees for borrowers. They also typically use advanced technology to streamline the loan application and approval process, allowing borrowers to apply for and receive loans more quickly and easily than in the past.

The internet has also made it easier for borrowers to compare loan options from multiple lenders, allowing them to find the best rates and terms for their needs. Websites like Bankrate and LendingTree allow borrowers to compare loan offers from multiple lenders, helping them make more informed decisions and potentially saving them thousands of dollars in interest and fees over the life of the loan.

What is Cup Loan?

I ran a quick Google search on ‘Cup Loan’ and I saw the website, cupcu.com. Blue and yellow website, with the address showing ‘302 E Lakeview Parkway Provo, UT 84606’.

According to the About Page, ‘C.U.P. Federal Credit Union was formed in 1960 to serve the employees of the Bureau of Reclamation working on the Central Utah Project‘.

The website further listed those eligible as, family members and employees of the:

• Strawberry Water Users Association
• Bureau of Reclamation
• Uintah Water Conservancy District
• Central Utah Water Conservancy District
• South Utah Valley Electrical Service District,
  and other agencies that are housed in the Bureau of Reclamation building.

Checking services:

The website also offers both CHECKING and SAVINGS accounts.

On the CHECKINGS  account page, they listed services including;

• Overdraft Protection: They claim to offer a credit line of up to $1,000 which can be used to automatically pay checks the clients have written in excess of their balance.
• Debit Card: They claim to offer VISA cards on all their checking accounts. According to them, the card accesses their customers’ checking account funds without having to write a check. Customers can also access their checking funds via  CO-OP ATM nationwide for no fee.
• Direct Deposit: They also stated that they accept direct deposits from employers, giving directions on how employers can deposit.
• Funds Transfers: They also stated that with their customers’ authorization, they’re able to set up automatic withdrawals between CUP FCU and any other financial institution.

Savings Service:

• Savings Certificates: According to the website, they offer higher Savings Certificates which offer a higher yield of interest than their regular savings accounts.
• IRA Accounts: They also claim to offer traditional and ROTH IRA accounts which can aid their customers in preparing for retirement.

How do I apply for a cup loan?

Are you interested in applying for a cup loan? Worry no more, as we’ve made it easier. When you visit the official website, click on the About page.

You’ll see a button with the text ‘JOIN NOW’.

Click on the button, you’ll see a PDF file, download it and edit it with your info.

Cup loan requirements include:

• Account type
• Member application and ownership information (Name, Address, Phoe Number, Email, SSN/TIN, Date of Birth, etc)
• Account services
• Account Ownership (you could be asked to provide information about joint owners)
• Account designations

Now, you’re probably done filling out the form, before you submit it, I’d advise you to go through the paragraphs below.

Is Cup Loan Legitimate?

With the internet becoming more accessible as days go by, it’s now very easy for legitimate, and of course, illegitimate sites to launch websites and mobile apps.

I know you’re asking whether the cup loan program is real. I won’t be giving a verdict, I’ll just go through some publicly available facts and let you judge whether the cup loan is legitimate or now.

First of all, the address on the website is showing 302 E Lakeview Parkway Provo, UT 84606. I ran a quick Google search on the address and it happened to house the ‘U.S. Department of the Interior’.

The address shows:

Central Utah Project Completion Act Office
302 East Lakeview Parkway
Provo, Utah 84606
(801) 379-11** (fax)

So, it could actually be the address.

Secondly, I ran a quick Google search on the phone number available on the website, and I didn’t see anything related to scams or fraud. Normally, when a website defrauds its user, you’ll see some elements of the reports on forums like Reddit and Nairaland.

Thirdly, I ran a Whois check on the domain name (cupcu.com) and noticed that the website has been existing since 2008. Illegitimate sites don’t normally last that long, and in addition to this, the domain name has been renewed till 2030.

But something caught my interest, the website’s official email is Gmail. A website like this that offers financial services should know better and of course, pay for premium email services. While this doesn’t make it illegitimate, I consider it a red flag.

Cup loan program interest rate

The interest rates as seen on the website:

New/Used Vehicle Loans As Low As 1.99%

They offer identical rates and terms for both new and used vehicles, with high loan-to-value amounts. In certain cases, they can provide a loan of up to 120% of the vehicle value with financing options ranging from 2 to 8 years.

They do offer loans for “salvaged” title vehicles but require additional information before providing the loan.

New/Used RV Loans As Low As 4.50%

All types of new or used recreational vehicles (RVs) such as campers, snowmobiles, trailers, motorhomes, 5th wheels, utility trailers, ATVs, boats, and more, are offered at the same rates and terms by them. They provide financing terms ranging from 2 years to as high as 12 years.

Unsecured Loans As Low As 6.45%

Their READY CASH Credit Line offers a flexible term, with generous credit limits and easy accessibility. The low monthly payments are only 2% of the outstanding balance, and it can be easily accessed through home banking, phone, email, or by writing a Ready Cash check.

Their Signature Loan is a fixed-term loan with competitive rates, which can be repaid over a period of up to 4 years, without the need for any collateral.

They also offer an Overdraft Credit Line in combination with their checking account, which helps prevent checks from bouncing due to insufficient funds in the account.

Real Estate Loans As Low As Prime 3.25%

Up to $120,000 in first and second-mortgage loans are offered by them, with a Loan to Value ratio of 80%. In addition, Home Equity Lines with payment terms of up to 15 years are available. Furthermore, their mortgage loan partner, Education First Mortgage, provides long-term mortgage loan programs.

Have you applied for a cup loan before? How was the process? Would you recommend it? Kindly drop us a comment below.

Igbo Stanford

Twin, writer and web designer. When not working on a client’s website, you’ll catch me writing on Busy.ng. Wanna reach out? [email protected]!

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