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- Auto Loan
- "Plastic Payoff" Loan
- Home Repairs
- Vacation
- Back-to-School
- Holiday
- Refinancing
- Debt Consolidation
- Taxes
- Computer
- Emergency loans
PERSONAL LOANS
Personal Loans are available to help you make consumer purchases. There are two types of personal loans - Signature and Secured.
Signature loans
Awarded based on an evaluation of your credit history, income and expenses.
The maximum term is up to six (6) years. The minimum amount a member can borrow is $100. The maximum amount is $5,000. The annual percentage rate is declared by the Board of Directors. All signature loans require 1/3 share security in the member's share account, Christmas account or vacation account for the term of the loan
Secured loans
A secured loan is fully secured by the member's savings and /or other collateral. Access to the funds in their account is restricted. The minimum amount in their account is restricted. The minimum amount a member can borrow is $100. The maximum amount is $20,000. The annual percentage rate is declared by the Board of Directors. All share secured loans require 100% of the current value of the loan to be maintained in a share account, Christmas account or vacation account for the term of the loan.
Loan Requirements
- Member must maintain a share account balance equal to one-third of their unsecured loan
- Member must maintain a share account for at least six ( 6 ) months prior to receiving a loan
- All loan applications are subject to approval of the Credit Committee or Loan Officer
- No loans will be granted to minors under the age of 18 years of age
- Applicants must be able to document a reliable source of income to qualify for a loan
- New loans will not be provided to any member who is currently delinquent in any obligation to the credit union
- Owners of collateral must sign security agreements
- Co-signers and co-makers must adhere to the same eligibility requirements as the applicant. The borrower and any co-maker must sign the promissory note and will be held accountable for delinquent loan payments
- Loan protection with credit life and disability insurance now available on loans
Easy Step-by-Step Loan Application Procedure
- Confirm your membership in the credit union for at least 6 months
- Provide proof of income
- Complete loan application
- Authorize a credit report
- Submit loan application fee of $20
Using this information the credit committee or loan officer will:
- Evaluate credit history
- Determine whether you are qualified to receive your requested amount
- Inform you of the decision within 2 weeks
- If the loan is approved, the credit committee or loan officer will schedule
a loan signing and check disbursement date
- Meet with you to close the loan
Loan Specials
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