Today’s Mortgage Rates
Any person who is a member and has had steady income for a year or more may apply for a loan. The amount and length of any loan is determined by the purpose, security offered and the person’s ability to repay. (Subject to federal regulations, Board of Directors policy and discretion of the Loan Staff.)
Loan Applications are available in the lobby of the credit union. They can also be faxed or mailed to you. A new form must be completed by the applicant for each new loan and has to be returned to the credit union with payroll verification and security information, if applicable.
Loan Types
Members are eligible to have three loans at one time – 2 secured and 1 unsecured.
Unsecured (or personal) loans are limited to $5000.00 with a repay term of up to 30 months.
Auto Loans
New or used cars, trucks, ATVs. The term varies depending on the year of the security item.
Home Equity Loans
Available for home that have at least 80% loan to value.
Share Secured Loans
The shares must be kept in the share account of the member with the loan for the term of the loan.
Detailed loan information is available by phone or fax. Secured items MUST carry proper insurance (collision and comprehensive) to protect the credit union’s interest. collision is not required on vehicles over ten years.
Loan Approval
All loans must be approved by the loan officer. After their approval, the necessary papers are prepared and the loan is processed.
Repayment of Loan
The due date for all loans is the 15th of each month. On this day the payment will be drawn out of your share account. You have a seven day grace period before a $15.00 late fee is charged to your account. Interest is calculated daily on the balance of the loan.
Loan Protection Insurance
The credit union offers the option of life and/or disability insurance on all loans if the customer wish to purchase it.