Loans
General Procedure
Auto Loans
Share/Certificate Secured Loans
Signatue Loans
Line-of-Credit Loans
General Procedure
A completed application is required before any further processing can take place. Loan applications may be submitted by mail or fax. All closed-end loans with the exception of share & certificate-secured, $1,000.00 and above are subject to a $40.00 Loan Processing Fee.
All applicants must sign & date and submit current proof of income. Once the application has been submitted, a credit report is pulled and a debt-to-income ratio is calculated. All information is then sent to our Credit Committee for review. The Credit Committe consists of three people who must come to a two out of three agreement for approval/denial of any loan. The member(s) is/are then notified as to the Credit Committee's decision. Members are usually notified, either way, within 1-3 business days.
Once a loan has been approved, an appointment is set for closing. All applicants must sign for the final closing procedures before checks can be issued. If the closing is taking place in person, the applicants may sign at separate times, but whoever signs last receives the check proceeds. If the closing is taking place by mail or fax, the signed loan documents must be received before check proceeds can be mailed out.
**** all Payroll Deducted loans receive either a 1.00% or a .50% discount ****
(exceptions may apply to offered loan promos)
Auto Loans* [to include all titled vehicles (new/used automobiles, motorcycles, ATVs, trailers, boats, campers, & mobile/motor homes) & UCC certifiable farm equipment ]
Auto loan processing, for both new and used, requires the additional submittance of a copy of the title and a sales proposal**
New Auto Loans |
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60 months |
as low as 3.69% APR |
95% MSRP |
72 months |
as low as 3.69% APR |
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Current rates as of 1/24/2012
(good thru March 2012)
Any discount offered is not reflected in the rates shown above.
*Exceptions apply to individual rates with the use of a credit scoring program
having gone into affect as of August 1, 2008.
Click the logo to search for a vehicle value.
** A sales proposal is only required if the vehicle is being purchased through a dealership.
Share/Certificate Secured Loans
Loans which are secured by either the funds in a share savings account or a certificate of deposit for a term of up to 60 months. A certificate secured loan requires the owner of the CD to fill out a Loan Assignment form. The funds used to secure the loan become available as the loan balance is paid down. Refer to the general procedure above for processing.
| Share Secured | 2.00% above current savings rate |
| Certificate Secured | 2.00% above rate of CD used for security |
Signature Loans
A personal loan offered at a a maximum value of $5,000 for up to 60 months. Refer to the general procedure above for processing. Discounts not reflected in rate provided below.
| Signature Loan | 10.00% - 18.50% APR, up to 60 months |
*Exceptions may apply to individual rates with the use of a credit scoring program
having gone into affect as of August 1, 2008.
Line-of-Credit (LOC) Loans
A personal loan offered at a maximum credit limit of $5,000. Often likened to a credit card. As the balance of the loan is paid down, the member can request a Loan Add-On up to his/her credit limit. As long as there is balance on the loan, the member is obligated to pay his/her monthly payment. Monthly payments are based on the loan balance. LOC loans are reviewed every January for renewal. Refer to the general procedure above for processing. Discounts not reflected in rate provided below.
| Line-of-Credit | 10.00% - 18.50% APR |
*Exceptions may apply to individual rates with the use of a credit scoring program
having gone into affect as of August 1, 2008.
LOC Payment Scale |
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Loan Balance |
Minimum Payment |
$0 - 500 |
$20.00 |
$501 - 1000 |
$40.00 |
$1001 - 1500 |
$55.00 |
$1501 - 2000 |
$70.00 |
$2001 - 2500 |
$90.00 |
$2501 - 3000 |
$100.00 |
$3001 - 3500 |
$110.00 |
$3501 - 4000 |
$120.00 |
$4001 - 4500 |
$130.00 |
$4501 - 5000 |
$140.00 |
CU Helping Hands - NOT OFFERING AT THIS TIME
Offered by your credit union as an alternative to high-interest payday lending. Same day approval/denial. Members should apply within. Requirements include: 6-month membership, 90-day direct deposit verification & current pay stub; and an application fee of $20-40 plus 5% of loan amount to a locked savings account. Loan balance is to be paid in full at the time of next payroll deposit. If the due date falls on a non-business day, the loan is to be paid the business day before the due date. A late fee of $15 will be applied after the 15th day past due. Members who have paid late, even by one day, will not be eligible to re-apply for CU Helping Hands.