• 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.
• 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 nad/or disability insurance on all loans if the customer wished to purchase it.

TYPES OF LOANS AND LOAN ELIGIBILITY

• 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.
• Secured (or chattel) loans are available for new or used cars, trucks, ATVs, etc. The term varies depending on the year of the security item. 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.
• Share Secured Loans are also available. The shares must be kept in the share account of the member with the loan for the term of the loan.
• Home Equity Loans are available for home that have at least 80% loan to value.
• Some loans will require a Co-Maker. A co-maker is anyone with a good reputation, steady income and the ability to meet the obligation. Co-makers do not have to be members at the credit union.