To Apply For
a Loan >
To apply for a loan, participants who have had an open account
for a minimum of 90 days may obtain a loan application from the
Credit Union office during regular Credit Union hours. It is required
that you have at least 20% of the loan amount in your shares,
and 20% of your loan balance will be frozen in your account until
the loan is paid off. (Example: you must have $20.00 in shares
forevery $100 you borrow.)
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Credit Committee |
At this time, loans are repaid with interest computed monthly
at the rate of seven percent (7%) of the outstanding balance. The
maximum loan permitted at this time is $10,000. Loan terms or
pay off periods range from six (6) to 60 months (5 years). Repayment
of the loan is based on the amount borrowed and your financial
ability to make regular monthly payments.
All loan applications should be completed and submitted to
the Credit Committee along two current consecutive pay stubs and
your photo identification. A credit officer will request and
review your credit report, after which a debt ratio will be
calculated to establish your ability to repay the loan. All
loan information is kept in strict confidence, and records
are maintained in a secure file.
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