When you need money for a loan we want you to contact us. The following are the ways to apply:
LOANS
The credit
union offers many varied types of loans that are available to
members. Each type may carry a different interest rate based
on your credit score. The money being lent to members belongs
to the savers, so therefore, we are cautious that each
borrower has the ability to repay. We also look at how you
have handled your lending transactions with other financial
institutions and businesses. At times you may be applying for
a certain kind of loan and one of our loan officers might
suggest a different kind of loan. This is because we try to
look at the "BIG" picture of your financial condition, not
just what you need today. Please allow us to help you review
your finances in detail. We do require verification of income
for our auditors and examiners, so please do not feel we are
picking on you when we request this information. We have a
full array of lending products and we want to be your lender.
Section 1 -
Auto/Furniture/Mortgage
|
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Section 2 - Other
Loans
Section 3 - Insurance
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How my loan rate is determined
Your
credit rating will determine the rate and the terms of your
loan. Payment of outstanding bills on time equates to an
excellent credit rating. Keeping your debt within your income
is important. Information in your credit bureau is part of the
determination used in the approval of your loan. The following
is how your loan rate is determined:
Your Credit
Bureau Score
Effective January 1, 2006
| 750 & Up |
= |
A+ Category |
| 700 – 749 |
= |
A Category |
| 670 – 699 |
= |
B Category |
| 630 – 669 |
= |
C Category |
| 600 – 629 |
= |
D Category |
| 599 & under |
= |
E Category |
If your
credit score is "C" you have the ability after making
12 monthly payments on time to re-apply to change your loan
rate if your score has improved.
If the score is a
"D" or "E" at least 24 monthly payments must be made on time
and your credit score has improved to a higher score before
re-applying.
If there is discrepancy on your credit
report, you have 90 days to improve your score and
re-apply. |
Equal Housing Opportunity