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Loan Rates

Effective February 1, 2014

Various Loan Types

Description Income Current Rate Daily Rate Term Details
#4 Future Funds
-
18.00%
Fixed
90 Days
Verifiable Funds
#6 PAL Loans
-
18.00%
Fixed
$700 MAX 120 Days
Requires Direct Deposit
#8 Share Secured
-
.50% Above CD Rate
-
48 Months
Shares Are Secured
#52 Emergency Loans
-
18.00%
.04932%
12 Months
(*see below for details)
#51 Insurance Premium Loans
-
18.00%
Fixed
5 Months/11 Months
(*see below for details)
#10 Line of Credit IV = MCR4
125%
14.00%
.03836%
2Yrs/$40 Min
(*see below for details)
$12 Line of Credit III = MCR3
80%
14.25%
.03904%
2Yrs/$40 Min
(*see below for details)
#13 Line of Credit II = MCR2
40%
14.75%
.04041%
2Yrs/$40 Min
(*see below for details)
#14 Line of Credit I = MCR1
25%
14.75%
.04041%
2Yrs/$40 Min
(*see below for details)

Future Funds Loans

These loans are made on Verified Funds that will be available to themember within 90 days. Maximum amount is 80% of verified funds. If funds can not be sent directly to Credit Union member must sign an agreement to bring expected funds to Credit Union. Direct Deposit is required.

PAL Loans 18% Interest

MAXIMUM IS $700.00. To be eligible a member must have direct deposit set up and have been employed 6 mos.with current employer.

Emergency Loans

Emergency loans are permissible for the following reasons and limited to the amounts stated below: Direct Deposit is required.

Funeral or Death (Max $,2,500.00)
Paid directly to funeral provider, Term of 12 Months

Auto repairs (Max $1,500.00)
Paid directly to repair shop, Term of 12 Months

Travel for Health or Job Related (Max $500.00)
Verification from Doctor or Supervisor, Term of 3 Months.

NOTE: MAXIMUM OUTSTANDING ON ALL EMERGENCY LOANS IS A TOTAL OF $1,500.00.

Insurance Loans

#51 TYPE LOAN
1. Member must have at least 1 vehicle financed with the Credit Union
2. Payments are set up for a 1 month less than term of policy.
3. No advances until loan is paid in full
4. Premiums paid directly to insurance company

Share Secured Loans

#8 Type Loan
Loan is secured by a Certificate of Deposit Rate is .50% above the dividend rate on the Certificate. Maximum term is 48 months

Line of Credit Loans (Signature Loans)

#10 TYPE IV: 125% of Gross Monthly Salary
l. More than 5 years of Income Continuity
2. Debt ratio is 35% or below including proposed loan.
3. 5 years of Clean Credit (No Bankruptcy last 7 years unless paid (Cptr 13) then release date used
4. Member of Credit Union for 5 years.
#12 TYPE III: 80% of Gross Monthly Income
1. More than 3 years of Income Continuity
2. Debt ratio is below 40% including proposed loan.
3. 2 Years of Clean Credit (No Bankruptcy last 7 years unless paid (Cptr 13) then release date used
#13 TYPE II: 40% of Gross Monthly Income
1. More than 1 year of Income Continuity
2. Debt ratio is below 40% including proposed loan.
3. 6 Months of Clean Credit (No Bankruptcy last 7 years unless paid (Cptr13) then release date used
#14 TYPE I: 25% of Gross Monthly Income
1. More than 6 months of Income Continuity
2. Debt ratio is below 40% including proposed loan.
3. Clean Credit with one open derogatory account in the last 5 years.
4. No bankruptcy in last 7 years unless paid (Cptr 13) then release date used.
5. 1 full year as a Credit Union member.

New Vehicle Loans

Description MSRP Current Rate Daily Rate Term Details
#30 New Vehicle III = MCR3
90%
5.00%
.01370%
48 Months
(*see below for details)
#35 New Vehicle II = MCR2
80%
7.75%
.02123%
60 Months
(*see below for details)
#38 A & B New Farm Equipment MCR2,3,4
80%
5.25%
.01438%
60 Months
(*see below for details)
#39 New Vehicle IV = MCR4
100%
3.00%
Fixed
84/120 Months
(*see below for details)

Credit Ratings

MCR I :
Member has $25.00 minimum in Share account
Minimum of 6 Months Income Continuity
Direct Deposit (at least 2 received before loan application)
At least 1 year membership

MCR 2 :
Member has $25.00 minimum in Share account
Minimum of 1 Year Income Continuity
Has a debt ratio less than 40% after application
Minimum of 6 Months Clean Credit

MCR3 :
Member has $25.00 minimum in Share account
Minimum of 3 Years Income Continuity
Have a debt ratio less than 40% after application
Minimum of 2 Years Clean Credit

MCR 4 :
Member has $25.00 minimum in Share account
Minimum of 5 Years Income Continuity
Have a debt ratio less than 35% after application
Minimum of 5 Years Clean Credit

NOTE: If member has CPI Insurance on a current vehicle loan they are not eligible to finance another vehicle until they have had a Full Coverage policy for one cycle.

Rewards

If a member has direct deposit they will receive a discount of .125% off the loan rate for New Vehicles, Used Vehicles and LOC loans only.

Second Chance

LOC Loans only. Member has cleared all derogatory entries on their credit report that have occurred in the last 2 years, they are eligible to retain their previous MCR status. Opportunity will be given only once.

Used Vehicle Loans

Description NADA Current Rate Daily Rate Term Details
#40 Used Vehicle III = MCR3
Trade
6.25%
.01712%
60 Months/Yr Model
(*see below for details)
#41 Used Vehicle II = MCR2
Loan
9.75%
.02671%
60 Months/Yr Model
(*see below for details)
#42 Used Vehicle IV = MCR4
List
3.50%
Fixed
72 Months
(*see below for details)
#43 A & B Type Used Farm Equipment MCR 2,3,4
Loan
6.25%
.01712%
60 Months/Yr Model
(*see below for details)

Other Terms

$25.00 MINIMUM Share Balance is required before a loan can be disbursed.
Credit Life Insurance and Credit Disability Coverage is member paid on a voluntary basis.
Coverage includes: Maximum age for Life insurance is 72. Max age for Disability insurance is 67.
Maximum amount of loan insurable is $30,000 on both insurances.
Maximum amount of monthly disability benefit is $600.

All loans are variable rate unless specified as fixed
VEHICLE LOANS: AAA or A or B Credit Type (See Above)

NEW:
Designated Percent of MSRP (Manufacturers Statement of Retail Price)
Includes Farm Equipment (Tractors, plows, harrows, & etc.)

USED:
Loan Value (NADA) 2008 or Used Farm Equipment to 1989

USED TERMS: (NADA VALUES) 2010 TO 2000
Current Year 60 months assessed term
Less than 2 years 48 months assessed term
Less than 3 years 42 months assessed term
Less than 4 years 36 months assessed term
Less than 5 years 30 months assessed term
Less than 10 years  24 months assessed term