Loans

#4 Future Funds

18.00%

Fixed

90 Days

Verifiable Funds

#6 PAL Loans

-

18.00%

Fixed

$700 MAX 120 Day

Requires Direct Deposit

#99 Debit Overdraft Loans

-

14.25%

0.03904%

12 Months

Must qualify for a LOC Type III or higher

#8 Share Secured

-

.50% Above CD Rate

-

48 Months

Shares are secured

#50 Emergency Loans

-

18.00%

0.04932%

12 Months

(*see below for details)

-

18.00%

Fixed

5 Months/11 Months

(*see below for details)

#10 Line of Credit IV = MCR4

125%

14.00%

0.03836%

2 YRS/$40 MIM

(*see below for details)

#12 Line of Credit III = MCR3

80%

14.25%

0.03904%

2 YRS/$40 MIM

(*see below for details)

40%

14.75%

0.04041%

2 YRS/$40 MIM

(*see below for details)

#14 Line of Credit I = MCR 1

25%

14.75%

0.04041%

2 YRS/$40 MIM

(*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 3 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.

  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 V: 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: 60% 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: 35% 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.

#30 New Vehicle III = MCR 3

90%

5.00%

0.01370%

48 Months

(*see below for details)

#31 (discontinued)

-

-

-

-

-

#32 (discontinued)

-

-

-

-

-

#33 (discontinued)

-

-

-

-

-

#35 New Vehicle II = MCR 2

80%

7.75%

0.02123%

60 Months

(*see below for details)

#37 (discontinued)

-

-

-

-

-

#38 A & B New Farm Equipment MCR 2,3,4

80%

5.25%

0.01438%

60 Months

(*see below for details)

#39 New Vehicle I = MCR 4

100%

5.25%

Fixed

60 Months

(*see below for details)

#40 Used Vehicle III = MCR 3

TRADE

6.25%

0.01712%

60 Months/Yr Model

(*see below for details)

#41 Used Vehicle II = MCR 2

LOAN

9.75%

0.02671%

60 Months/Yr Model

(*see below for details)

#42 Used Vehicle IV = NCR 4

LIST

6.75%

Fixed

72 Months

(*see below for details)

#43 A & B Type Used Farm Equipment MCR 2,3,4

LOAN

6.25%

0.01712%

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