Money can be borrowed for almost any purpose - paying bills or taxes, buying Christmas gifts or a car, or consolidating loans and debts. Regardless of the proposed use of the funds, all loans are categorized as being unsecured or collateral loans.

The Credit Union will not make business loans or loans on airplanes, farm equipment, livestock, or any other collateral except that listed under the section on collateral loans.

Employees may join the credit union at any time after attaining permanent employment status. All loans require a member to be employed for at least six months. In addition, all loan applications must be accompanied by a recent check stub.

The Credit Union manager and loan officers have same-day approval authority for all loans.

Credit bureau reports less than 12 months old may be used for future credit decisions. The denial of a loan based on credit history requires satisfactory clearance of the credit problem before any future loans may be considered.

Unsecured loans are loans based on an employee's accumulated retirement contributions. Because the Credit Union does not hold or maintain access to these funds, these loans are considered unsecured loans. Only three unsecured loans will be allowed per member.

The maximum amount allowed for an unsecured loan is based on 80 percent of the employee's retirement funds, with a maximum loan of $15,000.

Repayment of an unsecured loan is made on a graduated schedule with a maximum repayment term of 60 months.

Share loans are loans that are guaranteed with a member's Credit Union deposits, or shares, as security. The amount of the loan may equal the amount of money in the account. Maximum repayment period for a share loan is 60 months with the interest rate set at the time the loan is approved. This avenue of borrowing may be the least expensive for the member, because the money on deposit earns monthly dividends that are slightly less than the interest of the loan. There is no waiting period for a share secured loan.

New vehicle loans may be financed up to 85 percent of the vehicle invoice price. The maximum repayment period may be 72 months.

Program vehicles - vehicles not titled that have been used by the dealer or rental agency - may be financed as new vehicles. Vehicles with average mileage based on the NADA Used Car Guide may be financed for 60 months. Vehicles with greater than average mileage may be financed for 48 months.

Used vehicle loans may be financed based on the average retail value as listed in the NADA Used Car Guide. Vehicles having mileage in excess of 100,000 miles will not be financed. There will be no additions for options except four-wheel drive and diesel engines when applicable. The Credit Union will deduct on vehicles with high mileage. Used vehicles of the five most recent model years in the NADA Used Car Guide may be financed for 60 months. Used vehicles of the two next oldest model years in the NADA Used Car Guide may be financed for 48 months. Used vehicles of the next three oldest model years in the NADA Used Car Guide may be financed for 36 months.

Motorcycles will be financed with the same terms as used and new vehicles for the percentage financed, NADA guide, and purchase price. The only difference is that they will have an interest rate of 2.00% above the vehicles terms.

Real estate loans are allowed with the following stipulations.(1)Loans must not exceed 100 percent of the tax value or current equity, whichever is less.(2)Loans cannot exceed $50,000, (3)maximum repayment period is 10 years, (4)personal residence must be used as collateral; (5)A complete financial statement must be submitted with the loan application and (6) Loans will be based on the availability of funds as determined by the Credit Union manager.

Loans for new boats, motors, and trailers may be financed at 75 percent of the invoice price. Used boats may be financed at 75 percent of the invoice price or 75 percent of the appraised value as set by the NADA Boat Appraisal Guide, whichever is lower. Maximum repayment period is 72 months.

Please check with a loan officer.