How are loans granted?
Loans are granted based upon ability to pay. Loans are approved based on the following criteria:
1. Credit Bureau information
2. Employment
3. Debt ratio
4. Ability to pay
5. Collateral
Short-term credit disability insurance is available as an option for a low monthly fee.
How much am I eligible to borrow?
The Loan Guidelines are reviewed annually by the Board of Directors. Most loans, (Signature, Co-Maker, and Personal Service), are based on the ability to pay. We will finance 100% on New Vehicles and up to Retail Value, plus Options (based on NADA Car Guide) for Used Vehicles. Share Secured loans are based on how much you can borrow against your savings. You must also have and maintain a share balance of $100.00 for the duration of your loan.
Do shares pledged against a loan receive dividends?
CERTAINLY! This is a prime reason why members borrow instead of withdrawing their shares. If a member wants to borrow additional monies over the amount allowed to him/her from the Loan Guidelines, then the member may pledge as collateral the amount needed from their Shares, Christmas Club or Share Certificates. These pledged amounts will earn dividends the entire time that they are being held as collateral on the loan.
How soon after I join may I apply for a loan?
You must be employed with the Company for at least one year in order to borrow on an unsecured signature loan. However, upon membership, you may apply for any type of secured loan, regardless of service time.
How can I apply for a loan?
You will need to complete a loan application and provide proof of income.
When will my loan funds be available?
Loan proceeds will generally be available within 24 hours.
Call the office for
specific loan information.
