Loans & Insurance
- Disability Insurance is an Insurance Policy offering you the member a well designed plan of financial protection. This plan helps members meet the day to day living expenses if they should become totally disabled and unable to work. Any member who is working a minimum of 25 hours a week has the option to carry Credit Disability, only CUNAMutual Insurance Company has the option to determine eligibility.
- The disability terms change after 12 consecutive months of payments.
- The Monthly Maximum Disabilty Benefit is $600.00.
- Home equity loans excluded.
How to Apply for a Loan
- To initiate the lending process, loan applicant must first complete a detailed loan application.
- There are several ways to receive the application.
- Eligibility is determined by first having the required $100.00 in your savings. The Loan Officer then considers the amount you want to borrow with a credit check from the credit bureau and with the following thoughts in mind.
- First time borrowers must have a co-signer or pledge shares.
- Indebtedness must not exceed $30,000.00 at the Credit Union. This includes who you have co-signed for and their current status of his or her loan. (Reminder: This exceeds our $25,000.00 Life Insurance Coverage.)
- All applicants must supply a current employment pay stub, or a previous W2 form. (Note: if self-employed 2 Yrs. Income will be needed.)
- When applying for a car loan a bill of sale must be submitted with the loan application, private sales exempt. A Vin number and current proof of Auto Insurance is mandatory on all car loan applications.
- Loan rates vary according to the type of loan. Finance charges on your credit union loan are calculated on the unpaid balance, so you pay only for the days you use the money. There is never a penalty for early repayment of your loan, and there are no charges or fees for credit investigation (H/E loans are not included). Your credit union loan payments can be automatically deducted from each paycheck, if you request it. Payroll deduction makes budgeting simpler and saves worry over late payments. Life insurance is provided on all loans except on Home Equity up to a maximum of $25,000.00 at no direct cost to you. Credit disability insurance may be purchased by eligible members at the time you make the loan. (Home Equity Loans are excluded)
- When making your loan payment it is absolutely essential that the full account number and the loan code number must be included with your payment.
- Monthly payments must be made even if paid ahead.
Types of Loans
- Secured/Savings Pledged
- Signature Loan
- Co-signed Loan
- New or Used Auto Loan
- Recreational Vehicles
- New or Used Motorcycle Loan
- New or Used Boat Loan
- Home Equity Loan
- Special Short Term Loans
IMPORTANT INFORMATION ABOUT CREDIT REPORTING:
- WE MAY REPORT INFORMATION ABOUT YOUR ACCOUNT TO CREDIT BUREAUS. LATE PAYMENTS, MISSED PAYMENTS, OR OTHER DEFAULTS ON YOUR ACCOUNTS MAY BE REFLECTED ON YOUR CREDIT REPORT
- Currently we use Equifax & TransUnion