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SHARE ACCOUNT |
This is our primary product that allows membership into the credit union.
A share account must be opened in order to receive other products and services offered by this Credit Union.
In order to open an account the member must purchase one (1) share (par value of $5.00 is the minimum balance required for continuous membership) plus a $2.00 membership fee.
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CHRISTMAS CLUB ACCOUNT |
A Christmas club Savings Account may be opened any time of the year, with a minimum deposit of $10.00.
A 2% dividend will be given on all monies deposited, which is posted during current dividend period.
A $10.00 fee is imposed for early withdrawal.
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SIGNATURE LOANS |
This is our unsecured loan with a maximum limit of $7500.00, unless Board approval is received to exceed the limit.
This type of loan carries a 12.99% rate, unless otherwise specified.
The member must be in good standing with the credit union, an acceptable "debt ratio", and a good credit rating is a must to qualify for this loan.
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SECURED LOANS |
This is a secured loan in which the shareholder will have the amount requested held in their share account.
This type of loan carries a 6% interest rate.
The shareholder will be unable to withdraw any funds from their account until the loan is paid off.
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SHORT-TERM LOANS |
This product is for our membership that experience shortfalls in their monthly cash flow.
The purpose is to give our membership an opportunity to apply for short-term Payday-type loans.
The product discourages our membership from using predatory lenders, who we believe do not have our memberships' best interest in mind.
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DEBT CONSOLIDATION LOANS |
This product is to assist our membership in reducing their debt by consolidating all bills into one low-interest payment. Consolidation of credit cards, auto loans, unsecured loans, taxes is encouraged.
The terms of this loan include, but are not limited to, a maximum loan limit is $10,000.00 for no more than 60 months with no cash out. All creditors will be paid directly. Incentives offered for automatic withdrawal.
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NEW CAR LOANS |
Car loans are the newest addition to our list of products and services.
Although our resources are limited at this time, we believe that several new car loans can be supported by our operation. This product is being offered to our membership on a first come, first serve basis.
Criteria for a new car loans are as follows, but not conclusive: |
- A minimum of one-year of continuous employment with present employer.
- An excellent credit rating.
- Must be in good standing with the credit union.
- An acceptable "debt ratio", somewhere in the area of 45%.
- Title to financed vehicle will be held by the credit union until the balance has been repaid in full.
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USED CAR LOANS |
This type of loan is also part of our new products, which is similar to the new car loan policy.
We are hoping to push this product in the area of refinancing recently purchased vehicles. We have reason to believe that some of our shareholders are carrying excessive interest rates on their car loan from other institutions. We are hopeful that we can better service our membership by providing this product.
Criteria for a used car loans are as follows, but not conclusive: |
- A minimum of one-year of continuous employment with present employer.
- An excellent credit rating.
- Must be in good standing with the credit union.
- An acceptable "debt ratio", somewhere in the area of 45%.
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