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Loans

Type of Accounts

Type

Maximum Amt

Maximum Term

Auto
New & Demo 100% of list + Taxes 60 months
Used 100% Retail Value + Taxes 60 months
  
Luxury Auto ($25,000 or more)
New 100% of List 84 months
Used 100% of Retail Value + Taxes 84 months
Motor Homes
New 100% of List + Taxes Dependent upon amount financed/value of collateral
Used 100% of Retail + Taxes  Dependent upon amount financed/value of collateral
 
Mobile Homes
New 100% of List + Taxes 84 months
Used 100% of Retail + Taxes  84 months
Motorcycles
New 100% of List + Taxes 84 months
Used 100% of Retail + Taxes 84 months
Boats
New 100% of List + Taxes 84 months
Used 100% of Retail + Taxes 84 months
Real Estate
1st Mortgage New Purchase or Refinance, 80% of appraised value + closing costs 15 yr term
1st Mortgage - Balloon New Purchase or Refinance, 100% of appraised value 5 years. After 5 years remaining balance must be paid in full or refinanced at the current rate. Payback is based on a 30 year term.
Home Equity Up to 80% of appraised value – balance owed

Draw period = 84 Months

After 84 months converts to 2nd Mortgage for an additional 120 months 
Signature/Unsecured $5,000 60 months
Unsecured Line of Credit $7,500

Draw Period = 24 Months

Repayment Term up to 60 Months
Share Secured   No Limit 84 months
Cert. Secured No Limit Maturity Date of Certificate
New Collateral 100% of List + Taxes 84 months
Used Collateral 100% of Retail + Taxes 84 months
SIGNATURE PLUS  $15,000 60 months

Credit acceptance is not guaranteed.

All maximums are not automatic, or guaranteed. Amount of any loan will be by need, and credit-worthiness.

Please contact Credit Union for Rate Information. Rates are subject to change.

APPLY via Online Banking

You will find a loan application on Online Banking. Please log into Online Banking to complete application.

AND MORE LOANS

Borrowing money at FedTrust FCU is a unique experience. By virtue of their ownership status, every member receives unparalleled service. The member approaching our loan department does so as an owner, not as a customer. He or she knows that his or her own savings and those of other members have built the fund from which he or she will borrow. Unlike a “customer” he or she enjoys a certain dignity when borrowing money from his or her own financial institution. When loan payments came due, his or her ownership status continues to earn him or her special consideration. In the event of illness, strike, layoff, or other personal tragedy, the Credit Union member need only report the circumstances to the loan officer where every effort is extended to work out a satisfactory repayment schedule.

After completion of the initial application in our office, future loans often may be made by phone, fax or mail. Convenient automatic transfer simplifies repayment, and additional payments against the loan may be made at any time with no prepayment penalty. Credit Disability and Credit Life Insurance is also available and cost is included in the monthly payment, if desired. Insurance is not required.

LOAN APPROVAL

At the heart of our successful loan program is a loan committee that acts on individual loan requests that cannot be routinely approved by staff loan officers. Some of the criteria with which the loan committee judges each application include:

  • the credit record of the borrower
  • income and the member’s capacity to repay
  • job security and length of employment
  • the acquired capital assets of the borrower, such as equity in home, savings accounts and personal property.

ALL ABOUT LOANS

  • Members maintaining a balance of $5 in their Share Account may apply for a loan by completing a loan application at the Credit Union office.
  • Members are usually eligible for loans after six months permanent rating.
  • Members may have more than one loan at a time, depending on need, income and collateral.
  • The interest rate varies according to the member’s credit score, type of loan and repayment schedule. Interest rates are calculated on a simple interest basis, and interest rates are very competitive.
  • Monthly statements mailed show all loan transactions, and members are welcome to inspect their accounts at the Credit Union offices.
  • Members may exercise the option of repaying their loans through convenient automatic transfer.
  • Please remember, when the Credit Union loans you money, it is one of your fellow member's money; therefore, the Credit Union must be very careful concerning loan policies.

Security & Other Requirements

  1. For any collateral, which can be titled, the following rules apply:
    • Credit Union must be shown on title as first lien holder.
    • Title will remain in possession of the Credit Union until the loan is repaid.
    • If more than one person's name is shown on title, both must sign security agreement or the other person must sign a consent to pledge when loan is made.
  2. Collateral on all loans must be kept fully insured until paid in full.
    • Credit Union must be shown as loss payee on policy and copy must be kept in our files at all times.
  3. Retail value for used vehicles is determined by current KBB (Kelley Blue Book) and/or NADA value.
  4. Failure to comply with title and insurance requirements will jeopardize member’s good standing.

MORE LOAN POLICIES

  1. A maximum of $15,000.00 may be unsecured, depending on length of service and salary.
  2. Members delinquent on his or her own accounts will not be allowed to borrow any additional money.
  3. No withdrawal of pledged shares may be made that will bring share balance below loan balance on which shares are pledged.
  4. Family members and retirees may have loans in their names exclusively.
  5. No exception to Board loan policies will be made by the Credit Committee.
  6. No loans will be made to any member who has caused the Credit Union to suffer a loss because they did not meet a previous obligation regardless of the method used to escape repayment of the loan.
  1. Other policies concerning used auto loans are as follows:
  2. All titled and/or otherwise, secured loans will be protected by appropriate insurance, such as property and liability, homeowners, etc. The borrower is expected to supply proof of coverage within 14 days. Failing to comply will result in the purchase of adequate insurance by the credit union. Premiums to be added to loan.
  3. No share withdrawals will be allowed on delinquent loans. See terms of note when signing.
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