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Loans: Normally, approved loan requests received by Monday @ 2:00 PM have funds disbursed on Wednesday. Approved loan requests received by Wednesday @ 2:00 PM have funds disbursed on Friday. Upon request, other arrangements can be made to suit the borrowers needs. Loan applications are available at the credit union office and can be submitted in person, by fax (8-1861), or by mail. Loan applicants must be credit union members and have proof of current, uninterrupted income for at least six months to be eligible for all loans except Share Secured or Emergency Loans. This is usually demonstrated by being employed with the same employer for at least six months or working in the same field with a previous employer for a minimum of two years. The credit union does not grant business loans on security or collateral used primarily for commercial purposes. Loan payments may be conveniently made through payroll deduction on a bi-weekly or monthly basis, depending on the borrowers payroll schedule. Upon request, loan repayment schedules can be adjusted to suit a 9, 10, or 11-month payroll schedule. Additional payments may be made to all credit union loans, at any time, without penalty to the borrower. Loan Types:
Personal Loan: A closed-end, unsecured loan with a limit of 2 months gross income (based on 1/12 of annual income) or $5,000, whichever is greater, for up to 30 months. Personal loans may be refinanced a maximum of two times before being paid in full. Six monthly payments or the dollar equivalent must be repaid on the loan before its eligible for refinancing.
Computer Loan: A closed-end, unsecured loan to be used for the purchase of computer equipment. An invoice or quote from the computer vendor must be provided before any funds are disbursed. Computer Loans have the same amount and term restrictions as the Personal Loans. Refinancing is available for the purchase of additional computer equipment.
Emergency Loan: A closed-end, unsecured, short-term loan for emergency situations. These loans are not eligible for refinancing. New employees, who have not met their six-month eligibility requirement, may also be considered. Applicants must not be eligible for the credit unions Personal Loan in order to be given consideration. A processing fee will be assessed.
New Vehicle Loan: A closed-end loan secured by the vehicle title, intended for the purchase of new automobiles, vans, and trucks no greater than two tons. These vehicles can not have been previously registered or have mileage that exceeds 7500 miles. Prior year vehicles that meet the above criteria may be refinanced as new (new car interest rate and term) until April 15TH. Generally, the credit union will finance up to 90% of the purchase order price less tax. 100 % financing is available to qualified applicants upon request.
Apply for a PRE-approved new vehicle loan and take care of the financing before you start shopping for a car. PRE-approvals are good for 30 days and there is no obligation until you choose a vehicle and sign the final promissory note.
Used Vehicle Loan: A closed-end loan secured by the vehicle title, intended for the purchase of automobiles, vans, and trucks that do not exceed two tons and have been previously titled. The credit union will finance the purchase price or up to 90% of the retail value as listed in the NADA Official Used Car Guide, whichever is less. The credit union will not finance any vehicle that is more than 7 model years old. A letter of intent to sell, available at the credit union office is required for purchases from a private party.
Home Equity Loan: A loan that is secured by a lien on the property and is closed-ended. Available on primary residence located in Pennsylvania only. The maximum loan amount is $30,000 and the minimum loan amount is $7,500.
A $350 deposit and a completed loan application are required. After the initial credit approval, a property report, flood certification, appraisal, and title search are performed. If the application is withdrawn or does not meet the guidelines (i.e. appraisal too low to meet minimum net equity, unknown liens found on title, etc.) all costs incurred to that point are the applicant(s) responsibility. Upon disbursal of loan proceeds, the $265 deposit will either be applied to the final closing costs or refunded, depending on the amount financed. The borrower must provide proof of appropriate hazard insurance, including flood hazard insurance if the property is located in a designated flood zone, that covers all existing loans as well as the new loan amount. Three (3) days are required before disbursement of funds. Closing Costs:
We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit Opportunity Act
Share Secured Loan: A closed-end loan secured by shares (savings) held in the credit union. The applicant can borrow up to 100% of the amount held in the credit union share account. The shares are frozen in the credit union for the term of the loan.
Stock Secured Loan: A closed-end loan secured by stock. The credit union will lend up to 50% of the current quoted market value of publicly traded stock on the New York Stock Exchange or the AMEX. The market value is based on the previous days closing price as listed from a reputable source.
Recreational Vehicle Loan: A closed-end loan secured by the vehicle title, intended for the purchase of recreational vehicles (RV’s). The credit union will lend up to 80% of the purchase price on new RV’s. On used RV’s, the credit union will lend the purchase price or up to 90% of the wholesale value as listed in the NADA Used Recreational Vehicle Guide, whichever is less. A letter of intent to sell, available at the credit union office is required for purchases from a private party.
Motorcycle Loans: A closed-end loan secured by the vehicle title, intended for the purchase of motorcycles. The credit union will lend up to 80% of the purchase price on new motorcycles. On used motorcycles, the credit union will finance the purchase price or up to 90% of the wholesale value as listed in the NADA Used Motorcycle Guide, whichever is less. A letter of intent to sell, available at the credit union office is required for all purchases from a private party.
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