Apply for a Loan

In order to help cover the expenses of our not-for-profit institution, we charge a small, 1-time application fee for loans. This fee is based upon the amount of the loan that you are requesting. Aside from this 1-time initial fee, there are no other regular monthly fees or interest charges for the duration of the loan.

Current Application Fees:

This fee will be determined at the time of your application. This fee is to cover expenses for reviewing and processing your loan.

1) There are no recurring monthly fees, or “profit rate” charges.

2) There will be no recurring monthly interest charges.

3) Lien Recording Fee: The CU may charge a fee that is incurred by the CU for recording the title lien for a vehicle.

4) Late Payment fee: The CU will charge a fee of $35/month if the borrower’s full monthly payment is not received by the due date. This fee may be waived depending upon your financial circumstances.

The amount of loan that you may be eligible for depends upon several factors:

1) Your Current Credit Score.

2) The type of Loan that you are requesting.

3) If the loan is secured, you may be eligible for a higher loan amount. Securing a loan would require providing collateral or identifying a co-signer.

The Loan Application will require you to submit important personal information about yourself, your financial position and your loan needs. You will be required to provide:

1) Proof of identity: Driver’s License and/or US Passport

2) Proof of address: Driver’s License

3) Proof of income:

a) If Employed: A copy of your last pay stub and last year’s W-2.

b) If Self- Employed: A copy of your last year’s federal income tax return.

4) Information for any collateral or co-signer (if any).

Auto loans:

The automobile that is being purchased will be used as collateral. A lien may be placed on the title of the automobile. The automobile’s value will be the higher of www.NADAGuides.com’s Average Trade-In Total Base Price or the Clean Retail Total Base Price. If the NADA value is not available, the Credit Union will determine the automobile’s value based upon the Kelly Book value of the automobile, www.kbb.com.

Citizenship Status:

You must be a US Citizen or a Permanent Resident (Green Card) to be eligible for a loan. If you are not, then you must have a co-signor who is a US Citizen or a Permanent Resident.

Loan-Specific Documentation:

The loan application will delineate whether additional information may be required depending upon the type/purpose of the loan.

All documents that are submitted will be directly uploaded and stored in our encrypted folder.

Please Note: Additional information to determine loan eligibility may be requested.