Loan Rates
Loan rates as of January 1, 2024 are a work in progress.
We strive to get our best qualified borrowers the lowest rate possible.
Several factors are used to determine rates. Rates could be as low as 5%, or as high as 17%. Loan terms could be as short as 6 months, are as long as 72 months. Unsecured rates and maximum amount loaned are calculated by using credit score, monthly income, debt to income ratio, length of employment and length of credit union membership.
Collateral loans use the same criteria as well as value and age of the collateral.
ALL LOAN RATES (except share secured loans) ARE CALCULATED USING RISK BASED LENDING.
| Loan Types | Maximum Amount | Annual Percent | Required Credit Score | Maximum Term |
|---|---|---|---|---|
| Sharesecured | Unlimited | 4.50% | N/A | 120 months |
| Unsecured | $3,500 | 15.00% | 600 | 36 months |
| Emergency | $1,000 | 15.00% | N/A | 12 months |
| Christmas | $2,000 | 12.00% | 600 | 12 months |
| Vacation | $2,000 | 12.00% | 600 | 12 months |
| Commendable Member Loan | $5,000 | 12.00% | 650 | 36 months |
| Worthy Member | $7,500 | 9.90% | 700 | 72 months |
| New Vehicle Motorcycles Mobile Homes |
Maximum | APR* | Required Credit Score | Terms |
|---|---|---|---|---|
| 2022 or 2023 | 100% of retail | 5.50% | 650 | 72 months |
| Used Vehicle | Maximum | APR* | Required Credit Score | Terms |
|---|---|---|---|---|
| 2021 | 100% of retail | 6.25% | 650 | 72 months |
| 2020 | 100% of retail | 6.75% | 650 | 60 months |
| 2019 | 100% of retail | 7.25% | 625 | 54 months |
| 2018 | 100% of retail | 7.75% | 600 | 48 months |
| 2017 | 100% of retail | 8.25% | 600 | 48 months |
| 2016 | 100% of retail | 8.75% | 600 | 48 months |
| 2015 | 100% of retail | 9.25% | 600 | 42 months |
| 2014 | 100% of retail | 9.75% | 600 | 42 months |
| 2013 | 100% of retail | 10.25% | 600 | 42 months |
| 2012 | 100% of retail | 10.75% | 600 | 36 months |
| 2011 | 100% of retail | 11.25% | 600 | 36 months |
| 2010 | 100% of retail | 11.75% | 600 | 36 months |
| 2009 and older | 100% of retail | 13.00% | N/A | 36 months |
Antique or Classic Vehicles (Value to be determined by qualified appraiser) Will be loaned at a rate of 10.00% for not more than 48 months.
Boats, RV's, ATV's, Campers, Etc. (that is registered and title issued by D.M.V.) will be granted at 1% higher than the prevailing rate for car and truck loans. Rate not to exceed 14.00%.