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Rates

Loan Rates Collateral Loans

Effective as of: AUG 1, 2023
THE FOLLOWING LOAN POLICIES AND RATES ARE EFFECTIVE AUGUST 1, 2023 AND WILL REMAIN IN EFFECT UNTIL FURTHER NOTICE
LOAN RATES
ELIGIBILITY
Submit a completed loan application. Be a member in good standing for at least six weeks prior to application for a loan, be a permanent employee of the Federal Government for at least six months and maintain a $300 share balance for the life of the loan.

Collateral Loan - Members cannot have a total loan balance owed to the Credit Union of no more than 40% of annual income after loan is processed.

Signature Loan - Members cannot have a total loan balance owed to ALL lenders of no more than 40% of annual income after loan is processed.

Truth In Lending Statements not signed in the Credit Union Office must be notarized.

Borrower must have a payroll or retirement allotment equal to payment due on all loans.

The following general requirements apply to all loans:
Minimum amount of any loan is $1,000.00.
Loan payments will be made in even dollar amounts.
A title showing MOBILE GOVERNMENT EMPLOYEES CREDIT UNION as Lien Holder must be provided to the Credit Union on all loans where a vehicle requiring a title is used as collateral.
Refinancing an existing loan will be at the higher of the original loan or the current rates.

TYPE OF LOANS gMax Terms/amountsRate
SIGNATURE LOAN1 to 3 years $1,000 to $15,00018.00%
Other requirements:LENGTH OF SERVICELOAN AMOUNT PER PERSON
0-4 Years$0.00
4-8 Years$3,000.00
8-10 Years$5,000.00
over 10 Years$7,500.00
BACK TO SCHOOL SPECIAL$2,000 MAX FOR 12 MONTHS12.00%
August 1 – September 30
CHRISTMAS SPECIAL$2,000.00 for 12 months12.00%
November 1 - December 25
SUMMER SPECIAL$2,000.00 for 12 months. 12.00%
June 1 - July 31
SHARE PLUS (3/2/8)$3,000 max, 2 years, must pledge shares equal to 1/2 loan amount and shares remain pledged until loan is paid-in-full.8.00%
SHARE LOANS (REG)Must maintain a share balance equal to the loan. Rate set at (1) 2% above the dividend rate or (2) .25% less than the lowest loan interest rate.VARIABLE
REAL ESTATERate set at time of application. Max 30 yearsRate set at time of application
SKIP-A-PAYMENTSkip a loan payment (1 monthly pymt or 2 bi-weekly pymts), one time per year, per loan (excludes HE, SF, SS $25 Processing fee per loan
 
* Black Book Retail Average or equivalent for collateral items and Buyers Order for New Items
** Credit Score Dependent

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