Mobile Government Employees Credit Union

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 Max Terms/amounts Rate
SIGNATURE LOAN 1 to 3 years $1,000 to $15,000 18.00%
Other requirements: LENGTH OF SERVICE LOAN 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 MONTHS 12.00%
August 1 – September 30
CHRISTMAS SPECIAL $2,000.00 for 12 months 12.00%
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 ESTATE Rate set at time of application. Max 30 years Rate set at time of application
SKIP-A-PAYMENT Skip 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

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	Max Terms/amounts	Rate
SIGNATURE LOAN	1 to 3 years $1,000 to $15,000	18.00%
Other requirements:	LENGTH OF SERVICE	LOAN 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 MONTHS	12.00%
	August 1 – September 30
CHRISTMAS SPECIAL	$2,000.00 for 12 months	12.00%
	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 ESTATE	Rate set at time of application. Max 30 years	Rate set at time of application
SKIP-A-PAYMENT	Skip 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