THE FOLLOWING LOAN POLICIES AND RATES ARE EFFECTIVE AUGUST 1, 2023 AND WILL REMAIN IN EFFECT UNTIL FURTHER NOTICE |
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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.
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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.
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TYPE OF LOANS g | 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 | |
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* Black Book Retail Average or equivalent for collateral items and Buyers Order for New Items
** Credit Score Dependent |