Thursday, August 21st, 2014.
Newspaper Employees Credit Union
CREDIT UNION LOAN GUIDELINES
New members are eligible for a loan application after 6 months of continuous employment at the Times Union.
Borrowers must be active members of the Credit Union.
Inactive members are eligible for a loan application when they become active members and meet all loan requirements.
A member must be in Good Standing with the Credit Union. Members who are not in good standing (have not paid off a loan within the orginal loan term) may not refinance an existing loan, and may not apply for a new loan until 6 months after repayment is in full of the delinquent loan.
$5.00 for every $100 loaned must be maintained in shares
Interest Rate: 13% for a loan amount up to $6,000. 11% for a loan amount $6500 to $18,000.
Maximum period for loans up to $8,000 is 3 years with $15 minimum weekly payments.
Maximum period for a loan amount of $8,000 to $18,000 is 4 years with $15 minimum weekly payments.
Total amount of a member's active loans(including special promotions) may not exceed $18,000
Active loans may include one promotional loan and one standard loan.
Application forms can be obtained from Rhonda Bachman or Maureen Wynne. If you leave a request for forms in one of the Credit Union boxes we will deliver the forms to you.
ALL loans are subject to Loan Officer approval after verification of Application information and Credit check where applicable.
Loan applications must be deposited in the Credit Union Boxes located next to the HUB on the 1st floor and next to the Business Office on the 2nd floor.
Loan processing takes 72 hours upon receipt of completed in-full loan applications.
Checks are drawn on Wednesday and Friday of each week, holidays excepted.
All loans must be picked up in person from a credit union board member.
**NEW**UNSECURED LOANS SINGLE SIGNATURE
Credit Report required. $15 application fee due with application
Maximum loan amount $18,000
UNSECURED LOANS WITH CO-SIGNER
Requests for loans of $1,000 or less require the borrower to be an employee for at least 6 months and meet loan requirements. No cosigner is required.
Requests for loans of $1,500 to $18,000 require the borrower to be an employee for one (1) year for every $1,000 borrowed.
Ask about our $2000 Loan Special!
Loan must not exceed balance of shares. No cosigner required.
New Page 1
|YEARS OF SERVICE
||Amount Borrowed $1,500 to $18,000
|6mos. - 1 yr.
|1 - 3 years
|3 - 15 years
|15 + years
||1 or 2 cosigners at makers option
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