Personal Unsecured & Secured Loans
Our minimum unsecured loan is $500 and the most we might be able to lend you is tied to your credit score:
CREDIT SCORE |
MAXIMUM UNSECURED LOAN |
|
| A+ | 740 and Up | $25,000 |
| A | 680 - 739 | $25,000 |
| B | 640 - 679 | $15,000 |
| C | 600 - 639 | $10,000 |
| D | 550 - 599 | $5,000 |
| E | 549 and Less | $5,000 |
- Unsecured loans can be used for any legal purpose but the purpose must be stated at the time of application.
- We have provided many types of unsecured loans for: purchasing furniture or appliances, dental work, repair of credit, to assist with a family emergency or unexpected expense such as a funeral or travel to a funeral, "family aid" loans to assist people trying to help families that are oversees or living as refugees, security deposits, college expenses not covered by student loans or for establishing credit.
- Whenever possible, we try to lower the rate and our risk by asking for possible collateral, such as a car that is owned outright. This is known as a lien-secured loan; the loan rate matches the auto loan rate even though the loan is not to buy the car, but is for another purpose—for example, repairs to the vehicle.
- The maximum term for an unsecured loan is 60 months and the minimum term is 12 months.
- We offer monthly, semi-monthly, weekly and bi-weekly payment options on all consumer loans.
Our Members make the difference.
Member Since 1993
"I was working at Godiva's clothing store on Monroe Avenue when the credit union opened just down the street; so I decided to use them for my checking and savings accounts. Everyone there was friendly and community-oriented. Then I needed a used car loan and they helped with that too. Most importantly, in 2004, I got my mortgage through them, a 30-year-fixed at less than 6 percent interest. It took about a year to secure because the house had to be rehabilitated but they helped me discover the Southwedge Planning Committee to make it happen. It was exciting. They also helped my wife, who is from Colombia (South America), establish credit. In the meantime, they've helped me with my second and third car loans. I like the fact that they're in the neighborhood and when you walk in, the atmosphere just feels friendly. One of my friends had her artwork displayed on the walls. The credit union has helped me a lot and I've always referred my friends there."