SIGNATURE LOANS
25% pledge is required on all Signature Loans
|
Amount
|
Annual Rate
|
Term
|
|
$500 - $5,000
|
11% - 18%
|
Up to 48 months
|
LINE OF CREDIT
25% pledge is required
10% pledge is required if beacon score is over 800*
10% pledge is required if beacon score is over 800*
|
Amount
|
Annual Rate
|
Term
|
|
$2,000 - $15,000
|
11% - 18%
|
Up to 48 months
|
SHARE SECURED LOAN
100% Share collateral is required
|
Amount
|
Annual Rate
|
Term
|
|
$500 - A/C balance
|
3% above collateral rate
|
60 months
|
AUTOMOBILE LOANS
3% pledge plus a Line on the Auto Title
|
New Car Amount
|
Amount Financed
|
Terms
|
| Up to $25,000 |
100% of purchase price
|
60 months
|
|
Up to $25,000
|
90% of purchase price
|
Up to 72 months
|
NEW VEHICLE LOANS
|
Loan Terms
|
|
6.25% - 15%
|
Used Vehicles
|
Amount Financed
|
Rate
|
Term
|
|
100% of NADA Average Retail Value
|
6.75% to 15.25%
|
24 to 60 Months
(Depending on age of vehicle) |
TOTAL LOANS TO ANY ONE MEMBER SHALL NOT EXCEED $10,000.
To apply for Signature Loans, Line of Credit, Share Secured Loans and Automobile Loans:
- You must be a member of the NAPFE Union and NAPFE Federal Credit Union for a period of not less than ninety (90) days to be eligible to apply for a loan.
- You must complete a loan application, answer all questions; list all your creditors. Submit current proof of income. Loan applications will be returned to applicant if all information is not listed.
- You are required to pledge 25 % of the Signature Loan amount requested; 25 % of Line of Credit amount requested; and 100 % of the Share Secured amount requested; 3 % of Auto Loan requested, in addition to your $30.00 Membership Share.
- Pledge of 10% (Beacon score over 700*) of signature 11 - Line of credit and special loans may not be taken from loan proceeds upon approval.
- Credit check fee is applied to all loan applicants.
- Failure to meet any of the above requirements will result in delay or disapproval of loan request.
