Loans
Your credit union offers you a wide variety of low-cost loans
from which to choose. Whether you want to purchase your first
home, send a child to college, or buy a new or used vehicle,
you'll borrow smart when you choose your credit union for loan
needs. To be eligible for a credit union loan, some guidelines
have been developed to provide for fairness and to help keep
the credit union running in the most fiscal responsible way
possible.
Among the requirements are:
- Maintain a regular share account balance of $50 per member.
- Complete the loan application thoroughly and truthfully.
- Provide proof of income (pay stubs).
- Disclose all credit whether in your name or with others.
- Have all signatures notarized on applications completed
outside of the credit union office.
- Be a member for at least 30 days.
After you submit your application you will be given a "call
back" time, usually within 24 hours, to determine whether
your loan has been approved. You'll then be given an appointment
time when your loan can be picked up.
LOANLINER
To streamline the lending process, our application system called
"LOANLINER" allows you to complete the major portion
of loan documents just once. After that, you can phone the credit
union to request additional advances which can then be mailed
directly to you. With this system, there is no need to make
repeated visits to the credit union for each loan. Your financial
information is simply updated when you phone. The minimum loan
is $500.
Loan Limits: Each member may qualify for up to $10,000
on a personal loan, provided the ability to repay is proven
and normal credit standards are met.
Vehicle Loans: On new vehicle loans, we will finance
100% of the cost up to 48 months, and 90% of the cost up to
60 months. On used vehicles, we finance up to 80% of the NADA
retail value for a maximum of 48 months.
-For on-line car buying made easy: http://www.autobytel.com.
Loan Insurance: Credit life and disability insurances
are available through CUNA mutual group. If you choose credit
insurance, the premiums are disclosed at the time you apply
for a loan advance and are added to your loan balance monthly.
Rates: See the credit union for current rates.
Loan Menu
American Pride Credit Union makes the followingtypes of loans:
- Personal/Unsecured LoansTotal Equity Loans
- New or Used Vehicle Loans
- Recreational Vehicle Loans
- Motorcycle Loans
- Saver's Reward Loans
- Certificate Secured Loans
- Home Equity Line of Credit Loans
- Home Equity Fixed Rate Loans
- First Mortgage Loans
- Student Loans (Stafford, Plus, SLS, Consolidation and
Keystone Rewards). For more information, visit the PHEAA
website.
VISA
As a credit union member, you can take advantage of one of the
best deals in town --- our low annual percenatge rate VISA card!
Our card boasts NO ANNUAL FEE and credit lines as high as
$7,000.
To apply for the card, you must maintain a $50 share balance
and complete a credit application.
Once your application has been reviewed and your credit history
and income has been evaluated in keeping with sound lending
practices, you should receive your card within 10 days.
The minimum payment on our Visa card is 3% of the outstanding
balance or $20, whichever is greater.
And with low cost credit insurance available, your credit
union Visa card will be the only card you'll ever want to
use.
Ask about our special balance transfer rate. You may be able
to trasfer the balances from your high rate credit cards to
our low rate VISA card.
VISA Summery of Terms
Deal yourself the best card and get lower rates with American
Pride Credit Union Visa Card.
| Annual
Percentage Rate (APR) for Purchases |
6.90% - 14.00% (1) |
| Annual
Percentage Rate (APR) for Balance Transfers |
6.90% - 14.00% (1) |
| Other
APR's |
Cash Advance
APR:
11.90% - 14.00% (2)
Penalty APR: 14.00% (3) |
| Annual
Membership Fee |
None |
| Late Payment
Fee |
$20.00 (4) |
| Over The
Limit Fee |
$20.00 (5) |
| Cash Advance
Fee |
None |
| Balance
Transfer Fee |
None |
| Returned
Check Fee |
$20.00 (6) |
| International Trans-action fees |
Up to 1% (cross-border and/or currency conversion fees) |
| Method
of Computing Balance for Purchases |
Average Daily Balance Including
New Purchases |
| Grace Period
for Purchases |
25 days (7) |
Rates and terms are accurate as of April 1,
2006. Rates and terms are subject to change. Call for current
rates and terms.
(1) Your Annual Percentage Rate (APR) is Fixed
and is based upon your credit score as provided by Trans Union.
(2) The APR for Cash Advances for Credit Cards is Fixed and
is based upon your credit score as provided by Trans Union.
(3) If a payment is received late twice in any six month period,
the APR will adjust to 14.00% on all balances calculated as
described above
(4) Late Charge: If the minimum required payment is not
received within 15 days after the closing date subsequent to
the payment due date, a late charge of $20.00 will be imposed.
(5) OverLimit Fee: This fee is imposed when a balance
is 10% or more over the limit.
(6) Returned Check Fee: If a check is returned for any
reason, a fee of $20.00 will be imposed.
(7) A finance charge will be imposed on Credit Purchases only
if you elect not to pay the entire new balance shown on your
monthly statement for the previous billing cycle within 25 days
from the closing date of that statement. If you elect not to
pay the entire new balance shown on your previous monthly statement
within that 25 day period, a finance charge will be imposed
on the unpaid average daily balance of such Credit Purchases
from the previous statement closing date and on new Credit Purchases
from the date of posting to your account during the current
billing cycle, and will continue to accrue until the closing
date of the billing cycle preceding the date on which the entire
new balance is paid in full or until the date of payment if
more than 25 days from the closing date. The finance charge
for a billing cycle is computed by applying the monthly periodic
rate to the average daily balance of Credit Purchases, which
is determined by dividing the sum of the daily balances during
the billing cycle by the number of days in the cycle. Each daily
balance of Credit Purchases is determined by adding to the outstanding
unpaid balance of Credit Purchases at the beginning of the billing
cycle any new Credit Purchases posted to your account, and subtracting
any payments as received or credits as posted to your account,
but excluding any unpaid finance charges. A finance charge will
be imposed on Cash Advances from the date made or from the first
day of the billing cycle in which the Cash Advance is posted
to your account, whichever is later, and will continue to accrue
on the unpaid average daily balance of such Cash Advances until
the date of payment if paid during the same billing cycle, or
until the closing date of the billing cycle preceding the date
on which the entire new balance is paid in full or until the
date of payment if more than 25 days form the closing date.
If the new balance shown on your monthly statement for the prior
billing cycle is paid in full within 25 days of the closing
date of that statement, no finance charges will be imposed during
the current billing cycle for Cash Advances posted to your account
during previous billing cycles.
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