Every loan is carefully reviewed to insure that your credit union's money is wisely loaned. Under our federal examiner's instruction, we run credit checks on every loan. Debt ratios are also utilized to determine a borrower's ability to repay their loan. There is a $5.00 non-refundable processing fee for all loan applications.
Loan applications are available in the credit union and a $5.00 application fee is required with a returned, completed application. Our Credit Committee meets everyday at 12:30pm to review loan applications. Please contact the credit union office to verify approval and make arrangements with the office staff for availability of the completed security agreement.
PCFCU'S Loan Policy (Effective February 10th, 1999)
This policy supersedes all previous loan policies and all amendments thereto:
|Length of Membership||Unsecured Loan Limits|
|3 to 6 Months||$500.00|
|6 Mo. and Over||$4,000.00|
The amounts indicated above are available, as qualified, providing credit and character ratings are AAA. We are a member of the United One Resources, Wilkes Barre and TransUnion, Experian.
SECURED OR PARTIALLY SECURED LOANS
We will grant loans above the fixed loan limits based on funds in share accounts. Loans will be granted for regular qualified limit amount plus additional amount requested in shares. Maximum loan will be $45,000 (of which only $25,000 is insured) which must be repaid within 72 months. The $45,000 loan limit excludes home equity loans. There is a 30 day length of membership requirement on secured loans.
Maximum loan will be $45,000 (of which only $25,000 is insured) including any other loans except share secured. For further information, contact any Board or Credit Committee member.
All pledge shares not exceeding the unpaid balance of any loan are automatically frozen at the date of said loan. Any shares (in excess of loan payment) deposited after insurance of loan are not to be frozen and may be withdrawn (providing proper forms secured during credit union hours are completed).
A period of three (3) months must elapse and 40% paid on the original unsecured balance and submitted to the Credit Committee for approval on a refinance. A maximum of two refinances are allowable before a loan must be repaid.
HOME EQUITY LOANS
College tuition, home improvement or just a well-deserved vacation are all good reasons to apply for a second mortgage home equity loan. By letting us become either first or second lienholder on your home, you can get a low interest rate loan that might even be tax deductible.
Payroll deduction allows you to set aside a portion of your net pay to automatically make loan payments or save money in a Savings or Club Account.
A certified check is your personal check which the credit union certifies and hold funds from your account to pay. The fee for all certified checks is $5.00.
PHEAA STUDENT LOANS
The Credit Union is a lender for student loans. Please feel free to contact the office when you are ready to submit your Pheaa loan applications and we will complete our lender information and mail it for you. For more information on PHEAA, feel free to contact PHEAA directly 1-800-692-7392 or visit PHEAA.org.