Signature Loan

"Yearly Loan Specials"
Back to School

Vacation

Christmas

Computer

Automobile

Signature loans are loans given with no security. Below are the requirements for a Signature Loan

Number of Years Employed                Maximum               Term
6 months to 15 year                              $7500.00                  4 years
15 years, 1 day and longer                     $10000.00                4 years

The Credit Committee or the Loans Officer must be strict when considering signature loans. The three steps in approving loans must be considered. Those applicants who have 1 bank and three other creditors with no more than a '1' rating on their credit report will receive 12% interest. Any person applying for a chattel having '9' rating and a collection is considered having credit problems. Any mark higher or equal to '4' is considered credit problems when being considered for a signature loan.

Favorable Credit

Signature - No mark on credit report higher than 1 (excluding medical)

Chattel - Less than 2 - 9 on credit report (excluding medical)

Unfavorable Credit

Latter of the above

Retires have the same ruling on signature loans as before retirement, according to the years of employment.

To borrow the Credit Unions money you must be a member for 6 months or be employed 1 year with the parish. A pledge of shares is an automatically approved and no waiting period is required.

The loan officer reviews loans daily. Loans are given out in a first come first serve basis and are done as quickly as possible.

The Credit Union exists to loan money! We will do everything possible to loan you money! We cannot grant every loan, but will do the best we can, ensuring that the member’s money will be safeguarded.

If you are denied a loan there is a 6-month waiting period before you can reapply unless your circumstances have changed.

[ Home ] [ Loan Services Offered ] [ Credit Application ] [ FAQs ] [ About Us ] [ Contact Us ] [ Site Map ]