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Secured Loans Available at SELH FCU

For members with a credit score of 780 and higher a reduction of 2% Interest Rate from the below scheduled rates for new loans (except secured by share loans) is available.

ATVs, Motorcycles, Boats & Recreation Vehicles

·         12.0 % APR for new with a loan term of 3 years or less

·         15.0 % APR for new with a loan term of more then 3 years

·         15.0 % APR for used ATV's, Motorcycles, Boats and recreation vehicles

 Appliance Loans

·         15.0 %  New Household Appliance Only.

·         Washer, Dryer, Refrigerator, Freezer, Air Conditioner

·         3 year minimum membership with SELH FCU required

Farm Equipment

·         15.0 % Tractors APR with 100% Financing available

·         3 year minimum membership with SELH FCU required

Computer Loans

·         15.0 % APR with 100% Financing available.

·         3 year minimum membership with SELH FCU required

Secured by Shares

·         Any Member may borrow against their own money.

·         Check with the Credit Union for Current Rates.

Please Note Loan Qualification Standards

Maximum total indebtedness to SELH Federal Credit Union cannot exceed the members annual Salary.

Loan Applications taken Monday – Wednesday, and if approved, are disbursed on Wednesday, Thursdays or Friday at the Lafitte Street Branch. Loans are normally disbursed on the same or next business day.

Other Secured Loans credit history minimum review standards of a requesting member with less than ten years of membership for Small Property, Mobile Home, Appliance, Farm Equipment, and Computer Loans:

  Ø      No unsettled collection/s of $250.00 or greater

  Ø      No record of Bankruptcy on Credit Bureau Report

  Ø      No unpaid Charge Off Loan/s

  Ø      Satisfactory Review of Credit bureau Report

  Ø      The Loan will allow your debt to income ratio to remain below 50%

  Ø      FICO Credit Score must be 550 or higher

  Ø      Maximum loan payback is 10 years


 
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