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Unsecured Loans at SELH FCU

We are pleased to announce several new policy changes and additions to our loan  line up that are in effect as of the 1st  of September, 2008.  The changes follow:

  • Credit Union members with a credit score of 780 or higher are eligible for a 2% interest rate reduction on all new loans including autos
  • A  $10,000.00 Unsecured Signature Loan for Members with a Credit Score of 780 or higher with a built-in interest rate of 12% APR which has been discounted for members with excellent credit standing and is not eligible for additional APR reductions as detailed above
  • Expansion of Emergency Loan amounts for members with over 10 and 15 years of membership to $1,200.00 and $1,500.00 respectively
  • Hurricane Loan with a maximum loan amount of $300.00

 As always, our goals are to both provide credit in a responsible way and to encourage members to better manage their personal debt.  Loan counseling is available and is encouraged for those members seeking to improve their credit score.  Our mission is your continued efforts to a future with a sound financial footing.

Unsecured Loan Types

SIGNATURE LOANS
EMERGENCY LOANS
CRISIS LOANS
BACK TO SCHOOL
CHRISTMAS LOANS
OVERDRAFT LOANS
INSURANCE LOANS
TAX LOANS
TUITION LOANS
HOLIDAY LOANS
SPRING LOANS
CREDIT REPAIR LOANS
ANYTIME LOANS
DEBT CONSOLIDATION LOANS
VACATION LOANS

The following loan amounts represent what a member is eligible to apply for depending on his/her past credit record.  The member’s credit history shall not have unsettled collections of $250.00 or greater, no record of bankruptcy on credit bureau report, and no unpaid charge offs, and a credit score above 550.  The Loan Officer may reduce these amounts at his or her discretion. The Loan Officer may also require additional Collateral or a Co-signer.

Unsecured Loans – Signature Loans   (ELIGIBILITY BASED ON CREDIT RECORD)

The cost per paycheck includes the amount for credit disability insurance.  The below figures include Credit Disability Insurance, which is voluntary.  Applications for loans can be made in person, by telephone or by fax (985) 624-3727.

Membership Maximum Loan Payable In Bi-Weekly Cost Total Payback
6 months
$300
13 Checks
$24.38
$316.85
1 Year
$500
13 Checks
$40.63
$528.09
2 Years
$800
26 Checks
$34.15
$844.97
3 Years
$1,000
26 Checks
$42.69
$1,109.69
4 Years
$1,500
26 Checks
$64.03
$1,664.51
5 Years
$2,000
26 Checks
$85.37
$2,219.39
6 Years
$2,500
26 Checks
$106.71
$2,774.30
7 Years
$3,000
26 Checks
$128.05
$3,329.14
8 Years
$3,500
26 Checks
$149.39
$3,883.98
8 Years
$3,500
39 Checks
$104.55
$4,077.27
9 Years
$5,000
26 Checks
$213.41
$5,548.55
9 Years
$5,000
39 Checks
$149.35
$5,824.64
9 Years
$5,000
52 Checks
$117.50
$6,109.84
10 Years
$6,000
26 Checks
$256.09
$6,658.27
10 Years
$6,000
39 Checks
$179.23
$6,989.52
10 Years
$6,000
52 Checks
$141.00
$7,331.60
10 Years
$6,000
65 Checks
$118.22
$7,684.07
10 Years
$6,000
78 Checks
$103.17
$8,046.66

Note: Members should provide the Credit Union with a copy of most recent payroll check stub, two current phone numbers, mailing address, and physical address (if different from mailing address).

 &   Unsecured Loans financed for 12 months can be refinanced after 6 months.

·         18 months can be refinanced after 9 months.

·         24 months can be refinanced after 12 months.

·         30 months can be refinanced after 15 months

·         36 months can be refinanced after 18 months

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

&   The loan would allow your Debt to Income Ratio to remain below 50%.

 The following loan amounts represent what a member is eligible to apply for depending on his/her past credit record. 

 The member’s credit history may have one or more of the following SELH Loan Review Qualifiers:

(1)   A history of bankruptcy,

(2)   Outstanding collection/s of amounts equal to or greater than $250.00,

(3)   Unpaid charge off/s,

(4)   Unsatisfactory credit bureau report or credit score under 550

 

UNSECURED LOANS – SIGNATURE LOANS at 18.00%  A.P.R.

The cost per paycheck includes the amount for credit disability insurance.  The below figures include Credit Disability Insurance, which is voluntary.

 

 

 

 

 

 

 

 

 

Membership

Maximum Loan

Payable In

Bi-Weekly Cost

 

Total Payback

1 Year

 

    300.00

 

6

Checks

51.60

 

              309.59

2 Years

 

    400.00

 

8

Checks

52.06

 

              416.46

3 Years

 

    500.00

 

10

Checks

52.53

 

              525.25

4 Years

 

    750.00

 

15

Checks

53.70

 

              805.35

5 Years

 

 1,000.00

 

19

Checks

57.51

 

           1,092.58

6 Years

 

 1,250.00

 

19

Checks

71.89

 

           1,365.74

7 Years

 

 1,500.00

 

19

Checks

86.26

 

           1,638.93

8 Years

 

 1,750.00

 

19

Checks

100.64

 

           1,912.05

9 Years

 

 2,500.00

 

21

Checks

131.21

 

           2,755.40

10 Years

 

 3,000.00

 

24

Checks

139.58

 

           3,349.78

 

 

 

 

 

 

 

 

 

Note:  Membership should provide the Credit Union with a copy of your most recent payroll check stub, two current phone numbers, mailing address, and physical address (if different from mailing address).

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

&   The loan would allow your Debt to Income Ratio to remain below 50%.

&   Loan Applications are taken Monday through Wednesday, and if approved are disbursed within 24 hours.

 

The following unsecured loan amounts represent what a member is eligible to apply for depending on his/her past credit record. 

Unsecured Loans – Emergency Loans

 The cost per paycheck includes the amount for credit disability insurance.

 

 

 

 

 

 

 

 

 

Membership

Maximum Loan

Payable In

Bi-Weekly Cost

 

Total Payback

6 Months  
300.00
 
13
Checks
24.57
 
319.38

1 Year

 

    400.00

 

13

Checks

32.76

 

425.81

2 Years

 

    500.00

 

13

Checks

40.95

 

532.28

3 Years

 

    750.00

 

19

Checks

43.13

 

819.46

4 Years

 

    1,000.00

 

26

Checks

43.33

 

1,126.33

10 Years

 

 1,250.00

 

26

Checks

54.16

 

1,407.90

15 Years

 

 1,500.00

 

26

Checks

64.99

 

1,689.45

 

 

 

 

 

 

 

 

 


&   Unsecured Loans of $1,000.00, 1,250.00 and 1,500.00 may be refinanced after six (6) months. 

&   All other Emergency Loans must be paid off before Applying for another Emergency Loan.

&   Outstanding collections of $250.00 or more, unpaid charge off/s and a record of bankruptcy are permissible

&   The loan allows your debt to income ratio to remain below 50%

 Unsecured Seasonal Loans Back to School and Christmas

Membership Maximum Payable In Bi-Weekly Cost Total Payback
3 Years
$500.00
19 Checks
$28.76
$546.30
3 Years
$750.00
19 Checks
$43.43
$819.46

 Unsecured Seasonal Loan-credit history minimum review standards to be met by requesting member:

&   The loan allows your debt to income ratio to remain below 50%

&   3 year minimum membership with SELH FCU required

 Other Unsecured Seasonal Loans Available at SELH FCU

      Insurance Loan 18% A.P.R.    

Unsecured Insurance Loan-credit history minimum review standards to be met by requesting member:

&   The loan allows your debt to income ratio to remain below 50%

&   Financed for 6 or 12 months, depending on the term of the policy.

&   3 year minimum membership with SELH FCU required

       Tax Loan 15% A.P.R.

Unsecured Tax Loan-credit history minimum review standards to be met by requesting member:

&   The loan allows your debt to income ratio to remain below 50%

&   State/Federal/Property Taxes

&   15.0 % APR Must be able to payback in 10 months.

&   3 year minimum membership with SELH FCU required

       Tuition Loan 12% A.P.R.

            Unsecured Tuition Loan-credit history minimum review standards to be met by requesting member:

&   The loan allows your debt to income ratio to remain below 50%

&   12.0 % APR – Checks are made payable to the attending School or University

&   3 year minimum membership with SELH FCU required

       Overdraft Loan 18% A.P.R.

Unsecured Overdraft Loan-credit history minimum review standards to be met by requesting member:

&   The loan allows your debt to income ratio to remain below 50%

&   3 year minimum membership with SELH FCU required

      Crisis Loan (Walk-In) 18% A.P.R.

Unsecured Crisis Loan-credit history minimum review standards to be met by requesting member:

&   1 year minimum membership with SELH FCU required

 Maximum         Payable in         Bi-Weekly Cost             Total Payback

$ 300.00            13 Checks                $ 24.57                        $319.38

      Hurricane Loan (Walk-In) 18% A.P.R.

Unsecured Hurricane Loan-credit history minimum review standards to be met by requesting member:

&   1 year minimum membership with SELH FCU required

 Maximum         Payable in         Bi-Weekly Cost             Total Payback

$ 300.00            13 Checks                $ 24.57                        $319.38

      Vacation Loan 18% A.P.R.

Unsecured Vacation Loan-credit history minimum review standards to be met by requesting member:

&   3 year minimum membership with SELH FCU required

 Maximum         Payable in         Bi-Weekly Cost             Total Payback

$ 750.00            13 Checks                $ 43.13                        $819.46

      Anytime Loan (Walk-In) 18% A.P.R.

Unsecured Anytime Loan-credit history minimum review standards to be met by requesting member:

&   3 year minimum membership with SELH FCU required

 Maximum         Payable in         Bi-Weekly Cost             Total Payback

$ 300.00            13 Checks                $ 24.57                        $319.38

      Spring Loan (Seasonal Walk-In) 18% A.P.R.

Unsecured Spring Loan-credit history minimum review standards to be met by requesting member:

&   3 year minimum membership with SELH FCU required

 Maximum         Payable in         Bi-Weekly Cost             Total Payback

$ 300.00            13 Checks                $ 24.57                        $319.38

      Holiday Loan (Seasonal Walk-In) 18% A.P.R.

Unsecured Holiday Loan-credit history minimum review standards to be met by requesting member:

&   3 year minimum membership with SELH FCU required

 Maximum         Payable in         Bi-Weekly Cost             Total Payback

$ 300.00            13 Checks                $ 24.57                        $319.38

      Debt Consolidation Loan

Unsecured Debt Consolidation Loan-credit history minimum review standards to be met by requesting member:

&   10 year minimum membership with SELH FCU required

&   $6,000 Limit - 2 year payback

&   $5,000 Limit - 2 year payback with credit score under 550

      Credit Repair Loan at 18% A.P.R. (not the same as Consolidation Loan)

&   1 year minimum membership with SELH FCU required

&   Amount of loan based on maximum unsecured indebtedness allowed minus unsecured indebtedness already owed to the Credit Union

&  Purpose is to payout Credit Bureau debt (Collections, Charge Offs, Liens, etc..)

      *** End of Year Loan at 18% A.P.R. (available last week of December) ***

&   3 year minimum membership with SELH FCU required-Unsecured Loan-Credit History-Minimum Review Standards to be met by requesting Member

&   $300 Walk-In Loan available at LAST WEEK of the year

 

 Please Note that the Maximum Unsecured Indebtedness Allowed by Credit Union Members Policy

Membership Maximum Unsecured Indebtedness Credit Score Under 550
6 Months
$600
$300
1 Year
$900
$450
2 Years
$1,300
$1,000
3 Years
$2,500
$1,500
4 Years
$3,250
$1,500
5 Years
$4,000
$2,500
6 Years
$4,500
$2,500
7 Years
$5,000
$2,500
8 Years
$6,000
$2,500
9 Years
$7,000
$2,500
10 Years
$8,000
$5,000
15 Years
$10,000
$5,000

 

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

&   Loan Applications are taken Monday - Wednesday, and are disbursed Wednesday, Thursday or Friday. 'Samday 'Walk-In Loans' are processed Tuesday through Friday.

&  Membership under 3 years and with a credit score under 550, the total unsecured indebtedness cannot exceed $1,000.00.

&  Membership between 3-5 years and with a credit score under 550, the total unsecured indebtedness cannot exceed $1,500.00.

&  Membership between 5-9 years and with a credit score under 550, the total unsecured indebtedness cannot exceed $2,500.00.

&  Membership of 10 years and greater and with a credit score under 550, the total unsecured indebtedness cannot exceed $5,000.00.

&  Credit Score under 500, the total unsecured indebtedness for 3 year membership and greater cannot exceed $1,500.

* Processing Fee of $5.00 on all Walk-In Loans.

Unsecured Signature Loan Limits for Members with Membership of Fifteen Years and More
15% A.P.R.

The following loan amounts represent what a member is eligible to apply for depending on his or her past credit record.  The member’s credit rating shall not have unsettled collections of $250.00 or greater, no record of bankruptcy on their credit bureau report, and no unpaid charge offs.  The Loan Officer may reduce these amounts at his or her discretion and may also require additional collateral and/or a Co-signer.  The cost per pay check includes the amount for credit disability insurance, which is voluntary.  Applications for loans can be made in person, by telephone (985) 624-3435, and by fax at (985) 624-3727

YEARS OF MEMBERSHIP

MAXIMUM LOAN

PAYABLE IN

BI-WEEKLY COST

TOTAL PAYBACK

15 Years or more

$7,500.00

26 Checks

$320.11

$8,322.85

15 Years or more

$7,500.00

39 Checks

$224.03

$8,736.98

15 Years or more

$7,500.00

52 Checks

$176.25

$9,164.46

15 Years or more

$7,500.00

65 Checks

$147.78

$9,605.03

15 Years or more

$7,500.00

78 Checks

$128.96

$10,058.50

 Note:  Members should provide the Credit Union with a copy of their most recent payroll check stub, two current phone numbers, mailing address, and physical address (if different from mailing address).  Unsecured Loans may be financed as follows: 12 month loan may be refinanced after 6 months, 18 month loan may be refinanced after 9 months, 24 month loan may be refinanced after 12 months, 30 month loan may be refinanced after 15 months, and a 36 month loan may be refinanced after 18 months.  Additionally the maximum total indebtedness to SELH Federal Credit Union can not exceed the member’s annual salary and that the loan amount will allow your dept to income ratio to remain below 50%.  Below is listed the new maximum unsecured loan indebtedness schedule:

Maximum Unsecured Indebtedness Allowed by SELH Federal Credit Union Members

Membership Years

Maximum Unsecured Indebtedness

15 Years or More

$10,000.00

Unsecured Signature Loan for Members With a Credit Score of 780 or More
12 % A.P.R.

The following $10,000.00 loan represents what a member is eligible to apply for depending on his or her  credit report score of 780 or higher.  The member’s credit rating shall not have unsettled collections of $250.00 or greater, no record of bankruptcy on their credit bureau report, and no unpaid charge offs.  The cost per pay check includes the amount for credit disability insurance, which is voluntary.  Applications for loans can be made in person, by telephone (985) 624-3435, and by fax at (985) 624-3727

BI-WEEKLY PAYROLL PAYMENT SCHEDULE

LOAN AMOUNT

PAYABLE IN

BI-WEEKLY COST

TOTAL PAYBACK

$10,000.00

52 Checks

$228.70

$11,892.29

$10,000.00

65 Checks

$190.54

$12,384.84

$10,000.00

78 Checks

$165.26

$12,889.87

 

MONTHLY PAYMENT SCHEDULE

LOAN AMOUNT

PAYABLE IN

MONTHLY COST

TOTAL PAYBACK

$10,000.00

2 Years

494.19

$11,860.54

$10,000.00

3 Years

357.09

$12,854.94

 Note:  Members should provide the Credit Union with a copy of their most recent payroll check stub, two current phone numbers, mailing address, and physical address (if different from mailing address).    Additionally the maximum total indebtedness to SELH Federal Credit Union can not exceed the member’s annual salary and that the loan amount will allow your dept to income ratio to remain below 50%.  Below is listed the new maximum unsecured loan indebtedness schedule:

 Maximum Unsecured Indebtedness Allowed by SELH Federal Credit Union Members

Maximum Unsecured Indebtedness

$10,000.00

Loan applications are taken Monday through Wednesday and are disbursed Wednesday, Thursday or Friday.

Revised November 1, 2016

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