Signature and Other Unsecured Loan Policy
- All signature loans are based on FICO score and Debt Ratio
- Walk in loans do not require a Credit Bureau Report and are 18% APR
- $10 fee on all application loans
Unsecured Loan Types
• ANYTIME LOANS
• BACK TO SCHOOL LOAN
• CHRISTMAS LOANS
• CREDIT REPAIR LOANS
• CRISIS LOANS
• DEBT CONSOLIDATION LOANS
• SIGNATURE LOANS
• EMERGENCY LOANS
• HOLIDAY & SPRING LOANS
• HURRICANE LOANS
• INSURANCE LOANS
• OVERDRAFT LOANS
• TAX LOANS
• TUITION LOANS
• VACATION LOANS
• END OF YEAR LOAN
• NEW MEMBER LOAN
• SECOND CHANCE LOAN
* Any loan that requires a spouse's income to be used to meet the debt ratio must have the spouse sign the application and all loan papers.
Credit Rating
(FICO score) |
Maximum Term
(months) |
Rate (APR) |
A+ 720 plus |
60 |
9.00% |
A 700-719 |
60 |
9.25% |
B+ 680-699 |
48 |
10.00% |
B 660-679 |
48 |
10.50% |
C+ 640-659 |
48 |
11.75% |
C 620-639 |
48 |
13.00% |
D+ 600-619 |
36 |
15.00% |
D 580-599 |
36 |
15.75% |
E+ 560-579 |
36 |
18.00% |
E 540-559 |
24 |
18.00% |
Subprime |
12 |
18.00% |
Note: Members should provide the Credit Union with a copy of most recent payroll check stub or other income verification, two current phone numbers, mailing address, and physical address (if different from mailing address).
Application loans require Credit Bureau report – SELH uses Equifax. Credit Bureau report can not be older than 6 months for FICO score.
The maximum loan amount for an Unsecured Signature Loan is $10,000.00 with APR based on FICO score
under 700 and $15,000 for FICO score over 700
*Debt ratio must not exceed 50%
*Maximum total indebtedness to SELH Federal Credit Union cannot exceed the member annual salary
Walk In loans are $300 or $500 with 18% APR
New Member Walk In loans are $100 with 18% APR
Second Chance Walk In Loans are $300 – after two $300 loans are paid in full amount goes up to $500 with 18% APR
Christmas and Back to School loans are $500, $750.00 or $1500.00 with APR based on FICO score
Vacation Loans are $750.00 or $1500.00 with APR based on FICO score
Emergency Loans are $300 up to $1500.00 with APR based on FICO score
Insurance loans are financed 6 or 12 months, depending on the terms of the policy with APR based on FICO score
Tax loan (State/Federal/Property) must be paid back in 10 months and the APR is based on the FICO score
Tuition Loan – APR based on FICO Score with funds being payable to the school or University
Overdraft Loan – 18% APR on amount overdrawn (not an application loan)
Debt Consolidation Loan has a maximum of $6,000.00 with a 2 year payback and APR
Credit Repair Loan is for payout on Credit Bureau debts (Collections, Charge-Offs, Liens, etc.) with APR based on FICO score
Revised September 1, 2022