Bankers

Loans

Your credit union offers several loan types to help you reach all your financial goals.  Why is a loan part of a financial goal?  All of us want the best rate we can get in order to pay less in finance charges over the life of the loan.  Paying less means there is more monthly income at our disposal.

Vehicle Loans

A vehicle loan can be for an auto, a motorcycle or boat.  The vehicle must be titled with NLFCU as lienholder when the loan is disbursed and full insurance coverage must be carried on the vehicle for the life of the loan.  

 

Both new and used vehicles have the same interest rate (See Rates) no matter what term you choose.  The maximum term for new vehicle loans is 72 months and the maximum term for a used vehicle less than 8 years old is 60 months.

 

You can choose any payment that will fit your budget.  If you choose a payment of $300 per month and if that term is 29 months, that would be your term.  If you choose a payment amount of $250 per month if the term is 34 months, that will be the term for your loan.  You can add credit life insurance or credit disability insurance to any loan as protection for your heirs or protection if you are hurt and unable to work.

 

Repayment for any loan can be made through payroll deduction which eliminates mailing a check or stopping in to make a payment. It’s easy.  Sign up for repayment with payroll deduction when you sign the loan papers.

Signature Loans

NLFCU offers loans with no collateral other than your signature.  This type of loan carries a higher interest rate than vehicle loans because there is no collateral.

 

The amount for which a member can qualify is dependent upon the credit score.  The maximum unsecured limit for any member is $15,000.  This means that if you qualify for $9,000 and you still have a balance on any signature loan including VISA, the difference is what is available.  Here is an example:

 

 

 

 

 

 

 

 

 

A pledge amount is no longer required.  If you qualify based on your credit score, you will not be obliged to keep a higher amount in your savings.  The maximum term for any signature loan is 48 months.

Payday loan balance 

Signature loan balance 

VISA credit card limit 

Total Unsecured Credit 

           

Credit Score qualified amount 

Additional amount available

$ 250.00

$ 3,650.00

$ 3,000.00

 $ 6,800.00

 

$ 9,000.00

$ 2,200.00