Personal & Signature Loans at C.W.A. Long Island FCU

Personal and Signature Loans

Rates

Unsecured - 13.5%
Secured - 7% - You must have money in your share savings account in an amount equal to the loan you are applying for.

ABOVE RATES ARE BASE RATES. YOUR INDIVIDUAL RATE MAY BE MORE OR LESS DEPENDING ON YOUR INDIVIDUAL FAIR ISAAC SCORE.

COLLECTION COSTS: You promise to pay all costs of collecting the amount you owe under this agreement including court costs and reasonable attorney fees. Effeective January 1,2005, the Credit Union will impose a late fee of $20.00 if a loan payment is not received by the 10th day of the month following the month in which the payment was due. This fee is necessary due to the costs of the collection efforts on delinquent loans.

Terms

You can take up to four years to repay unsecured loans and up to three years for secured loans.

Amounts

The minimum loan would be $500 and the maximum would be $10,000.

Payments

Please use the calculator to get a close approximation of what your monthly payments will be. The figures include insurance. Click here.

Insurance

The Credit Union offers insurance on all products. This insurance will pay a loan off in the event of death, or if you become unable to work for 14 days or more the insurance will cover your monthly payments for as long as you are disabled. Please call the Credit Union for more details and monthly cost of insurance that can be added to your payment.

How to Apply

There are a number of ways you can apply for a personal/signature loan.

If you want to print out a loan form click here. After filling it out you can mail or bring the application to the Credit Union office.
You can call for an Application and one will be sent to you. Once you have filled it out, you can mail or bring it into the Credit Union.
You can stop by the Main Office or the Branch Office and pick an application up. You can fill out the application at the Credit Union or take it and mail it in or bring it in later.

You must include a recent pay stub or a copy of it with the application.

If you do not have Adobe Acrobat Reader, you can obtain a free copy by clicking here.

How long will it take to get a loan approved?

Once the credit union receives your pay stub and the application, a decision will be made usually within two working days.

How will I know if the loan was approved?

If you don't receive notice of the decision within three or four days after applying, call the credit union.

Frequently Asked Questions:

1) Are all loans guaranteed approval?

No. All of our loans are reviewed by using a credit report from Experian, a budget and debt ratios are done. After that information is retrieved, the application is reviewed by our credit committee for there decision.

2) What is the minimum credit score allowed?

All of our loans are reviewed individually. The minimum Fair Isaac score is 575.

3) Are you allowed to apply while out on disability?

No. You must be working your regular hours to apply. If you apply while out on disability, your loan can be approved, but will not be disbursed until you are back to work.

4) Can I apply if I just started a new job?

Yes, but the amount that will be approved is based on you Fair Isaac score and you length of employment.

5) Can loan requests be counter offered?

Yes, if the credit committee feels that the loan request is too much, they have the right to counter offer your request. This counter offer is done in writing and needs to be accepted by the member.

6) If I've paid off a loan with a cosigner, will I need to use one again?

Sometimes cosigners are needed to prove income in the household, other times they are needed to help straighten your credit. The decision is up to the discretion of the credit committee to determine.

7) Why do I need to give the Credit Union my title on an auto loan?

The Credit union needs to be listed as lien holder on your title. Most often this is done by your dealer. If not, you receive a letter from CW A requesting you to send the original title with an attached form back to us for CW A to send to motor vehicle. You do receive a new title after 45 days with the credit union listed as lien holder.

8) Why can't CW A loan money to me even though my credit history is poor?

The money we lend to members is from the deposits of other members. Should we give loans that are in danger of not being repaid; the deposits can be at risk should a large amount of delinquency occur. In addition, as with a Bank, the Federal Government oversees by annual audits and financial reviews our lending polices and if we are approving risky loans, they step in and require more stringent rules.

All rates, terms and conditions posted on this website are;
a) intended for members of CWA Long Island Federal Credit Union only,
b) are not intended to be an offer of a loan and
c) are subject to change or withdrawal at any time without notice.

E-mail Us: info@cwacreditunion.com
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