The Credit Union utilizes a Risk-Based Lending Program to determine the credit worthiness of a loan applicant. The score will be taken from an up to date Experian credit report. We will make adjustments to the score, which will increase or decrease the score, based on the following criteria:
1. Home ownership
2. Debit ratio score (greater or less than 45%)
3. Number of years at the same employer
4. Number of years as a Credit Union member
5. Loan to be repaid with Direct Deposit or Payroll Deduction
6. Past due or charge off accounts on the credit report
7. Delinquency in the past 6 months with the Credit Union
The final score after the adjustments will determine the “paper grade” a loan will receive. Each paper grade is assigned an interest rate and a maximum amount the loan applicant can borrow.
For unsecured loans the maximum amounts are as follows:
If a loan applicant uses a co-borrower or a co-signer we will average the two credit scores and use the above criteria from each applicant to make any adjustments. A “C” paper grade will be assigned to any loan applicant that does not have a credit score.
Auto Loans also include motorcycles, RVs, titled boats, and campers.
*All rates are subject to change without notice.