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Products & Services >> Loans
ELIGIBILITY Celco Federal Credit Union members are eligible to apply for loans. The amounts available are geared to length of employment, income, ability to repay, and collateral. TYPES OF LOANS AVAILABLE Unsecured - "Signature" loans (no collateral required) are available to those who qualify. When you need to borrow, your Credit Union should be your first thought. Secured - New and used automobiles are being accepted as collateral for secured loans. Other collateral accepted as security include motorcycles, recreational vehicles, and mobile homes.Check with our office for current rates on these types of loans. Real Estate - Call our office for details concerning Real Estate Loans offered at your Credit Union. Education Loans - Celco Federal Credit Union offers long-term, low-interest loans authorized by the federal government for education expenses of eligible undergraduate, graduate and post-graduate students and/or parents. This is a very important service of our Credit Union. Check with the office for details. Student (Education) loan applications are available. Inquire in the Loan Department. General Comment - The Credit Union is desirous of serving the borrowing needs of our members to the fullest possible extent. Loans are made for any "provident" and productive pupose, including new autos, used autos, mobile homes, boats, furniture, home repairs, home modernization, vacations, education, medical, dental, funeral, taxes, insurance premiums, debt consolidation, real estate, agricultural, etc. Check with our office for complete details. LENDING POLICIES - APPROVAL PROCEDURES Lending policies are established by the Board of Directors and are implemented by our staff and loan officers. Policies may be changed periodically to reflect economic conditions. There is no penalty for early repayment (in part of in full) on any Credit Union loan. When conditions are met, regular personal loans, secured and unsecured, are approved daily. PAYROLL DEDUCTION Loan payments can be made by payroll deduction. Whether weekly or semi-monthly, members find this an efficient, painless method to keep loan payments up to date. By providing an automatic flow of payments, the savings in operating expenses can be passed along to members in the form of lower rates on loans and higher dividends on savings. INSURED LOANS Members' loans are insured by the Credit Union, up to a maximum of $30,000.00, against the death or total and permanent disability of the borrower. The maximum amount payable on real estate loans is $10,000.00. Insurance on real estate loans in excess of $10,000 has to be approved by the Insurance company and the premiums paid by the member/borrower. Details on these insurance programs are contained in the master policies available in the Credit Union office. INTEREST REFUND After payment of operating expenses, provision for reserves, and other legal requirements, profits of the Credit Union are returned to the members. This is done by adjustment of interest rates on loans, and/or refunding of a portion of the interest paid on loans. Interest refunds are paid on regular loans (excluding VISA accounts). The amount of the interest refund is added to the member's regular share account, and shown on the quarterly statement, where it is separately identified. Interest refunds are subject to the Board of Directors' approval. LOAN SERVICES AT DISTANT LOCATIONS Members outside of our immediate area may experience some slight delay due to obtaining the required signatures on forms processed through the mail.
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