How are loans granted?
Loans are granted based upon ability to pay. Loans are
approved based on the following criteria:
1. Credit Bureau information
3. Debt ratio
4. Ability to pay
Short-term credit disability insurance is available as an
option for a low monthly fee.
am I eligible to borrow?
The Loan Guidelines are reviewed annually by the Board of
Directors. Most loans, (Signature, Co-Maker, and Personal
Service), are based on the ability to pay. We will
finance 100% on New Vehicles and up to Retail Value, plus
Options (based on NADA Car Guide) for Used Vehicles.
Share Secured loans are based on how much you can borrow
against your savings. You must also have and maintain a
share balance of $100.00 for the duration of your loan.
||Do shares pledged
against a loan receive dividends?
CERTAINLY! This is a prime reason why members borrow
instead of withdrawing their shares. If a member wants to
borrow additional monies over the amount allowed to
him/her from the Loan Guidelines, then the member may
pledge as collateral the amount needed from their Shares,
Christmas Club or Share Certificates. These pledged
amounts will earn dividends the entire time that they are
being held as collateral on the loan.
How soon after I
join may I apply for a loan?
You must be employed with the Company for at least one
year in order to borrow on an unsecured signature loan.
However, upon membership, you may apply for any type of
secured loan, regardless of service time.
How can I apply for a loan?
You will need to complete a loan application and provide proof of income.
When will my loan funds be available?
Loan proceeds will generally be available within 24 hours.
Call the office for
specific loan information.
Federal Credit Union
635 Grant Street
Pittsburgh, PA 15219
Fax: (412) 227-7212
We are an
Equal Housing/Equal Opportunity Lender