OPEN END LOAN MAXIMUM LOAN AMOUNT: $15,000 The member must fill out an open-end loan application. All paperwork must be signed before the dispensing of the first advance from this loan. By signing the credit access voucher, by cashing or endorsing the loan proceeds check, or by withdrawing some or all of the advance deposited into the members share or share draft account, the member agrees to abide by all of the terms of this open end loan agreement with the State CS Employees FCU. A member may have only one open-end loan. Return to previous page   SHARE SECURED LOAN The APR (annual percentage rate) of this loan is 1.5% above the rate being earned on the pledged security at the time of loan origination. A member may pledge shares or a term share certificate equal to the amount of the loan request. The balance of the security may never drop below the principal balance due on the loan. If a term share certificate matures before the loan matures, the member must either renew the certificate at the rate in effect at renewal or put an amount equal to the principal balance due on the loan in shares, to remain until loan maturity. All shares pledged will earn dividends quarterly. Return to previous page   VEHICLE LOAN Loans are granted for new and used automobiles, where the item purchased is the collateral for the loan. Automobiles must have a value listed in the N.A.D.A. book to be used for security. 100% financing is available. The credit union will require comprehensive, fire, theft, collision and liability insurance on every vehicle loan. The credit union also requires proof of insurance, which names the State CS Employees Federal Credit Union as loss payee. When the credit union is refinancing a vehicle, it will require the member to bring a Certificate of Title before a loan is written. Return to previous page   OTHER COLLATERAL SECURED Loans are granted for new and used merchandise (all-terrain vehicles, motorcycles, boats, campers, etc.) where the item being purchased is the collateral for the loan. The merchandise must have serial numbers, so the credit union can record its interest by filing a lien. 100% financing is available. Return to previous page   HOME IMPROVEMENT MAXIMUM LOAN AMOUNT: $25,000 The member must supply the credit union with a copy of the estimate of the cost of home improvements. Home improvement loans may be refinanced if proof of additional need is presented. The rate of the refinanced loan will be the rate the member qualifies for according to his/her credit score at the time of refinancing. The credit union will file a lien with the county clerks office recording its’ interest in the property being improved. This loan can be used to improve land: i.e. sewer, well, driveway, etc. Return to previous page