Credit reports are obtained on every loan applicant and all loans are subject to approval. Collateral may be requested for loans to new borrowers until a credit rating is established with the Credit Union.

Collection Costs: You agree to pay all costs of collecting the amount you owe under this Agreement, including court costs and reasonable attorney fees.

Late Charges: If your payment is more than 10 days late, you will be required to pay a late charge of $25.00.

**The ANNUAL PERCENTAGE (APR) for share-secured loans will be the dividend rate being paid on regular shares (Index) on the date of the loan plus the percentage shown in the “% Above Index” column above with a floor rate of 5.00%.

The current ANNUAL PERCENTAGE RATE will be disclosed at the time of the loan. The unpaid loan balance must at all times be secured by an equal dollar value in the share account pledged.

*** Certificate of Deposit Secured Loans - A member may pledge their Certificate of Deposit with FHCU as collateral to secure a loan.
 

• The maximum loan amount is 100% of the unpledged Certificate of Deposit.
• The maximum term not to exceed the term of the Certificate of Deposit less 1 month.
• The minimum loan amount shall be $500.00.
• The rate of interest shall be the Certificate of Deposit Annual Percentage Rate (APR) +3.0% with a floor rate of 5.0%.
• The unpaid loan balance must at all times be secured by an equal dollar value in the Certificate of Deposit account.

****New vehicles consist of current and previous model years not exceeding 10,000 actual miles.