Loan Rates

LOANS RATES AND RULES FOR THE

BROOKS COMMUNITY FEDERAL CREDIT UNION

Date amended 12-08-2016

 

RISK BASED LENDING TERMS

 

Unsecured Loans (Maximum rate is 18%)

 

Purpose Code  599      (E)       Under 600 Beacon-cosigner may be required       17.50%            max loan           $   600.00*

Purpose Code 620       (D)       600-620 Beacon                                                          17.25%            max loan           $   600.00*

Purpose Code 660       (C)       621-660 Beacon                                                          15.25%            max loan           $1,000.00*

Purpose Code 661       (B)       661-719 Beacon                                                          11.50%             max loan           $1,000.00*

Purpose Code 720       (A)       720 Beacon-Above                                                       9.50%             max loan           $1,000.00*

*or gross monthly income-whichever is less

 

Secured Loans

 

                                                                                                                                                                                                                              CD’s &

                                                                                                                                   Tax                               Gov.                   Other                 Shares

Purpose Code              Beacon Range             Used Auto      New Auto       Refund                        Program            Secured           Pledged

599      (E)                   Under 600 Beacon         14.00%           13.00%           14.00%                       14.00%            14.00%              2% over

                                    (Cosigner may be required)                                                                                                                                        dividend rate

 

620      (D)                   600-620 Beacon            13.75%            12.75%            13.75%                       13.75%            13.75%            2% over

 

660      (C)                   621-660 Beacon             8.75%              7.75%              8.75%                           8.75%              8.75%              2% over

 

661      (B)                   661-719 Beacon             7.25%              6.25%              7.25%                            7.25%              7.25%              2% over

 

720      (A)                   720 Beacon-Above        6.75%              5.75%              6.75%                            6.75%              6.75%              2% over

 

All loans require 6 months of steady income

                                                                                                                                                                                   

                       

Maximum amount per member and or associated member limit borrowed at $100,000.00 for consumer and business loans.  The maximum on a signature note is $1,000.00 up to one year.

 

The life insurance provided by the credit union only covers the first $15,000.00, is being phased out as of 7/20/2006.  We also have credit disability which is up to you and if you want to pay for it.  We can tell you how much it would cost.

 

-New cars - 1 to 5 years, depending on price (15,000 miles or less) Grade A paper-up to 6 yrs.

-Used cars - 1 to 4 years, depending on the age and the amount.  Grade A paper-up to 5 yrs.

-Used cars valued at $2000.00 or less, no collision insurance required.

-Machinery - price and age as to years of loan, the maximum of five years

-Boats, motor homes, campers - 5 years

-Motorcycle - 3 years; snowmobiles and 4 wheelers - 2 years

-Business loans the maximum of 12 years

-Construction loan – will be progress payments (drawn as progress is completed)

 

Lien holder card will be held for 10 business days after loan payoff with personal check.

 

NO REAL ESTATE/MOBILE HOMES, GUNS, JEWELRY, CATTLE OR AG CROPS WILL BE TAKEN AS COLLATERAL!

 

Application may be denied if there is a collection item, bankruptcy, judgment, or tax lien.  Judgment is 7 years, tax lien is 7 years, chapter 7 is 10 years, and chapter 13 is 7 years.  Paid up judgments, collections, and bankruptcy will be individually evaluated for the possibility of approval of credit application.

 

*THE CREDIT COMMITTEE SHOULD HAVE A COPY OF THIS POLICY FOR THEIR FILES.

Check Out Our Loan Specials!
 

Click HERE for more details!

Attention Members!
Please read this notice regarding insurance changes that may effect your accounts.