Consumer Loan Terms, Conditions and Policies

    APPLICATIONS

Required on all applicants (all debts must be listed). Co-borrower applications accepted when applicant has insufficient: credit history; length of residence; etc.

    LOAN PURPOSE(S)

Loans are granted for "provident and productive" purposes.

    INCOME VERIFICATION

Required with Loan Applications. May consist of: pay stubs; financial statements; tax returns; award letters; union contracts; employer letters; or etc.

    DEBT RATIOS

Members with debt ratios over 50% shall normally be rejected on loan requests, and counselled on reducing their debt level. Members having debt ratios 40%-50% will also be counselled on reducing their indebtedness, and may or may not be approved.

    CREDIT REPORTS

Reviewed by Credit Union on all applicants. Applicants correcting reports and revising Experian/Fair Isaac scores within 90 days of the loan may request rate re-determination. After two years of current payments, borrowers may apply for a rewrite at a lower risk level if the new Fair Isaac score qualifies.

    COLLATERAL

Required to be insured unless value or loan balance less than $1,000.00. Not allowed to leave the State (other than Vacation) without written Credit Union permission. To qualify as "new", vehicles must have less than 500 miles. On mixed collateral loans, the rate shall be calculated on a weighted yield basis,, starting with the newest asset and progressing to the oldest. Any unsecured amount will contribute the unsecured rate to the weighted yield calculation. On "Salvaged" title vehicles, the maximum collateral value will be Kelley Wholesale Bluebook.

    COLLATERAL RELEASES

In evaluating a collateral release request prior to the loan pay-off, the credit union's position after the release shall be evaluated. It may be necessary for the release to be approved for: a lump sum payment to be made; substitute collateral given; and/or the loan to be rewritten, depending on the circumstances.

    APPRAISALS

Required on collateral offered for loans. May require professional service and fee, depending on amount of request and type of collateral: appraisals should be less than 1 year old. Additional inspections may be necessary based on type and age of collateral.

    ASSUMPTIONS

Credit Union Loans are not assumable.

    RATES/PENALTIES

Loans offered are "Fixed Rate". Members will not be required or permitted to refinance loans strictly to alter rate. There are no pre-payment penalties.

    LOAN TERMS

May be set at less than maximum term depending on: collateral condition use or condition; credit history; etc.

    TOTAL LOAN MAXIMUMS

Maximum Consumer Loan Total is $100,000.00 per member. Maximum Unsecured Total per Member (including VISA Limit) is $20,000.00

    SENIORS (OLD GROWTH CLUB)

Seniors (over 62 years) receive a 1/4% discount on all consumer loans. (excluding Mobiles)

    NON-DISCRIMINATION

Loans will be based on applicant(s) Credit-Worthiness, without regard to: race; sex; creed; color; national origin; or religious affiliation.

    REAL ESTATE LOANS

NRFCU Rates change daily...call our office for a quote. 707-822-5902 or 800-822-5903

    BUSINESS LOANS

Contact NRFCU for Business Loan Policy

    ADDITIONAL INFORMATION

Members in default on existing loans will not qualify for additional loans. Loans not meeting specific criteria may be evaluated on a "case-by-case basis by Board of Directors and/or Credit Committee (contact Credit Union office).

Back to the Consumer Loan Rate Tables