TRANSIT AUTHORITY DIVISION “B” FEDERAL CREDIT UNION
TRANSIT AUTHORITY DIVISION “B” FEDERAL CREDIT UNION
LOAN TYPE REQUIREMENTS REPAYMENT RATE
SIGNATURE
1st LOAN EXPERIENCE UP TO $3,000.00* 10% IN SHARES 18 MONTHS 12%
*MUST BE PAID IN FULL AND LOAN MUST BE OUT FOR 15 MONTHS
2nd LOAN EXPERIENCE $5,000 TO $10,000.00* 10% IN SHARES VARIES 9-15%
(CREDIT REPORT SHOWS NO PAST DUE OR DELINQUENTACCOUNTS IN 12-MONTH PERIOD / MEMBER WITH FCU 5 YEARS)
SPECIAL PURCHASE (BILL REQUIRED) **
**UP TO $20,000.00 ** 10% IN SHARES 4-5 YEARS 11-12%
SHARE SECURED
MINIMUM $1,000.00 100% IN SHARES 1 YEAR 5%
$2,000.00 & UP 100% IN SHARES VARIES 3%
50/50 LOAN
MNIMUM $1,000.00 50% IN SHARES VARIES 7%
MAXIMUM $30,000.00
NEW AUTO
UP TO $35,000.00 (FULL FINANCE) 5% IN SHARES 5 YEARS 2.5%
(BILL OF SALE) 6 YEARS 3%
MOTORCYCLE
UP TO $30,000.00 (FULL FINANCE) 10% IN SHARES 6 YEARS 9%
(BILL OF SALE)
USED AUTO (MAXIMUM 5 YRS OLD)
UP TO $35,000.00 (NADA VALUE) 5% IN SHARES 4 YEARS 5%
(BILL OF SALE) 5 YEARS 6%
6 YEARS 7%
HOME IMPROVEMENT
UP TO $15, 000.00 (COPY OF TITLE/DEED 10% IN SHARES 5 YEARS 7%
WITH APPLICATION) 6 YEARS 8%
****ALL LOAN APPLICATIONS MUST BE SUBMITTED WITH A CURRENT PAY STUB
(80 HOURS) AND MUST HAVE ALL THE LOAN REQUIREMENTS MET AT THE TIME OF
PROCESSING. ALL LOANS OVER $10,000.00 WILL NEED A CO-SIGNER EXCEPT FOR
SHARE SECURED, 50/50 AND AUTO****
FIRST TIME LOAN APPLICANTS MUST BE A MEMBER OF THE CREDIT UNION FOR
SIX MONTHS AND BE EMPLOYED BY THE TRANSIT AUTHORITY FOR TWO YEARS
EXCEPT FOR SHARE SECURED LOANS.
THERE WILL BE NO REFINANCE ON LOANS THAT ARE NOT AT LEAST 12 MONTHS OLD AND
HAVE NOT BEEN A THIRD PAID.
THERE ARE ONLY THREE REFINANCES PER LOAN, EXCEPT FOR FIRST LOAN WHICH
MUST BE PAID IN FULL.
THESE LOAN REQUIREMENTS HAVE BEEN UPDATED AND APPROVED BY THE BOARD OF
DIRECTORS AS OF MAY 18, 2017 –
***Subject to Change***
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