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Loans

General Procedure
Auto Loans
Share/Certificate Secured Loans
Signatue Loans
Line-of-Credit Loans
CU Helping Hands Loan
Mortgage Loans

 

General Procedure
A completed application is required before any further processing can take place. Loan applications may be submitted by mail or fax. All closed-end loans with the exception of share & certificate-secured, $1,000.00 and above are subject to a $55.00 Loan Processing Fee.
All applicants must sign & date and submit current proof of income. Once the application has been submitted, a credit report is pulled and a debt-to-income ratio is calculated. All information is then sent to our Credit Committee for review. The Credit Committee consists of three people who must come to a two out of three agreement for approval/denial of any loan. The member(s) is/are then notified as to the Credit Committee's decision. Members are usually notified, either way, within 1-3 business days.
Once a loan has been approved, an appointment is set for closing. All applicants must sign for the final closing procedures before checks can be issued. If the closing is taking place in person, the applicants may sign at separate times, but whoever signs last receives the check proceeds. If the closing is taking place by mail or fax, the signed loan documents must be received before check proceeds can be mailed out.
If you are applying to refinance an existing loan currently financed here, you will need to have made a minumum of 6 months worth of regular payments & be in good standing before being able to proceed with the loan process.

**** all eligible Payroll Deducted loans receive either a 1.00% or a .50% discount ****
(exceptions may apply to offered loan promos)

Vehicle Loans
Includes all titled vehicles (automobiles, ATVs*, motorcycles, boats, trailers, campers* & motor homes*) & UCC certifiable farm equipment (tractors, UTVs*, etc). As of August 2013, we no longer finance mobile homes. Rates & terms may vary depending on year & type of vehicle and applicant's credit score. Vehicle loan processing, for both new and used, requires the additional submittance of a copy of the title and a sales proposal, or contract. Any collateral used for loan purposes requires full coverage insurance & proof must be provided to us from your insurance company. Insurance cards are not adequate proof of insurance. Proper proof should list name of insured borrower & vehicle identification and must show us (Southeast Missouri Community CU) as lienholder on company letterhead.
* Rates as listed below may be higher on asterisked (*) vehicle types previously listed above

New Vehicle Loans
(2016 - 2015 w/ 10,000 miles or less)
48 months
as low as 3.45% APR
100% MSRP
60 months
as low as 3.95% APR
72 months
as low as 3.95% APR
84 months
as low as 4.90% APR
100% MSRP
$25,000 & Up

Used Vehicle Loans
(2015 - 2011)
36 months
as low as 3.45% APR
100% NADA Retail Value
48 months
as low as 3.95% APR
60 months
as low as 3.95% APR
72 months

as low as 3.95% APR

2015-2012 Models
100% NADA Retail Value
 
Older Used Vehicle Loans
(2010 & older)
36 months
as low as 3.45% APR
100% NADA Retail Value
48 months
as low as 3.95% APR

Current rates as of 8/26/2016
Any discount offered may or may not be reflected in the rates shown above.

**Exceptions apply to individual rates with the use of a credit scoring program
having gone into affect as of August 1, 2008.

N.A.D.A. Used Vehicle Guides
Click the logo to search for a vehicle value.

Share/Certificate Secured Loans
Loans which are secured by either the funds in a share savings account or a certificate of deposit for a term of up to 60 months. A certificate secured loan requires the owner of the CD to fill out a Loan Assignment form. The funds used to secure the loan become available as the loan balance is paid down. Refer to the general procedure above for processing.

Share Secured 2.00% above current share savings rate
Certificate Secured 2.00% above rate of CD used for security

Signature Loans
A personal loan offered at a a maximum value of $5,000 for up to 60 months. Refer to the general procedure above for processing. Discounts not reflected in rate provided below.

Signature Loan 9.50% - 18.50% APR, up to 60 months

*Exceptions may apply to individual rates with the use of a credit scoring program
having gone into affect as of August 1, 2008.

Line-of-Credit (LOC) Loans
A personal loan offered at a maximum credit limit of $5,000. Often likened to a credit card. As the balance of the loan is paid down, the member can request a Loan Add-On up to his/her credit limit. As long as there is balance on the loan, the member is obligated to pay his/her monthly payment. Monthly payments are based on the loan balance. LOC loans are reviewed every January for renewal. Refer to the general procedure above for processing. Discounts not reflected in rate provided below.

Line-of-Credit 9.50% - 18.50% APR

*Exceptions may apply to individual rates with the use of a credit scoring program
having gone into affect as of August 1, 2008.

LOC Payment Scale
Loan Balance
Minimum Payment
$0 - 500
$20.00
$501 - 1000
$40.00
$1001 - 1500
$55.00
$1501 - 2000
$70.00
$2001 - 2500
$90.00
$2501 - 3000
$100.00
$3001 - 3500
$110.00
$3501 - 4000
$120.00
$4001 - 4500
$130.00
$4501 - 5000
$140.00

 

CU Helping Hands Loan
Offered as an alternative to high-interest payday lending. Next day close. Members should apply within. Requirements include 6-month membership, 90-day direct deposit verification & a current pay stub. A processing fee of 5% of the loan amount does apply. Loan balance is to be paid in full by the end of no less than a 30-day term. Should the due date fall on a non-business day, the loan is to be paid the business day prior to the due date. A late fee of $15 will be applied after the 15th day past due. There is NO grace period. Members who have paid late, even by one day, are not eligible to re-apply for CU Helping Hands.

Mortgage Loans
We partnered with a CUSO company called Mortgage Solutions. This allows us the ability to provide a referral for those members interested in obtaining a home mortgage loan. Mortgage Solutions is promised to have great competive interest rates with low loan fees on a variety of financing options. FREE pre-approval. Click the link below for more information or to get the loan process started. You can also call 866/533-1720.

Mortgage Solutions

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