Loan Policies & Rates

Rates

Loan Rates

Effective as of: JANUARY 31, 2017
THE FOLLOWING LOAN POLICIES AND RATES ARE EFFECTIVE FEBRUARY 21, 2017 AND WILL REMAIN IN EFFECT UNTIL FURTHER NOTICE
Loan Rates
Eligibility
To open an account you must provide your SSN, a picture I.D. and a $25.00 minimum deposit.

Be a member in good standing for at least six weeks prior to application for a loan, be a permanent employee of the Corps of Engineers for at least six months and maintain a $300.00 share balance for the life of the loan.

Have some form of career status. Credit Union may require a copy of Standard Form 50, LES or pay stub to verify status.

Have a total loan balance owed to the Credit Union of no more than 40% of annual income after loan is processed. If spouse or other third party is used to meet this requirement, an application from spouse or third party must also be submitted and they must also sign the Truth In Lending Statement and have it notarized.

For the convenience of the Member and the Credit Union, the borrower should have a payroll deduction equal to payment due on all loans. The borrower must have a payroll or retirement allotment equal to payment due on all loans.
The following general requirements apply to all loans:
Minimum amount of any loan is $1,000.00.
Loan payments will be made in even dollar amounts.
A title showing MOBILE GOVERNMENT EMPLOYEES CREDIT UNION as Lien Holder must be provided to the Credit Union on all loans where a vehicle requiring a title is used as collateral.
Type of LoansMax Terms/amountsRate***
 
SHARE LOANVariable
(must maintain a share balance equal to the loan balance) (rate set at last dividend rate plus 2.00%)Variable
SIGNATURE LOAN*
Terms: 1-3 Years (limit 2 per household, $7,500.00 maximum per person)18.00%
Other requirements:LENGTH OF SERVICELOANAMOUNT PER PERSON
0-4 Years$0.00
4-8 Years$3,000.00
8-10 Years$5,000.00
over 10 Years$7,500.00
View New Signature Loan Policy (EFF DATE: 9/1/2012)
SKIP-A-PAYMENT
Skip a loan payment (1 monthly payment or 2 bi-weekly payments) one time per year per loan (excludes Real Estate loans). Processing fee: $25.00 per loan
CHRISTMAS SPECIAL
$1,200.00 max for 12 months. From 1 November to 25 December.12.00%
SUMMER SPECIAL
$1,200.00 max for 12 months. From 1 June to 31 July.12.00%
SHARE PLUS (3/2/8)
$3,000 max, 2 years, must pledge shares equal to 1/2 loan amount and shares remain pledged until loan is paid-in-full.8.00%
REAL ESTATE
80% appraised value
10 to 15 Years3.25%
Less than 10 Years3.00%
New Auto and Vans
Current and less than 4 years old60-months/100% Retail Value**2.00%
Used Autos and Vans
4 years thru 7 years36-months/NADA retail value**4.00%
Recreational Vehicles
New72 months/100% retail value5.00%
Used60 months/NADA retail value5.50%
Mobile Homes
New84 months/90% retail value8.50%
Used72 months/80% retail value9.00%
Boats/Motors/Trailers
New48 months/75% retail value5.00%
Used48 months/75% retail value5.50%
Motorcycle
New60 months/75% retail value6.00%
Used48 months/75% retail value6.50%
* All Signature Loans were modified to 16% on November 1, 2011.
** plus tax and title
*** New rates are effective November 1, 2011 and apply to new loans. Refinancing an existing loan will be at the same rate as the original loan or the new rates whichever is higher.