| THE FOLLOWING LOAN POLICIES AND RATES ARE EFFECTIVE OCT 9, 2018 AND WILL REMAIN IN EFFECT UNTIL FURTHER NOTICE |
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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.
Refinancing an existing loan will be at the higher of the original loan or the current rates. |
| TYPE OF LOANS | Max Terms/amounts | Rate | |
| SIGNATURE LOAN | 1-36 months (limit 2 per household, $7,500.00 maximum per person) | 18.00% | |
| Other requirements: | LENGTH OF SERVICE | LOAN AMOUNT 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 | |
| CHRISTMAS SPECIAL | $2,000.00 for 12 months. From 1 November to 25 December. | 12.00% | |
| SUMMER SPECIAL | $2,000.00 for 12 months. 1 June - 31 July | 12.00% | |
| SCHOOL SPECIAL | $2000.00 for 12 months. 1August to 30 September. | 12.00% | |
| SHARE LOANS (REG) | Must maintain a share balance equal to the loan balance. Rate set at (1) 2% above the dividend rate or (2) .25% less than the lowest loan interest rate. | VARIABLE | |
| 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- CLOSED | 80% appraised value 15 years and less | CLOSED TBD | |
| NEW VEHICLES AND VANS | 60-months Buyers Order - never been titled | 2.00% | |
| Used Vehicles and Vans 1-3 years old | 60-months/Black-BK Retail Average** | 2.00% | |
| Used Vehicles and Vans 4-7 years old | 36-months/Black-BK Retail Average | 4.00% | |
| Used Vehicles and Vans 8 years | 36-months/Black-BK Retail Average | 8.00% | |
| Recreational Vehicles/New | 72 months/100% retail value | 5.00% | |
| Recreational Vehicles/Used | 60 months/Black-BK retail value | 5.50% | |
| Mobile Homes - New | 84 months/90% Buyers Order | 8.50% | |
| Mobile Homes - Used | 72 months/80% retail value | 9.00% | |
| Boats/Motors/Trailers/New | 60 months/75% Buyers Order | 5.00% | |
| Boats/Motors/Trailers/Used | 48 months/75% retail value | 5.50% | |
| Motorcycle - New | 60 months/75% Buyers Order | 6.00% | |
| Motorcycle - Used | 48 months/75% retail value | 6.50% | |
| Tractor/Farm Equipment - New | 72 months/100% Buyers Order | 5.00% | |
| Tractor/Farm Equipment - Used | 60 months/75% retail value | 5.50% | |
| SKIP-A-PAYMENT | Skip a loan payment (1 monthly payment or 2 bi-weekly payments) one time per year per loan (excludes HE, SF, SS, ST loans | $25.00 per loan | |
| Black Book Retail Average or equivalent for collateral items and Buyers Order for New Items. QUESTIONS REGARDING ITEMS NOT DISPLAYED HERE MAY BE DIRECTED TO THE CREDIT UNION @ (251)694-4100. |
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