Credit union offers Santa Special Loan

Credit union offers 'Santa Special' loan

From the St. Thomas Employee Federal Credit Union

The St. Thomas Employee Federal Credit Union again will offer a "Santa Special" loan. This year the loan is for $1,000, at 9.5 percent for one year. Payments, using automatic payroll deduction, will be approximately $40.40 per paycheck for 26 payments (may vary by a few cents one way or the other, depending on the number of days from distribution of loan funds until the first payment). This loan is available in addition to our other loan offerings but is subject to the $40,000 cumulative loan limit to any one member.

As always, approval for this loan is based on the credit history of the applicant using the BEACON score, and debt-to-income ratio, including the new loan in the debt total. The CU must follow guidelines set down by our federal examiners and is responsible to all our CU members (whose money we are lending) to lend prudently.

The loan will be available from Monday, Nov. 20, until Friday, Dec. 22. Call (651) 962-6660 or stop by the CU office at Room 209, Loras Hall, to pick up an application.

Reminder: This is also a good time to plan for Christmas 2007 by starting a Christmas Club account. Start saving today and, during the first week of November 2007, you will receive a check containing all your deposits plus a dividend. 

Questions? E-mail or call the credit union, (651) 962-6660, or stop by the CU office at Room 209, Loras Hall, during our open hours: Mondays from 3 to 6 p.m. and Tuesdays, Thursdays and Fridays from 10 a.m. until 1 p.m.