Credit Union will not process loans the week of Nov. 14-18

Credit Union will not process loans the week of Nov. 14-18

From the St. Thomas Employee Federal Credit Union

The St. Thomas Employee Federal Credit Union will not process any loans the week of Nov. 14 through Nov. 18, 2005. We apologize for any inconvenience this causes.

The Credit Union will, however, start offering a Christmas Special loan from Nov. 21 through Dec. 22, 2005. This loan can be for up to $1,000 at a fixed rate of 9 percent for a term of 12 months. Payments on this loan, using automatic payroll deduction for payments, would be about $40.29 per paycheck (exact amount depends on number of days from loan distribution to first payment date) for 26 paychecks. This loan is available in addition to a regular signature loan.

Other loans available at the CU are signature loans up to $3,000, personal computer loans up to $5,000, share secured loans up to the amount in your share account, and new and used vehicle loans.

The cumulative loan limit per member is $40,000. Decisions on loan approval are based on the credit history of the applicant, the BEACON credit score of the applicant, and the debt to income ratio, including the new loan in the debt total. The CU must follow guidelines set down by the National Credit Union Administration and is responsible to all credit union members (whose money we are lending) to lend prudently.

Loan applications are available in a rack across the hall from the CU office at Room 209, Loras Hall, any time that the building is open. Requests for applications also can be made by calling (651) 962-6660, or e-mailing the credit union. You can mail an application to the CU at Mail #LOR209, or drop it at the office any time; there is a mail slot in the CU office door. Once approved, loans are written by appointment.

Questions? Call the CU, (651) 962-6660, or e-mail.