Incol Loan Policy Special Notes Regarding Loan Policy.

Effective June 1, 2008, INCOL Credit Union will charge a loan administrative fee for all loan applications received.

               Signature and Share Secured Loans $15.00

               Used and New Car Loans $25.00

               All Mortgage Backed Loans $25.00

If you change your mind and do not sign for the loan, the money will remain with the credit union and will not  be refunded. 

This policy is hereby set forth in response to recommendations made by the National Credit Union Administration and all previous policies of this credit union regarding loans are no longer in effect.

• Our credit union is a member of United One Resources, Inc. and reserves the right to obtain a credit history from Experian on any member and/or co-maker applying for a loan prior to approval. A credit report, six months or more will be re-run Credit Reports can be run more frequently at the discretion of the credit committee, loan officer or management.

• The Credit Committee meets once a week and has 30 days to approve or reject a loan application.

• The borrower must be a member of the credit union for 90 days prior to being eligible to apply for a loan. Exceptions are made only when there is collateral for the loan.

• Less than 1 year employment with current employer will require a co-maker and / or collateral...

• Interest on credit union loans is calculated on the unpaid principal balance daily.  There are no penalties for early repayment.

• When loan extensions are granted, no new money will be lent until members resume full payments for 3 months...  Loan extensions not paid on time may be nullified and revert back to the original monthly payment.

• Funds from any share account that the member is primary or joint owner of may be transferred if loan payments are not made or become delinquent.

• Any member, who has caused the credit union a loss (through default of payment or bankruptcy) and has not reaffirmed their loan, will not be eligible to borrow any amount other than equal to their regular shares as a share secured loan.

• Loan Protection Insurance is grandfathered to current eligible members with loans written prior to July 1, 1998.  Low Cost credit Life Insurance is available to eligible members on all loans written after July 1, 1998.

• Low cost Credit Disability Insurance is available to eligible members.

• One half of your monthly loan payment must remain in your share account for the duration of the loan.  The shares will be released when the loan is paid in full.

• See loan policy for limits.

• No existing loan will be rewritten for less than $500.00 in new money.  A loan for less than $500.00 may be written as a new loan.

• Once approved, a loan must be taken within 30 days of application or you must reapply.

• The loan rate is determined by the date the loan is written not by the date approved or applied for. Loan rates are reviewed after each Federal Reserve meeting.

• Automobile loans: The title must be encumbered to the credit union.  An encumbrance fee will be charged to your account if the encumbrance is not placed on the title at the time of sale.

• Used automobile purchases from private owners may be required to have an appraisal of the vehicle done by an appraiser selected by the credit union.

•  Effective 01/01/2010, loans past due 15 days or more will be subject to a $20.00 late fee per month.

• All Loans are granted at the discretion of the Credit Committee.

• The credit union will only do Construction Loans on a case by case basis and will have their appraiser and contractor do periodic inspections of the ongoing construction.

• A Share Draft Account is a privilege.  Only members whose accounts (which include loans) are in good standing may maintain a Share Draft Account.

• Last reviewed, 02/08/10

Kingston Office The New Bridge Center 480 Pierce Street Suite 120-121 Kingston, PA 18704 Tel: 570-288-2326 / 570-288-2327 Hours: 9 to 5 Mon.-Thurs. 9 to 6 Friday	Old Forge Office 510 Bridge Street Old Forge, PA 18518 Toll Free 1-800-698-0101 Tel: 570-457-8899 • Fax: 570-457-8986 Hours: 8:30 to 5 Mon.-Thurs. 8:30 to 6 Friday
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