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Incol Credit Union Special Notes Regarding Loan Policy Effective June 1, 2008, INCOL Credit Union will charge a loan administrative fee for all loan applications received.
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made by the National Credit Union Administration and all previous policies of this credit union regarding loans are no longer in effect.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 the United One Resources, Inc. and reserves the right to obtain a credit history on any member and/or co-maker applying for a loan. * The Credit Committee meets once a week and has 30 days to decide on a loan. * The borrower must be a member of the credit union for 90 days prior to being eligible to apply for a loan. * Less than 1-year employment with current employer may require a co-maker. * 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 at least 50% of the extended loan is paid. Loan extensions not paid on time may be nullified and revert back to the original monthly payment. * Funds from any Share account 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 their regular shares. * Loan Protection Insurance is grandfathered to current eligible members with loans written prior to July 1, 1998. Low cost member Pay 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 in new money. A loan for less than $500 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. * 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 4-18-2001, Loans past due 15 days or more will be subject to a $10.00 late fee. * All Loans are granted at the discretion of the Credit Committee. * The credit union does not write Construction Loans at this time. * Last reviewed date: 03/31/2008.
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