Normally, loan requests can be approved and disbursed on the day they were received. Occasionally, additional information may be needed, or other circumstances may delay the approval process. Our attempt is to provide prompt, convenient service when loan applications are submitted. Home Equity and First mortgage loans will require more time. Loan applications are available at the CU office and can be submitted in person, by fax or by e-mail or US mail. Loan applicants must be credit union members and have proof of income. The members most current pay stub or 1099-tax form usually demonstrates this.

Loan payments may be made in person, by mail, Audio Response (Valley 1st Talk), or via the HFS Home Banking System. Payroll deduction for loan payments is also available for participating employers. Members may make additional loan payments at any time without penalty to the borrower. Loan Protection Insurance: Protection for most loans made at the credit union. Members who borrow will be covered up to $10,000, should the borrower pass away. This insurance is provided at no direct cost to the borrowing member. Contact the credit union for more information on eligibility requirements. Don’t forget to ask about Disability Insurance that is available for all loan products. Disability insurance protects you when you out of work for 30 days or more due to injury or illness. Insurance loan payments would be made direct to the CU until you can begin work again. Call for more details.

Loan Types: (Click to see description)

New Vehicles

Used Vehicles

Signature

Share Secured

Boats

Motorcycles

Campers

1st Mortgage

Home Equity

Visa Credit Cards

Student Loans

New Vehicle Loan:
A closed-end loan secured by the vehicle title, intended for the purchase of new automobiles, vans, and trucks no greater that 5 tons. These vehicles can not have been previously registered or have mileage that exceeds 5,000 miles. Prior year vehicles that meet the above criteria may be refinanced as new (new car interest rate and term), the credit union will finance up to 100% of the purchase order price plus tax.

Apply for a Pre-approved new vehicle loan and take care of the financing before you start shopping for a car. Pre-approvals are good for 30 days and there is no obligation until you choose a vehicle and sign the final promissory note.

Used Vehicle Loan:
A closed-end loan secured by the vehicle title, intended for the purchase of automobiles, vans, and trucks that do not exceed 5 tons and have been previously titled. The credit union will finance the purchase price or up to 100% of the retail value as listed in the NADA Official Used Car Guide, whichever is less. The credit union will not finance any vehicle that is more than 8 model years old. A letter of intent to sell, available at the credit union office is required for purchases from a private party.

Signature Loan:
A closed-end, unsecured loan that may be used for any purpose or need that members may have. Signature loans may be made for up to $5,000 for a maximum of 48 months for qualified borrowers.

Share Secured Loans:
A closed-end loan secured by shares (savings) held in the credit union. The applicant can borrow up to 90% of the amount held in the credit union share account. The shares (savings) are frozen in the credit union for the term of the loan.

Boat Loans:
Closed-end loan for purchase of a new or used watercraft. All boats must be titled (starting in 1997, all new boats were titled from the factory.  All boats prior to 1997 that are sold through a dealership must be titled.)  Encumbrance and lien will be placed on the boat and the trailer.  Insurance coverage must be maintained on boats held as collateral.  We will finance up to 90% of the Fair Market Value – retail.  Values will be determined by the NADA Blue Book.

Motorcycles:
A closed-end loan secured by the vehicle title, intended for the purchase of motorcycles. The credit union will lend up to 90% of the purchase price on new motorcycles. On used motorcycles, the credit union will finance the purchase price or up to 85% of the wholesale value as listed in the NADA Used Motorcycle guide, whichever is less. A letter of intent to sell, available at the credit union office is required for all purchases from a private party.

Campers Loans:
A closed-end loan for the purchase of a recreational camper. The camper title will be encumbered by the credit union for collateral purposes. The credit union will finance 70% of the NADA value

Certificate of Deposit Secured Loan:
A closed-end loan secured by the Certificate of Deposit held in the credit union. Loans will be granted at the fare amount of the certificate for the remaining maturity. The rate will be 3% above the certificate amount.

First Mortgages:
A fixed rate loan that is made to purchase a new home or pay off an existing first mortgage. Loan amounts available are the lesser of $275,000 or 85% of the appraised value. There are no points to pay up front, but closing costs are the responsibility of the borrower and must be paid in advance.

**Adjustable Rate Mortgages: A loan that is made to purchase a new home or pay off an existing first mortgage with an interest rate that may vary. Loan amounts available are the lesser of $275,000 or 85% of the appraised value. There are no points to pay up front, but closing costs are the responsibility of the borrower and must be paid in advance.

Home Equity Loan:
A loan that is secured by a lien on property and is closed-end. Loan amounts are the lesser of $40,000 on 80% of the appraised value.

Visa Credit Cards:
An open-end credit card program with a low fixed rate of 10.9% APR. Valley 1st Community Visa Credit Cards can be used at thousands of merchant locations around the world for purchases and cash advances. The card carries up to $10,000 credit limit for qualified borrowers. For current cardholders, please visit www.myccinfo.com for the most up to date information on your account.

Student Loans:
Valley 1st Community F.C.U., in cooperation with the federal government and the Pennsylvania Higher Education Assistance Agency (PHEAA), offers loan programs that enable you, as a qualified student or parent, to secure long-term education loans under attractive conditions. Whether you are attending a post-secondary school now or you are planning to do so in the future, student loans can be a big help in paying for the costs of education. Contact the credit union for more information.
 

CAUSE A LOSS POLICY:  

It is the policy of Valley 1st Community FCU to deny future credit related services (e.g. Loans and Credit Cards) as well as ATM services, share draft privileges, dividends and pre-authorized transfers to any member who has an existing credit obligation in default or has engaged in any transaction that has caused this Credit Union to suffer a pecuniary loss.  If however, the credit obligation is reaffirmed or otherwise voluntarily repaid or the member cures any loss or expense with respect to the matter, then, the member will remain eligible for credit related and other services as though the default or potential loss had not occurred.

Signed:

Board of Directors, Valley 1st Community F.C.U.               March 24, 2003