Alcose offers several different types of loans with various interest rates.

Personal (Signature) Loans

Any member may apply for a signature loan. Our credit committee meets every Monday and Thursday afternoon. If the loan is approved by the committee, in addition to the $25.00 minimum balance required in the share account, an additional $125.00 must be held in the share account until the loan is paid in full.

Interest Rates for Personal Loans are:

7.99% for up to 36 Months
10.0% for 48 Months
12.0% for 60 Months

Share Secured Loans

Any member may apply to borrow an amount up to the balance in their share account. Because these loans are secured by shares, they do not have to be reviewed by the Credit Committee. Rate on a Share Secured Loan is:

3.99% - term is set by member

Share Certificates

Share Certificates are CD’s. The present rates on certificates are:

	$5,000 to $9,999	1.5% for 12 Months
	$10,000 to $24,999	2.5% for 12 Months
	$25,000 to $49,999	2.75% for 12 Months
	$50,000 to $100,000	3.00% for 12 Months

Vehicle Loans (Cars, boats, mobile homes & recreational)

These loans are reviewed by the Credit Committee on Monday and Thursday afternoons. If the loan is approved by the committee, in addition to the $25.00 minimum balance required in the share account, an additional $125.00 must be held in the share account until the loan is paid in full. The Credit Union will hold the title of the vehicle and the member’s insurance company must list the credit union as loss payee or lien holder until the loan is paid in full.

The present rates are:

	New Vehicles (08 or 09)	3.99% for 48 Months
		4.49% for 60 Months
		5.99% for 72 Months
	Used Vehicles (06 to 08)	5.25% for 48 Months
		5.75% for 60 Months
	Used Vehicles (05 & Older)	6.0% for 36 Months
		6.5% for 48 Months
		7% for 60 Months

$150 Get-Go Gas Card with each new loan for a vehicle financed by Alcose Credit Union

Some restrictions apply:

Loan must be approved by Credit Committee
Loan must remain with Alcose for term selected or $150 will be charged back to the member.

NADA Official Used Car Guide Company
(This link will open in a new window and is not affiliated with this credit union)

Better Choice Loans

The Credit Union’s answer to PayDay Loans. The maximum amount of the loan is $500. There is a $25 application fee. Upon approval, 10% of the requested loan is deposited into the member’s share account. The member may not withdraw any portion of the deposit, or close the account, until the loan is paid off. The interest that the member pays on the amount deposited into the savings account will be rebated to the savings account if the loan is paid on time. This loan must be repaid within 90 days and has an interest rate of 18% APR.

Loan Specials

The credit union also runs loan specials during the year. These loans are reviewed by the Credit Committee on Monday and Thursday afternoon. If the loan is approved by the committee, in addition to the $25.00 minimum balance required in the share account, an additional $125.00 must be held in the share account until the loan is paid in full.

Our current loan special is:

	Holiday Loan Special – Up to $4000	12 Months @ 3.95%
	available until 1/31/2009	18 Months at 4.25%

Bill Consolidation Loans

7.99% for up to 36 Months
10.0% for 48 Months
12.0% for 60 Months

Student Loans

Make Your College Dreams a Reality With a CU Student H.E.L.P. Loan!

At Alcose Credit Union, we understand that college tuition, fees and room and board can add up. But, the college experience is worth every penny. That’s why we have partnered with the CU Student Higher Education Loan Program (CU Student H.E.L.P.) to offer a private student loan program for undergraduate, graduate and continuing education students.

We encourage all of our members to maximize scholarships, grants, and federal loans before applying for a private student loan. If these sources of aid fall short, a CU Student H.E.L.P. loan can help. Whether you need a little money to help pay college expenses or have to cover your entire Cost of Education, a CU Student H.E.L.P. loan can help you get the money you need to pay for college.

Apply online today and receive an online decision in less than a minute. Or you can apply by phone at (877) CUEDLOAN or (877) 283.3562.

You may qualify for federal student loans. We encourage prospective customers to exhaust federal student loan options before applying for a CU Student H.E.L.P. loan or other private student loan, as federal loans are often less expensive and offer the widest variety of repayment options.

CU Student H.E.L.P. is administered by CampusDoor. All loans are subject to credit approval. Lender is Lehman Brothers Bank, FSB. Equal Opportunity Lender. Alcose Credit Union is compensated for the referral of private loan customers to the Lender.

VISA Credit Card

Alcose does offer a VISA card. Any member may apply for the card. These applications are reviewed by the Credit Committee on Monday and Thursday afternoons. Our VISA card features:

Interest rate of 8.9% for purchases and cash advances.
No Annual fee
25 day grace period
Minimum monthly payment of $25.00
Travel and Accident Insurance
Credit Life Insurance coverage available at a low cost to the member

VISA Debit Card

Our VISA Debit Card works with the member’s Share Draft Account. When used, the amount is deducted from checking (transaction) account, not savings. The card may be used at merchants for payment of a purchase or at ATM machines for withdrawals.

Credit Disability Insurance:

Credit Disability Insurance is available to members who are taking a loan. This coverage will make loan payments up to $600 per month should the member become disabled during the term of the loan. Ask a Credit Union representative for additional details.

Credit Life Insurance:

Credit Life Insurance is available to members who are taking a loan. This coverage will pay off the loan in the event the member dies during the term of the loan.

Payroll Deduction:

Payroll deduction is available for loans, savings, clubs and share drafts. Ask a Credit Union representative how to sign up for this service.

Direct Deposit:

Direct deposit is available. Ask a Credit Union representative how to sign up for this service.

Home Banking:

This service allows the member to monitor their Credit Union Accounts from their own computer at home. This service is free to all members, however, you must register to use it.

BillPay:

BillPay is available for all members having a checking account. This service has a $3.00 per month charge but only if it is used during that month. You must register to use this service.

E-Statements:

E-Statements are available for all members. There is no charge for this service, however, you must register to use it.

Financial Counseling:

In an effort to serve the needs of our members, we are pleased to announce that Joy Benedek, our CEO, has received her certification as a Financial Counselor. This service is free for any member needing assistance. All sessions and information are completely confidential. Please call the credit union to schedule an appointment.

Think about using us for all your financial needs!