Loan Products

The St. Mary's & Affiliates CU offers a wide variety of loans. You made need a personal loan for car repairs, to pay taxes, medical expenses or take a vacation. When it is time to purchase a new vehicle, the credit union offers excellent rates with a variety of terms. We offer great rates, and offer credit life and credit disability on most of our loan products. Payroll deduction or preauthorized electronic/automatic payment services are available. Currently we offer the following:

New Auto Loans

• Defined as a current or previous year model
• Includes trucks, vans and motor homes
• Terms range from 36 months to 72 months
• 100% financing available for vehicle purchase

Used Auto Loans

• Defined as an auto, which is not a current or previous year model
• Includes trucks, vans and motor homes
• Terms based on age of vehicle
• 100% financing available for vehicle purchase

Recreational Vehicles

• Boats, motorcycles, camper trailers, etc.
• Loans for vehicles up to 5 years old receive the recreational vehicle rate, while older than 5 years receives the personal loan rate
• Terms based on loan amount

Mobile Homes, Large Motor Homes & Large Boats

• This is a loan which can be used for a mobile home which is used primarily for residential purposes or as a summer home on a permanent location in the State of Wisconsin or a motor home or large boat which provides basic living accommodations including sleeping space, toilet facilities and cooking facilities.
• Terms of these loans are the same as for second mortgages
• Same rates apply as for second mortgage loans

Home Equity Loans

• Mortgage rates will be based on the ratio of the total loan amounts to the property value amount (LTV).
• To calculate Loan to Value use the following formula:

 

	A.  Market value of home  (assessment/appraisal)				______________
	B.  Mortgage loan balances
		New loan requested		______________
		First mortgage balance		______________
		Second mortgage balance		______________
		Home Equity line of credit		______________
		Other liens		______________
		TOTAL  B			______________
	C.  Loan to Value (LTV) = B divided by A				______________

 

 

• Higher rates will normally be charged for higher loan to values.  Rates are set for the following ratios:  80% or less, 81%-90%, 91%-100%.
• The member is given a three day period during which he has the right to cancel the home equity loan.  This means that the loan cannot be disbursed until the third business day following the day on which the loan agreements are signed.  
• When applying for the loan the member must provide the following:
  • Loan Application
  • Verification of Property Value
    • A copy of the most recent assessment or tax bill.
    • OR
    • An appraisal, if completed within the last 2 years by a certified appraiser.  If a new appraisal is needed, the member will pay the actual cost (normally around $250).
  • Copy most recent first mortgage statement & other mortgage statements.
  • Copy of the first mortgage document/legal description of property.
  • Copy of the homeowner's insurance policy.
  • A check to cover any applicable fees.

Home Equity Line of Credit

• This loan is an established limit based on the property value.
• The annual percentage rate (APR) is based on the prime rate reported in the Wall Street Journal.
• Rates are set for the following loan to value ratios:
  

	60% or less	prime rate less 1/2%
	61% to 80%	prime rate

• The APR will be adjusted at the beginning of each calendar quarter based on changes in the prime rate.
• Upon approval of the loan limit, advances can be obtained for five years. At the end of the five year term, the line of credit must be approved again.
• Minimum advance is $500, with no limit on the number of advances.

Single Payment Loan

• This is a loan for a maximum of 180 days with a single payment (principal and interest) at the end of the term
• Same rate as the one year personal loan rate
• Credit life and credit disability insurance are available

Share Secured Loans

• This is a loan that is secured with an equal amount of money in savings at St. Mary's & Affiliates Credit Union. The Credit Union will place a hold on the savings balance
• Dividends are still paid on your savings, at the current rate

Share Certificate Secured Loans

• This is a loan that is secured by a Share Certificate on deposit at the Credit Union
• The initial loan rate will be granted at two percentage points higher than the current rate being paid on the Share Certificate. The loan rate will be adjusted annually to maintain a 2% spread between the loan rate and the Share Certificate rate.
• Only Share Certificates with a one year or longer maturity can be used to secure a loan. If the certificate is for a shorter term initially, it must be renewed for a term of at least one year.
• The member will be notified that the loan needs to be rewritten when the certificate maturity notice is sent. The loan will be rewritten annually with any interest rate adjustment necessary.

Personal Loans

• Loans for purposes such as: vacation, household purchases, home improvement, computer equipment, educational expense, medical expense, bill consolidation, etc.
• The loan may be secured by signature, co-signer, auto or other acceptable collateral.
• Rates and terms are based on amount and length of repayment.

Kwik Cash Loans

• Kwik Cash is a line of credit established by the Loan Officer or Credit Committee. Individual limits are set for each applicant.
• The minimum advance a member can request from the line of credit is $100.
• Monthly payments must be made on outstanding balances and are due by the 27th of each month.

StretchPay Loan

• StretchPay is a type of loan for someone who needs to borrow a small amount of money for a short period of time; generally right before payday.
• The only advance amount is $250 and must be paid back in 30 days. 
• The Annual Percentage Rate is 18.00%
• There is a $35.00 annual fee
• You can use StretchPay as many times in a year as you would like.