LOANS

The District Five Highway Credit Union has several loan options for your convenience. Due to the Minor’s Act, anyone under the age of 18 must have a parent or a legal guardian as a cosigner. No new loans will be granted if the member has an existing delinquent loan. Any member who causes the credit union a loss will not be eligible to borrow from the credit union.

Loan Types

Signature Line-of-Credit

An open line of credit may be granted for a maximum amount of $5000. This is a very convenient and fast way to get advances. Our signature loans can help in areas such as bill consolidation, home improvements, medical bills and college expenses. If the purpose of this loan is to consolidate bills, checks may be made payable directly to the creditor. At this time our Signature Line-of-Credit is and open ended loan subject to annual review.

 

Share Secured Loans

Pledged share loans are limited in amount by the share balance in the borrower's personal or joint account.

 

Master Card Credit Card

Carry international purchasing power with a great rate, no annual fee.

 

Lawnmower & Small Farm Equipment Loans

Lawnmower and small farm equipment loans will be available for 100% of the appraised value. A maximum term of 60 months for new and used equipment is allowed.

 

Collateral Loans

The credit union will accept all of the following items as collateral on loans:

 

• Automobiles
• Boat Motor & Trailer
• Waverunners
• Campers
• Recreation Vehicles
• Motorcycles
• 4-Wheelers
• Snowmobiles

 

The value of new collateral loans shall be based on the Manufacturer's Suggested Retail Price (MSRP) supplied by the dealer. Values of used collateral loans shall be based on the average retail price stated in the current month issue of the National Automobile Dealers Association (NADA) book. All collateral loans will be secured by a security agreement with the credit union listed as the lienholder on the title. The length of the loan shall be determined by the credit committee. Any vehicle loan, is required to cover the vehicle with a collision and comprehensive insurance policy, with a maximum deductible amount of $500.00, naming this credit union as "loss payee" on said policy for the duration of the loan as specified on the Loanliner documents.

 

Auto-Pay

Have your monthly payment automatically deducted from your checking account.

Credit Life & Disability Insurance

Should you become deceased or temporarily disabled during the term of your loan, this optional, low-cost coverage picks up loan payments during your recovery.