OARDC Employees' Credit Union
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 Loans

Secured and Signature (unsecured open end and closed end) loan limits are $5,000 plus shares.   All loans must be approved by the Credit Committee which meets each Monday at 12:00 (noon) in the Credit Union office.

Vehicle loans have a limit of $35,000.  From time to time, special loans are approved for a short period of time at a lower interest rate.

All loans are simple interest loans with the interest calculated on the declining balance.  There is no penalty for early payment.  100% share secured loans are 4% APR (annual percentage rate) which is 0.4167%/month and signature open end loans are 15% APR which is 1.25%/month.  Vehicle loan rates vary and are posted on the bulletin board outside the Credit Union office.

A credit committee consisting of 3 members, appointed by the Board President is charged with the responsibility of performing credit checks on loan applicants and approving or disapproving all loan applications.

OARDC Employees’ Credit Union is now offering closed end loans up to $5,000 with 4.99% to 15% interest with repayment times of 12 to 48 months based on credit worthiness. Rates are fixed and subject to credit approval. All interest is simple interest on the declining balance with no penalty for early pay off. Refinanced OARDC Employees’ Credit Union loans will be charged a $50.00 paperwork fee payable in cash at the time the loan is made. Stop in the office and see Pam, Carolyn or Karen for a loan application.

Pay off high credit card debt with one of our low interest loans

APR Monthly Rate 36 - months
Monthly payment		 48 - months
Monthly payment
4.99 0.4158 29.97 23.02
6.99 0.5825 30.87 23.94
10.00 0.8333 32.27 25.36
15.00 1.25 34.67 27.83

All payments are based on $1,000 borrowed.
Example: $5,000 for 36 months at 6.99%
$5000/1000 X 30.87 = $154.35/month. The actual $ amount will vary slightly from this calculation depending on the day of the month the loan is actually received.

 

OARDC Employees' Credit Union will now make loans up to $35,000 on qualified vehicles.

 car.jpg (6384 bytes)

Model Year

Loans*

2 yr

3 yr

4 yr

5 yr

6 yr

New

 4.50% 4.50% 4.50% 4.50% NA

2001-2004

 4.75% 4.75% 4.75% 4.75%  

1999-2000

 5.00% 5.00% 5.00%    

1997-1998

 5.50% 5.50%      
1996 and older 7.50% 7.50%      

If you are car shopping, stop in and see us about a preapproved car loan.

*All loans are automatically covered by borrowers insurance. This is not an extra charge. Loans up to the listed book value may be made.   Current loans with OARDC Employees' Credit Union may be refinanced but will be charged a $50.00 paperwork fee payable in cash at the time the loan is made.

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