# Loans

**VACATION/XMAS:**** **For these types of loan, you may apply for up to $3000 at 14% APR interest for one (1) year only. The security requirement is 5% of the amount borrowed.

**SHARE SECURED:** For this type of loan, you may borrow up to an equivalent amount in your share account at 5% APR interest for a maximum term of five (5) years. As the principal on the loan decreases, so does the security amount on the loan.

**SIGNATURE/PERSONAL LOAN:** This is an unsecured loan in which you may borrow up to $12,000 at 16% APR interest for a maximum term of four (4) years. Additionally, the member must maintain security of 15% of the loan amount in his/her account for the duration of the loan. The SSEFCU also offers a $3,000 personal loan at 14% APR interest for a term of one (1) year.

**DEBT CONSOLIDATION:** The maximum amount available is $15,000 at 15.5% APR interest for a maximum term of four (4) years. Additionally, the member must maintain security of 10% of the loan amount for the duration of the loan. The SSEFCU also offers a $5,000 debt consolidation loan for a two (2) year term, with an interest rate of 14% APR interest and security of 10%. Proceeds from the loan can only be made payable to the creditors. We cannot pay utilities, rent or personal debts with the debt consolidation loans.

**NEW CAR LOAN: **The maximum amount available is currently $50,000 at 8% APR interest with a required security of 5%. The maximum term on a new car loan is six (6) years. The SSEFCU will be the Lien Holder until the loan is paid in full. *You cannot refinance this loan.*

**USED CAR LOAN:** The maximum amount available is currently $35,000 at 9.5% APR interest with a required security of 5%. The maximum term on a used car loan is five (5) years. The used car must have less than 100,000 miles and be less than seven (7) years old. The vehicle must also meet the retail value as specified in the NADA Auto Guide. *You cannot refinance this loan.*

**EDUCATION LOAN:** The maximum amount available is $10,000 at 9.5% APR interest with a required security of 5%. The maximum term is four (4) years. The proceeds of this loan are made out directly to an accredited and/or licensed institution or trade school. The maximum amount available is currently $20,000 at 9.5% APR interest with a required security of 5%. The maximum term is four (4) years. An estimate of the work to be done is required prior to loan disbursement. *You cannot refinance this loan*.

**HOME IMPROVEMENT:** The maximum amount available is currently $20,000 at 9.5% APR interest with a required security of 5%. The maximum term is four (4) years. An estimate of the work to be done is required prior to loan disbursement. *You cannot refinance this loan*.

**LET ONE OF OUR STAFF FIND THE RIGHT LOAN FOR YOU!!!!!!!**

**APR = Annual Percentage Rate**