Thank you for your interest in applying for a loan. Our aim is to provide loans for individuals to help them make necessary purchases or pay for expenses.
Please Review The Sections Below:
1. Types of Loans That Are Currently Offered
You must have an account with the Maun Federal Credit Union in order to be eligible for a loan. An account can be opened for you at the time of your loan application. At present we offer loans for the following needs:
Types of Loans:
1) Pay-Off Existing Debt/Loan (Non-Real Estate) which may include (not limited to):
a. Home Repairs
b. Medical Expenses
c. Auto repair
2) Auto Purchase
3) Pay off/Refinancing of an existing US college student loan
4) Undergraduate and/or graduate College Tuition
5) Personal Loans
We hope to offer loans for additional needs and services in the near future.
2. Fees for Loans
We are offering interest-free loans. However, in order to help cover the expenses of this not-for-profit institution, we charge a small, 1-time application fee. This fee is based upon the amount of the loan that you are requesting. Aside from this 1-time initial fee, there are no other regular monthly fees or interest charges for the duration of the loan.
Current Application Fees:
This fee will be determined at the time of your application. This fee is to cover expenses for reviewing and processing your loan.
1) There are no recurring monthly fees, or “profit rate” charges.
2) There will be no recurring monthly interest charges.
3) Lien Recording Fee: The CU may charge a fee that is incurred by the CU for recording the title lien for a vehicle.
4) Late Payment fee: The CU will charge a fee of $20/month if the borrower’s full monthly payment is not received by the due date. This fee may be waived depending upon your financial circumstances.
3. Loan Amount Limits
The amount of loan that you maybe eligible for depends upon several factors:
1) Your Current Credit Score.
3) The type of Loan that you are requesting.
4) If the loan is secured, you may be eligible for a higher loan amount. Securing a loan would require providing collateral or identifying a co-signer.
5. Supporting Documentation Checklist
The Loan Application will require you to submit important personal information about yourself, your financial position and your loan needs. You will be required to provide:
1) Proof of identity: Driver’s License and/or US Passport
2) Proof of address: Driver’s License
3) Proof of income:
If Employed: A copy of your last pay stub and last years W-2.
If Self- Employed: A copy of your last year’s federal income tax return.
4) Information for any collateral or co-signer (if any).
5) For auto loans:
The automobile that is being purchased will be used as collateral. A lien may be placed on the title of the automobile. The automobile’s value will be the higher of www.NADAGuides.com’s Average Trade-In Total Base Price or the Clean Retail Total Base Price. If the NADA value is not available, the Credit Union will determine the automobile’s value based upon the Kelly Book value of the automobile, www.kbb.com.
5) For Undergraduate/Graduate Loans:
Tuition expenses as well as other necessary education expenses (such as textbooks) will be considered. The student must be a graduate or undergraduate student at private or public accredited college/university. The student must be a full-time or at least half-time enrolled in the school.
Loan Specific Documentation:
1) The loan application will delineate whether additional information may be required depending upon the type/purpose of the loan.
All documents that are submitted will be directly uploaded and stored in our encrypted folder.
Please Note: Additional information to determine loan eligibility may be requested.
4. Loan Application
In Order to be considered for a loan, you must complete our Loan Application:
1) Complete a Loan Application Now.
2) Submit Supporting Documentation.
6. Next Steps
If you have questions about this process please email: firstname.lastname@example.org or call: 866-MAUN-FCU. Once you submit a completed application, we will acknowledge receipt of the documents and we will review the information within 1 week.