Paul Quinn FCU Loan Policy FAQ Sheet

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Paul Quinn Federal Credit Union Loan Policy

Federal Credit Union Laws prohibit loans granted to minors. Member age 18-21 requesting a loan must have a co-signer. The co-signer must meet the same requirements as the loan applicant.  The co-signer is fully liable for the total amount of the loan.

LOAN QUALIFICATIONS:  to apply for a loan the individual must be,
1.    A member in good standing of Macedonia A.M.E. church in Flushing N.Y. for six (6) months
2.    A member of the Paul Quinn Federal Credit Union for three (3) months
3.    Gainfully employed for at least one (1) year or receiving a verifiable monthly income

LOAN APPLICATION REQUIREMENT:  all applications must be accompanied by,
1.    Copy of two (2) current pay stubs or a W2 form
2.    A Twelve (12) dollar  credit report fee
3.    Completed loan application listings all outstanding debts
4.     Must Have Ten Percentage (10%) of Loan Amount on Deposit at the Credit Union

1.    The application is reviewed to verify the correct information
2.    A credit report is obtained from the Credit Coalition
3.    The completed loan to debt ratio is reviewed to determine the shareholders ability to repay the loan.

1.    Minimum loan grant $50.00 Maximum Loan granted $10,000
2.    Loans of $50 - $500.00 or fully secured loans may be granted immediately.

1.    Personal Loans:  $50- $10,000 Terms from twelve (12) to sixty (60) months limits
(All Tier based loans have terms up to thirty six (36) months)
2.    New Car Loans:  maximum $20,000  Sixty (60) month limit
3.    Holiday Loans:  $ 50.00 -$500.00 Five (5) month Limit
Available only through October 15th 0 December 15th first payment due February 1st.
4.    Vacation Loan $ 500.00 -1,000.00 Ten (10) months Limit
5.    Debt Consolidation  $50 - $2,000  Thirty six months limit 

1.    ALL TIER BASED LOANS  - THIRTY SIX  (36) Months Limit
(Interest Rates based on your Credit  Score – Higher scores lower rates)
2.    Standard Unsecured loans 11%
3.    Holiday and Vacation are Tier Based
4.    Standard Fully  Secured loans  7%
5.    New Car Loans - Tier Based  Paul Quinn Credit Union must have first Lien

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