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Individuals
The credit union offers both secured (collateralized) and unsecured loans to individuals. We do not make mortgage loans. You must be a member to obtain a loan. Interest rates vary by type of loan, length of the loan and type of collateral. Interest is charged only for the time the money is actually outstanding.
Unsecured Loans
Eligibility:
- Not available until you have been a member for at least 90 days.
Size of loans:
- Amounts vary, but are generally no less than $1000 and rarely more than a few thousand. In some instances, co-signers may be required for unsecured loans, especially if there is little credit history or if the loan is large.
Time to complete:
- From application to final approval varies. Some loans can be done in 4-5 days, others takes 2-3 weeks. A co-signed loan will require more time, as co-signer information must also be evaluated.
Documents needed:
- ACFCU loan application must be used. It provides complete details. However, unsecured loans require extensive documentation of past income, including copies of tax filings, 1099's, and current pay stubs, if applicable.
Secured Loans
Eligibility:
- Secured loans may be made immediately after joining.
Size of loans:
- Depends on security offered. Maximum is $20,000, but individuals are rarely loaned amounts this large.
Time to complete:
- Depends on availability of independent documentation regarding value of collateral. Can be 3-4 days but more often 8-10 days.
Types of collateral:
- Commissions, contracts for performances, royalty contracts, grants and fellowships
- Funds on deposit in either the ACFCU or other financial institutions, such as investment or CD accounts
- Deposits owned by others may be used, in which case, they must sign documents agreeing that their deposit is backing the loan
- Real estate will not be accepted as collateral
Documents needed:
- ACFCU loan application must be used. It provides complete details. Documentation will vary with type of collateral used. If a contract or commission, copy is required. Contractor must agree to send payment to ACFCU on your behalf.
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Arts Organizations
The credit union offers secured (collaterized) loans to arts organizations. The organization must be a member of the credit union to obtain a loan. Interest rates vary by type of loan, number of years or months of the loan, and type of collateral. Interest is charged only for the time the money is actually outstanding.
Secured Loans
Eligibility:
- Secured loans may be made immediately upon joining the credit union.
Size of loans:
Time to complete:
- Depends on availability of independent documentation regarding collateral. Can be as short as 2 days, but more often 3-5 days.
Types of collateral:
- Government contracts, performance contracts, grants, etc.
- Funds on deposit in the ACFCU or other financial institutions
- Some types of "property", but not real estate
- Board members may provide collateral via their own CD or investment accounts
- NOTE: Performance contracts or grants whose effective date is more than 3 to 4 months from date of loan, are not usually accepted as collateral. Call the credit union to discuss.
Documents needed:
- ACFCU loan application must be completed. Documents vary depending on type of collateral used, but a copy of the contract letter or grant letter is required. In addition, the contract or grant source must agree in writing to send your payment directly to ACFCU on your behalf. We will also need a copy of your latest audit, a list of your Board with officers identified including addresses and phone numbers, and a current budget.
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