Based upon length of IWU employment, members may obtain unsecured (signature) loans up to $7,500 for a maximum period of 48 months.
Acceptable collateral includes: clear title to vehicle, member's shares or co-signer's shares. The Credit Union does not accept titles, deeds, abstracts to real estate or personal property (such as jewelry, furniture, stocks, bonds, certificates of deposit, etc.) for collateral.
When using a car as collateral, it is mandatory to:
- obtain total comprehensive insurance made payable to the IWU Federal Credit Union to cover the amount of the loan.
- send a copy of the policy from the insurance company to the IWU Business Office within 30 days of the day the loan is made - or the loan is subject to call.
Loan Rates(Maximum for all loans: $50,000)
New Unsecured (Signature) Loan Terms:
- All unsecured loans at 10%
- IWU Employment:
Check out our NEW rate
New Car Loans
Used Car Loans
Loan not to exceed 60 months
Loan not to exceed 48 months