Loan Rates

INTEREST RATES IN EFFECT JUNE 1, 2010. SUBJECT TO CHANGE WITHOUT NOTICE

Power Co-op Employees Credit Union uses a merit-based system for determining rates.  The better your credit history, the lower the rate you will receive.  The rates shown are the best we have to offer, individual rates may vary depending on credit score.

To apply for a loan now, click here to use our online application.

Please use our Loan Calculator to calculate car payments. 

Please use our Loan Calculator to calculate your mortgage payments.

To learn more about purchasing a vehicle check out Drive Away Happy from Balance, a benefit of credit union membership.  Click here to view all Balance learning modules.

CAR LOAN RATES

For example, Pay $382.08 per month for $20,000.00 borrowed at 5.50%APR with a 5 year term.

*Not all borrowers will qualify; credit worthiness will affect rate and terms. 

 LENGTH OF TERMS-applies to all consumer loans except line of credit.

CONSUMER LOANS-SEASONAL COLLATERAL@ (fold down and pop-up campers, off road motorcycles, ATV's, mopeds, snowmobiles, garden tractors, fishing boats, personal watercraft)

For example, pay $122.09 per month for $5000.00 borrowed at 8.00% APR with a  4 year term.                                                          
 

(Requests for other terms considered on an individual basis.)

OPEN END LINE OF CREDIT LOANS--9.25% APR to 17.25% APR

For example, pay $164.34 per month for $5000.00 borrowed at

11.25% APR for a 3 year term.

OVERDRAFT PROTECTION LOANS: will have the same rates as line of credit loans with a maximum limit of $500 and a montly payment of $50.00.

SHARE SECURED LOANS-- The rate will be equal to the previous quarter's dividend rate, plus 3.00% for terms up to 3 years. Currently this rate would be 4.50% APR.

For example, pay $148.75 per month for $5000.00 borrowed at 4.50% APR with a 3 year term.

BUSINESS PURPOSE LOANS--
3 Years    Prime plus margin    Floor of 6.00%
5 Years    Prime plus margin    Floor of 7.00%

For example, pay $213.77 per month for $10,000.00 borrowed at  10.25% APR with a 5 year term.
(Prime rate is currently 3.25%)

To learn more about purchasing a home check out The Road to Home Ownership from Balance, a benefit of credit union membership.  Click here to see view all Balance learning modules.

HOME EQUITY --
June 2010 5 year balloon-as low as 5.00% APR Payment can be amortized up to 15 years. Estimated closing costs range from $150.00 to $400.00 depending on location of property. Closing costs may be waived on loans over $20,000.00, Call the credit union for details.

FIRST MORTGAGE RATES--June 2010 

1 Year ARM-- As low as 4.25% APR

3 Year ARM--As low as 4.50% APR

5 Year ARM--As low as 4.75% APR

Home Equity, Home Improvement and First Mortgage rates are tied to T-bills and change the first Tuesday of each month. Call for current rates.

We now offer additional mortgage loans in cooperation with  Premier lending Alliance and Consumer Loan Services. Call for information on a variety fixed rate loan products with terms up to 30 years. 

HOME EQUITY LINE OF CREDIT-as low as 3.50% APR   The annual percentage rate may vary based on the Prime Interest Rate.  Maximum APR of 18%. Estimated closing costs range from $150.00 to $400.00 depending on location of property.  Closing costs may be waived on loans over $20,000.00.  Call the credit union for details.

APR means Annual Percentage Rate

You must be a member or eligible for membership at Power Co-op Employees Credit Union to take advantage of our loan programs.