Loan Policies & Information
Time Required to Apply for a Loan:
Member must have 1 year continuous employment.
Continuous Employment is defined as follows:
- Your present and immediate previous employment.
- Employed a minimum of one (1) year on your immediate previous
job, and not unemployed more than 30 days between jobs.
- Employed with present employer for six (6) months.
- Only a members immediate previous employment may be used in
considering amount being applied for on signature loans.
Employment Time Required to Apply for a VISA Credit Card:
To qualify for a Credit Union VISA Credit Card, three (3) years
continuous full-time employment is required. A members immediate
previous employment may be used in calculating job time if the member
has six (6) months on their present job and the member was not unemployed
more than one (1) month between their present job and their immediate
100% Financing Requirements (when offered by the Credit
- Minimum three (3) years continuous job time.
- Good credit history.
Income-to-Outgo must meet normal Loan Policy Guidelines.
- 100% financing includes purchase price, taxes, license, and
- We reserve the right to require a down payment.
85% Financing of Collateral Purchases:
- Finance 85% of NADA retail price or 85% of cash price, plus
tax, title and registration whichever is less.
- We reserve the right to require additional down payment.
- Down payment requirements are subject to change without notice.
Members pledging titled collateral for other loans may apply for
amounts up to NADA loan value.
The Credit Union will not consider collateral that is over ten
(10) used model years old.
The Credit Union will not consider ATV’s and personal water
craft over two (2) model years old.
All used vehicles/recreational over eight (8) model years old must
be inspected prior to loan approval.
All loans except share secured require members provide proof of
All Collateralized Loans require proof of insurance with a Loss
Payable Clause naming Great River Community Credit Union as the
Loss Payee. The insurance deductible on said loans shall not exceed
All loans are subject to Credit Policy Guidelines. All rates, terms,
and down payments are subject to change without notice. Contact
the Credit Union for details.