Loan Policies & Information

Employment Time Required to Apply for a Loan:
Member must have 1 year continuous employment.

Continuous Employment is defined as follows:

1. Your present and immediate previous employment.
2. Employed a minimum of one (1) year on your immediate previous job, and not unemployed more than 30 days between jobs.
3. Employed with present employer for six (6) months.
4. 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 previous employment.

100% Financing Requirements (when offered by the Credit Union):

1. Minimum three (3) years continuous job time.
2. Good credit history.
3. Net Income-to-Outgo must meet normal Loan Policy Guidelines.
4. 100% financing includes purchase price, taxes, license, and title fees.
5. We reserve the right to require a down payment.

85% Financing of Collateral Purchases:

1. Finance 85% of NADA retail price or 85% of cash price, plus tax, title and registration whichever is less.
2. We reserve the right to require additional down payment.
3. 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 income/employment.

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 $500.00.

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.