FDIC-Insured – Backed by the full faith and credit of the U.S. Government

Loans

Criteria for New Car Loans

($15,000-$50,000)
Effective August 15, 2024

Class

Requirements

Percentage

Term

% Down

A

Debt Ratio < or = 29.99%
No Public Records
No Past Due Accounts
Bankruptcy Over 10Years Old (From Date of Discharge)

8.90%

1-6 Years

5%

B

Debt Ratio 30% to 39.99%
No Public Records
Some (1 or 2) 30 Day Past Due
Bankruptcy 7 to 10 Years Old (From Date of Discharge)

9.90%

1-6 Years

5%

C

Debt Ratio 40% to 49.99%
Public Records
Some (3 or 4) 30 Day Past Due
Some (1 or 2) 60 Day Past Due
Bankruptcy 3 to 6.99 Years Old (From Date of Discharge)

10.90%

1-5 Years

10%

D

Debt Ratio 50% to 59.99%
Some (3 or 4) 90 Day Past Due
Bankruptcy 2 to 2.99 Years Old (From Date of Discharge)

12.90%

1-5 Years

15%

E

Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval

14.90%

1-5 Years

20%

Criteria for Used Car Loans

($15,000-$40,000)
Effective August 15, 2024

Class

Requirements

Percentage

Term

% Down

A

Debt Ratio < or = 29.99%
No Public Records
No Past Due Accounts
Bankruptcy Over 10 Years Old (From Date of Discharge)

10.9%

1-5 Years

Loan value

B

Debt Ratio 30% to 39.99%
No Public Records
Some (1 or 2) 30 Day Past Due
Bankruptcy 7 to 10 Years Old (From Date of Discharge)

11.9%

1-6 Years

Loan value

C

Debt Ratio 40% to 49.99%
Public Records
Some (3 or 4) 30 Day Past Due
Some (1 or 2) 60 Day Past Due
Bankruptcy 3 to 6.99 Years Old (From Date of Discharge)

12.9%

1-5 Years

Loan value

D

Debt Ratio 50% to 59.99%
Some (3 or 4) 90 Day Past Due
Bankruptcy 2 to 2.99 Years Old (From Date of Discharge)

14.9%

1-5 Years

Loan value

E

Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval

20%

1-5 Years

Loan value

 
 

Criteria for Signature Loans

Effective August 15, 2024

Class

Requirements

Percentage

A

Debt Ratio < or = 29.99%
No Public Records
No Past Due Accounts
Bankruptcy Over 10 Years Old (From Date of Discharge)

11%

B

Debt Ratio 30% to 39.99%
No Public Records
Some (1 or 2) 30 Day Past Due
Bankruptcy 7 to 10 Years Old (From Date of Discharge)

13%

C

Debt Ratio 40% to 49.99%
Public Records
Some (3 or 4) 30 Day Past Due
Some (1 or 2) 60 Day Past Due
Bankruptcy 3 to 6.00 Years Old (From Date of Discharge)

15%

D

Debt Ratio 50% to 59.99%
Bankruptcy 2 to 2.99 Years Old (From Date of Discharge)

17%

E

Debt Ratio > or = 60%
Bankruptcy 0 to 1.99 Years Old (From Date of Discharge)
Need Board Approval

21%

Tuition Loans 6.9% for 10 Months
Share Secured Loans 6.9% for 4 Years
Effective August 15, 2024

Apply for a Loan

Print out the form and bring it to the office at 1350 Port of New Orleans Place, New Orleans, LA 70130 no later than 12:00 noon on Tuesday. The Credit Committee meets every Wednesday at 10:00 a.m.

Loan Application Form (.pdf)

ANNUAL SALARY

LESS THAN $15,000

$15,001 TO $20,000

$20,001 TO $25,000

$25,001 TO $30,000

OVER $30,000

NON PERMANENT

NONE

NONE

NONE

NONE

NONE

PERMANENT BUT LESS THAN 1 YR EMPLOYEED

$1,000

$1,500

$2,000

$3,000

$3,000

1 TO 2 YEARS OF EMPLOYMENT

$2,500

$3,000

$4,000

$5,000

$5,000

2 TO 5 YEARS OF EMPLOYMENT

$3,500

$4,500

$6,000

$7,000

$7,000

5 TO 10 YEARS OF EMPLOYMENT

$4,000

$7,000

$8,000

$10,000

$15,000

OVER 10 YEARS OF EMPLOYMENT

$7,000

$9,000

$12,000

$15,000

$25,000

Interest Rate Increase Effective August 15, 2024

A-RATING = 11%

TUITION LOANS = 6.9%

B-RATING = 13%

 

C-RATING = 15%

 

D-RATING = 17%

 

E-RATING = 21%

 

Signature and Special loan limits are based on Member's salary (without overtime) and years of employment.

Criteria for New Car Loans
Criteria for Used Car Loans
Criteria for Signature Loans
Apply for a Loan
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