Loans
For you, the member, loans are available for most productive purposes. Besides low interest rates, credit union loans offer advantages such as: interest charged daily on the unpaid balance of the loan, allowing members to pay interest rates only for the time they use the money; and loan payments can be conveniently made by automatic transfer from savings, by mail, in person, or by payroll deduction.
CAR LOANS – NEW & USED
The credit union finances to qualified applicants 100 percent of the sticker price of a new car and NADA loan value on used cars.
CONSTRUCTION LOANS
Please contact the credit union for more information.
CONSUMER LOANS
This loan is used when financing brand new furniture, furnaces, hot tubs, computers, TV, etc. Items must be brand new. The maximum length of the loan will be three years. The credit union will place a lien on the purchased items.
Credit Card Loan
A credit card loan is a revolving line of credit using a plastic card to access the funds. The credit limit is determined by the member’s creditworthiness and income.
HOME EQUITY LINE OF CREDIT LOANS
This is a loan secured by equity in your home. The interest rate is variable and the maximum term is 10 years.
LINE OF CREDIT
A line of credit is a revolving, open-ended, unsecured loan that does not require any collateral. The amount of the credit limit varies and is based on the member’s creditworthiness and income.
The credit union offers mechanical repair coverage (extended warranties) to protect against costly vehicle repairs. Contact the credit union for pricing options.
MORTGAGE LOANS
Med Park Credit Union has partnered with First Class Mortgage – Grand Forks NMLS 193150 to provide a loan to purchase a new home or refinance an existing mortgage. Please contact the credit union for more information.
OVERDRAFT PROTECTION
This loan is unsecured and attached to the checking account. Interest rate is at the unsecured rate.
PROMOTIONAL LOANS
These are seasonal loans that will be offered at different times of the year. The rate, terms and details will be set and approved by the Board. Maximum payback is one year. This loan is unsecured.
RECREATIONAL VEHICLE LOANS
Med Park Credit Union recreational vehicle loans may include but are not limited to motor homes, camping trailers, pop-up campers, 5th wheel trailers, watercraft, jet skis and snowmobiles. The length of time on each will be set according to the book value in the NADA guidebook. A title will be secured or a UCC1 filing will be processed whichever is applicable. Interest rate will be 1% above the vehicle rate.
Med Park Credit Union has partnered with Student Choice to provide fair-value private student lending solutions to our members. The Student Choice online marketplace connects you with credit union funded private student loans that offer competitive fixed and variable interest rates, line of credit structure on in-school private student loan that provides multi-year approval with just one application, and multiple repayment and in-school deferment options. Borrow from a not-for-profit credit union you can trust.
Med Park Credit Union has partnered with Student Choice to provide student loan refinancing options. The Student Choice online marketplace connects you with credit union funded refinance options that offer competitive fixed and variable interest rates and multiple repayment options. Borrow from a not-for-profit credit union you can trust.
SHARE SECURED LOANS
With a share secured loan, you may borrow an amount equal to the money in your share account at a reduced interest rate. Your shares secure the loan and may not be withdrawn below the amount owed on the loan. Your account continues to draw dividends.
SIGNATURE LOANS
A signature loan is an unsecured loan which means there is no collateral. The loan amount varies and is based on the member’s creditworthiness and income.
