Terms and Conditions

• Unsecured Loans
• Overdraft Protection
• Secured Loans
• Share Secured Loans
• Term Share Certificate (TSC) Secured Loans
• Mobile Home Loans
• Grand Plan Home Equity Line of Credit
• Regular Home Equity Line of Credit
• Fixed Rate Home Equity Loan
• Cashline

Unsecured Loans- excluding Overdraft Protection and Credit Cards

1. Maximum loan is $30,000.00
2. Maximum term of repayment is 60 months
3. Rates are based on the applicant's credit history

Overdraft Protection

1. Maximum line is $1,000.00
2. Minimum line is $200.00
3. Advances are made in $50.00 increments
4. Repayment is based on 2.4% of the outstanding balance on the last day of the prior month.
5. Minimum payment is $20.00
6. The interest rate is variable, and is determined as follows:
   The annual percentage rate (APR) for all new advances and existing balances is determined by prime plus a margin. The APR will never exceed the rate permitted under the Federal Credit Union Act.

1. Maximum loan is based on ability to repay and credit union's risk
2. Loan terms are set by the employee approving the loan based on what is most beneficial to the borrower and the credit union. Loans over $20,000.00 can be amortized for up to 84 months with a balloon payment.
3. Age of Vehicle - The Credit Union will finance any vehicle, regardless of age, at secured loan rates, based on being able to determine the value of the vehicle and the applicant's credit history.
4. 120% financing, based on the applicant's credit history.
5. Proof of Insurance - We require a binder or declarations page from the borrower's insurance company showing both collision and comprehensive coverage with a maximum $500.00 deductible. TEG must be listed as lienholder or Loss Payee.
6. Classic Automobiles - For vehicles which fall under a 'Classic Car' description, it is the borrower's responsibility to provide the Credit Union with an appraisal value of the vehicle if we cannot obtain the value through our NADA books. We require that full insurance coverage be maintained on the vehicle year-round, unless the vehicle is taken off the road during part of the year. In this case, we must receive a 'withdrawn from use' notification from the member's insurance company.

Share Secured Loan

1. Maximum loan is 100% of regular shares
2. Maximum term of repayment is 120 months
3. The interest rate is fixed at 7.25% APR
4. A hold is placed on the money in the account equal to the loan balance. As each monthly loan payment is made, the amount applied to the principal is released and made available in the savings.

Term Share Certificate (TSC) Secured Loans

1. The rate is fixed at 3.0% above the TSC rate and is rounded up to the nearest whole quarter of a percent. (e.g. TSC is paying 7.15%. We add 3.0%, making 10.15% APR the loan rate. We would then round up to 10.25% APR)
2. The loan must be paid in full at the maturity of the TSC. Payment can be amortized for up to ten years, but loan must be paid in full when TSC matures.
3. A hold is placed on the certificate until the loan is paid in full.

Mobile Home Loans

UP TO 90% VALUE OF HOME

****RATE REMAINS FIXED FOR THE TERM OF THE LOAN****

The following information applies to the above loan type:

*Rates are based on the information received from a credit reporting service.
**For Mobile Home Parks ONLY

Grand Plan Home Equity Line of Credit*

UP TO 90% VALUE OF HOME
Rates are based on credit history

 Your loan could be tax deductible, ask your tax advisor.

*TEG FCU will pay for property appraisal, credit report, flood certification, attorney fees, mortgage tax, recording fee and title search on Grand Plan Equity Loan and Regular Home Equity Line of Credit Only. If the balance of the line is prepaid before three (3) years $500.00 will be collected to cover these closing costs. Borrower is responsible for homeowners insurance, flood insurance and tax search fees.

Regular Home Equity Line of Credit

UP TO 90% VALUE OF HOME
Rates are based on credit history

 Your loan could be tax deductible, ask your tax advisor.

*TEG FCU will pay for property appraisal, credit report, flood certification, attorney fees, mortgage tax, recording fee and title search on Grand Plan Equity Loan and Regular Home Equity Line of Credit Only. If the balance of the line is prepaid before three (3) years $500.00 will be collected to cover these closing costs. Borrower is responsible for homeowners insurance, flood insurance and tax search fees.

Fixed Rate Home Equity Loan

UP TO 80% VALUE OF HOME
Rates are based on credit history

****RATE REMAINS FIXED FOR THE TERM OF THE LOAN****

* TEG FCU will pay for property appraisal, credit report, flood certification, attorney fees, mortgage tax, recording fee and title search on Fixed Rate Home Equity Loan. If the balance of the line is prepaid before three (3) years $500.00 will be collected to cover these closing costs if the loan is under $100,000 and $750 if the loan is over $100,000.01. Borrower is responsible for homeowners insurance, flood insurance and tax search fees. A 60-month term and an 80% total loan-to-value for a Home Equity Loan with a fixed rate of 6.25% APR would result in an estimated payment of $19.46 for each $1,000 financed.

Cashline
 

Minimum Line of Credit:	$200.00
Maximum Line of Credit:	$20,000.00
Advances:	$50.00 minimum increments, advances may be made in person, via TEG Call-24 and TEG Home Banking
Repayment:	Based on 2.4% of the outstanding balance on the last day of the prior month. Minimum Payment is $20.00
Interest Rate:	Variable Rate - Based on the applicant's credit history, prime plus a margin.