Based upon length of Credit Union membership, members may obtain unsecured (signature) loans up to $4,000 for a maximum period of 30 months. Loans above $4,000 require approved forms of collateral or security.

Collateral
Acceptable collateral includes: clear title to vehicle, member's shares or co-signer's shares. The Credit Union does not accept titles, deeds, abstracts to real estate or personal property (such as jewelry, furniture, stocks, bonds, certificates of deposit, etc.) for collateral.

When using a car as collateral, it is mandatory to:

• obtain total comprehensive insurance made payable to the IWU Federal Credit Union to cover the amount of the loan.
• send a copy of the policy from the insurance company to the IWU Business Office within 30 days of the day the loan is made - or the loan is subject to call.

Loan Rates (Maximum for all loans: $35,000)

Unsecured Rates
30 Months ($4,000 maximum)                        10.00%

New Car Loans
up to 60 Months                                                 4.5%
72 Months                                                          5.5%

Used Car Loans
1-4 year old cars up to 60 months                     5.25%
5 years and older up to 48 months                     6.25%

Motorcycle Loans
New (greater than 7700 cc's)                            9.00%
New (less than 7700cc's)                                10.00%
Used                                                                7.50%

Boat Loans
New                                                                9.00%
Used (6 years or newer)                                 10.75%