Loans and Borrowing
The CBFCU is pleased to loan money to our members. Our rates are
competitive and our policies are intended to make the procedure as
friendly as possible. For more information about any of the loan products
offered below, please call or write to our loan officers.
Unsecured Personal Loan
Our personal loans are available for amounts from $500 to $3,000. This is
a generic loan that can be used for any personal expense. Payment terms
are usually monthly payments for up to 36 months.
Share-secured Personal Loan
If you do not qualify for a regular unsecured personal loan, you may be
considered for a share-secured loan. You deposit a certain amount into a
share account with us. You may borrow some amount that is secured by the
amount in the share account. You may not remove the money from the account
until the loan is paid, and if the loan becomes delinquent, the share
account money is forfeit.
Co-signed Personal Loan
Another option for those with less than perfect credit is to have the loan
co-signed by another person. This person will take responsibility to pay
off the loan should the primary borrower become delinquent.
Educational Line of Credit
This is a line of credit product currently under development.
We use consumer credit reports to determine creditworthiness of
candidates for our loans. The application fee for all loans is $10.
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