Get 1 Co-op Point for every $1 of interest paid or use points to lower the interest rate by up to .5%

UMassFive offers the following General Consumer Loan Products to our members:

BOAT LOANS
We offer boat loans up to 90% of the Manufacturers Suggested Retail Price for the purchase of new boats, and up to 90% of NADA Retail Value for used boats. Generally, the maximum term is 5 years. Longer terms may be available.

COMPUTER LOANS
Members may borrow up to the purchase price of any new computer system with a maximum amount of $15,000. The term of the loan can be up to 4 years. A purchase order, bill of sale, or order slip detailing the purchase is required.

GUARANTOR/CO-SIGNER LOANS
This is a personal loan that is guaranteed by a signer who is not the borrower. Because this is a secured loan, the repayment term may be as long as 5 years. The maximum amount is $15,000. The guarantor does not need to be a credit union member but must complete an application and meet the same credit worthiness standards as the borrower.

HOME IMPROVEMENT LOANS
Home improvement loans carry an interest rate lower than that of our personal unsecured loans because they are structured for the permanent improvement of your home. The amount available may be up to $15,000, with a repayment period of up to 7 years.

MOTORCYCLE LOANS
You may borrow up to 100% of the Manufacturers Suggested Retail Price for the purchase of a new motorcycle and up to 100% of the NADA Retail Value for used motorcycle purchases. Generally a new motorcycle loan will carry a term up to 4 years. Used motorcycle purchases will usually be paid in 3 years. Longer terms may be available.

OVERDRAFT LINE OF CREDIT
Our overdraft line of credit provides protection for your Credit Union share draft (checking) account. Automatic advances are made in increments of $25.00. The maximum limit available is $25,000.

PERSONAL LINE OF CREDIT
After establishing a borrowing history with the Credit Union, a member may request a Personal Line of Credit. The limit may be as high as $25,000. Payments are based on the balance owed after an advance.

PERSONAL UNSECURED LOANS
A member may have a combination of unsecured loans, including signature loans, home improvement loans and computer loans with an aggregate balance of up to $15,000.

RECREATIONAL VEHICLE LOANS
Loans are available up to 90% of the Manufacturer's Suggested Retail Price for the purchase of new RVs, and up to 90% of the NADA Retail Value for used RVs. We offer flexible repayment terms.

SHARE SECURED LOANS
Share secured loans are guaranteed by the balance in your Credit Union savings account. Your savings balance must always be equal to, or greater than the balance of the loan. Because this type of loan does not require a verification of income or credit review, disbursal of funds can be immediate upon signing the loan documents. The maximum loan amount is equal to the available balance in your regular share account, with a period of repayment up to 10 years or, at least $25.00 monthly. The interest rate for share secured loans is calculated at 3% above the savings account yield.

STUDENT LOANS
The Credit Union offers Subsidized and Unsubsidized Federal Stafford Loans along with parent PLUS Loans. These loans are based on the Federal Financial Aid forms completed through the student's school and are subject to government standards. Please contact your Financial Aid Office to begin the process.

For questions or assistance, please contact a Representative or email us today!