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Borrowing is convenient and quick with American Spirit's lending systems. You may apply on the phone, through your computer, or you can fax your application (302-738-4562) saving you time and trouble. Non real-estate loans are normally approved the day we receive the application, assuming we have the documentation needed.
Secured Collateral Loans
- Examples of collateral include: Automobiles, Motorcycles, Savings Accounts, Boats, & Real Estate.
Unsecured Loans
- Examples include: Line of Credit Loans, MasterCard, VISA, Overdraft Protection.
New and Used Collateral Loans (Vehicles, Recreational Vehicles, Boats)
- We will finance up to 100% of MSRP to qualified borrowers.
- Pre-approved loans are available giving the you a maximum loan amount before you shop, and giving you bargaining .power with the dealer.
- Repayment up to 6 years to qualified borrowers
- Refinancing for new vehicles bought and financed elsewhere can save you hundreds of dollars in interest charges.
Credit
Cards
We offer our members a low rate no fee VISA®
card.
Cash Advance Services
- To obtain cash quickly, just present your American Spirit FCU credit card at the credit union or any other financial institution that displays the VISA® logo.
- No service charge for cash advances
VISA®
- Interest rates based on credit rating.
- 25 day grace period
- Payment Protection available
Lines
of Credit
A line of credit is a revolving loan which lends you funds up to a certain
pre-approved limit. Funds are available for your use up to your credit limit.
Interest only accrues against the amount of money outstanding.
- Overdraft protection loans are a line of credit tied to your checking account and VISA® check card.
- Credit limits are available up to $1000.
- No annual fee for this service.
- Overdraft protection helps protect you against bounced checks, and return check fees.
- Interest rate based on your credit score.
- Payments are made only when you have an outstanding balance.
Home
Equity Loans
American Spirit Federal Credit Union has a wide variety of home equity loans
to fit your needs. A home equity loan is a loan secured against the equity in
your home. Home equity loans have become a wise way to finance large purchases
(including cars, home improvement, college tuition, and vacation homes). Home
equity loans have retained their tax deductible status for most homeowners.
Home Equity Line of Credit
- Home equity lines of credit provide you with a credit line that you can access as needed.
- Home equity lines are available to access for a period of five years. With an additional ten year pay back period.
- Easy access available with home equity checks, checks that draw against your loan.
- The credit union lends against properties located in Delaware, Maryland, New Jersey, and Pennsylvania.
Closed End Second Mortgages
- Closed end second mortgages are loans secured against the equity in your home, without the line of credit feature.
- Closed end second mortgages are fixed rate loans.
- Loan terms 5, 10, and 15 years.
- The credit union lends against properties located in Delaware, Maryland, New Jersey, and Pennsylvania.
Vacation and Holiday Loans
- Vacation and Holiday loans are unsecured loans available for members' needing money for their vacation and holiday needs.
- Vacation loans may be issued at any time of the year.
- Holiday loans are available from October 1st through December 22nd
- Call our loan by phone system (The Loan Arranger @ 302-738-4515 ext 3, then 1) to apply.
- Share secured loans are loans made against a member's savings with the credit union. Savings can be in the form of regular savings account, money market accounts, and Share Certificates.
- Share secured loans are a popular option for those members who have cash needs, but do not want to break into their saving accounts.
- The interest rate on share secured loans are much lower than unsecured credit (2% above the dividend rate you are being paid).
- Share secured loans are also an option for young members to establish a credit rating, and for members with past credit problems to reestablish their credit.
- Call The Loan Arranger
at 302-738-4515 ext 3, then 1, to apply.
- Loans can be applied for 24/7
- Touch tone telephone is required
- To apply call the credit union at 302-738-4515, press 3 for the loan department and then 1 for The Loan Arranger.
- Credit Union staff
will process your application, you should have an answer within 24 hours.
- You can apply through our Internet pages- CLICK HERE
- The preferred borrower program is a loan program that rewards members who use the credit union's products and services.
- Members who are classified as preferred borrowers can receive a .50% discount when they receive a new fixed rate loan.
- To qualify as a preferred borrower you must have a credit union checking account, transfer or payroll paid payments, and direct deposit.
- If you do not have
all three services make sure you speak with the loan officer to sign up
for the services before you close your loan.
- American Spirit Federal Credit Union's first time borrower program is designed for members who do not have any credit experience.
- The program will help young members and others without previous credit experience establish their credit with the credit union and others in the financial community
- The first loan under this program will be a maximum of $500, and must be repaid in a minimum of 6 months. The payment pattern on this loan will the basis for future credit union loans.
- The second loan under this program will be a maximum of $1000, and must be repaid in a minimum of 6 months.
- Members applying for first time borrower loan must have the capacity to repay the loan.
