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LOANS AND LINES OF CREDIT

Borrowing is convenient and quick with American Spirit’s lending systems. You may apply online 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 vs. Unsecured Loans

Secured Collateral Loans

  • Examples of collateral include: Automobiles, Motorcycles, Savings Accounts, Boats, & Real Estate.

Unsecured Loans

  • Examples include: Line of Credit Loans, Overdraft Protection.
Collateral Loans

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 8 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 10.9% APY no fee VISA® card. Payment Protection is also available - just ask us!

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

Credit Card Disclosure Information

This credit card offer is through a special arrangement with InfiBank, N.A. If an account is opened, the lender on the account will be InfiBank, N.A., Atlanta, GA. You authorize InfiBank to request a consumer report in connection with this application and request consumer reports in the future to review or increase the credit line of the account, to take collection action on the account or for other legitimate purposes associated with the account. Upon your request InfiBank will inform you if a consumer report was requested and will provide you with the name and address of the consumer reporting agency that furnished the report.

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT: To help the government fight the funding of terrorism and money laundering activities, the USA Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person (including business entities) who opens and account.What this means for you: When you open an account, we will ask for your name, physical address, date of birth, taxpayer identification number, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. We will let you know if additional information is required.

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
  • 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
Share Secured Loans

 

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.

Preferred Borrowers
  • 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 ..25% 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.
First Time Borrower Program
  • 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 communityThe 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.