A - Yes. Depending on the applicant's credit worthiness, the approved amount may be less than the amount originally requested. The interest rate and monthly payment will not change for the term of the loan. A fixed-rate line of credit. With this option, the line of credit also has a fixed interest rate for the term of the loan, and provdes check access to a standby credit line that members can draw on whenever they need it.
Monthly payments remain fixed until additional advances are taken.
The strike assistance benefit covers one-half of the loan payment and continues for up to three months. If the member is still on strike after the first six months, loan payments are paid in full by the bank for the next three additional months. Accounts must be in good standing at the time this benefit is requested to be eligible. Copyright 2000 Union Privilege. All Rights Reserved.