Special Loan Offer!
Special Holiday Loan Sale!
For A limited Time Only
The Salem Federal Credit Union is offering loans of
4% secured !!
&
5% unsecured!!
This offer is effective until December 31, 2008
Mission Statement
Providing Christian-based financial services to the congregation of
Salem Baptist Church of Jenkintown since 1958
Officers 2007-2008
Directors
- Gregory Watts, President
- Brenda Smallwood, VP
- Loretta West, Treasurer
- Helen Boler, Secretary
- Joan A. Wilson
Credit Committee
- Sandra K. Travis, Loan Officer
- Shirley Nash, Secretary
- David Roberts
- Bruce Johnston
- Shirley Nash
Supervisory Committee
- Thomas Williams, Chair
- Marlene Scott
- Marie Simms
Salem Federal Credit Union Profile
| Services/Products/Rates o Market competitive rates for savings accounts - Christmas, youth o Market competitive rates on loans for credit card consolidation/bill payoff, personal uses o Christian-based financial planning sessions and newsletter Hours o Sundays, after 7:45 a.m. and 11:00 a.m. service Location o Basement of the sanctuary, next to the Dean Music Center Criteria for Loan Eligibility o Member of Salem Baptist Church of Jenkintown o Member of Salem Federal Credit Union Loan Limits o First Loan ○ $1500.00 (plus share balance) Second and Subsequent Loan (s) $1,501.00 - $3,500 (plus share balance) Required Signature loan with previous Credit Union History $3,500.00 - $5,000 (plus share balance) Required Signature Loan Notes: 1. Current shares representing a portion of loan amount are frozen for the life of the loan, based on the current loan balance, unless loan is secured with other collateral. 2. Any outstanding loan balance will be paid from new loan before loan is disbursed. Loan Terms Minimum monthly loan payment is $20.00 per month exceptions must have Credit Union Board approval. Maximum loan term is 36 months.
Interest Rates 8% Regular Loan 6% Share Secured Loans (Other rates apply for loan sales) Security Credit Union Shares Automobile Title
SFCU Loan Policy Requirements 1. Obtain application and guidelines from the Credit Union 2. All applications are approved or rejected by Credit Committee based on borrower's (and Co-maker's) a. Credit Bureau rating b. Income and other bills (Debt Ratio) c. Previous Credit Union Record d. Verification of Current Income
3. If approved, a loan is normally available on the following Sunday after an application is received. A loan may be available the same day only if the loan request is fully secured by shares equal the loan request and the application is received following the 7:45 a.m. service. 4. If Co-maker is used, Co-maker must be present to sign note.
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