Personal Loans
We now offer Personal Loans up to $20,000. Any member who has five years of work experience or is retired will not need a co-maker if the applicant has a debt-to-income ratio of 45% or less (including the proposed loan obligation) and if they have good credit. Loan amounts will be granted based upon the applicants work experience. To be eligible to apply for a Personal Loan you must be a member for a minimum of 3 months.
| Personal Loans | ||
| Work Experience | Maximum Amount | Repaid Within |
| 5 Years | $10,001 to $20,000 | 8 Years |
| 4 Years | $10,000 | 8 Years |
| 3 Years | $7,500 | 8 Years |
| 2 Years | $5,000 | 8 Years |
| 1 Year | $2,000 | 8 Years |
| 6 Months | $ 500 | 8 Years |
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Fully Secured Loans
Loans are available at low rates which are secured by your savings account balance. These loans can run for up to ten years with the shares restricted to the existing balance of the loan.
Holiday Loans
City of Boston Credit Unions Holiday Loan Program is a popular and cost efficient way to finance your holiday expenses. At a low rate 10.00% APR (Annual Percentage Rate), our Holiday Loan rate is less than half of many credit cards. With no closing costs and no co-signer requirements, as long as you have been employed for the past year and became a member of City of Boston Credit Union by October 1, 2008 you are eligible to apply to borrow up to $2,000 maximum.
Applications will begin being accepted on October 1, 2008 and end begin accepted on January 2, 2009. The term of the loan may not exceed one year. Current paystub required with application. Online applications NOT available for this loan.
You must be a member of City of Boston Credit Union by October 1, 2008 to be eligible to apply for this loan.
Tuition Loans
This program will help members with tuition expenses from Kindergarten through Graduate school at accredited educational institutions. The maximum loan amount is $25,000. Maximum loan term is 8 years. Members will need to submit a recent paystub and copy of a tuition invoice along with the loan application. One year’s current work experience is also required. Contact the Credit Union for further information regarding terms and conditions.
Membership requirements
There is a three month membership requirement before a member is eligible for a personal loan from the Credit Union. Mortgage loans (first & home equity), fully secured loans, tuition loans and vehicle loans do not require a three month membership; however, sufficient work history is required in most instances. As always, emergency loan requests can be forwarded to the Credit Committee.
