Defense Electronics Federal Credit Union
Member Owned, Member Operated
LOANS
Borrowing money from the Credit Union is unlike borrowing from a bank. As a member you are an “owner”, not just a “customer”. The funds you borrow were built from your savings, as well as those of other members. The Credit Union strives to provide its members with loans at low competitive rates.
The Credit Union makes unsecured and secured loans. An unsecured loan is money loaned with only the borrower’s signature and character as collateral for repayment. A secured loan is a loan backed by one or more of the following types of collateral; credit union shares; personal property, such as an automobile, trailer or mobile home; or real estate.
Anyone wishing to apply for a loan must first complete a loan application. Loan applications are reviewed by the Credit Committee for approval in compliance with our loan policy.
For loan rates see the “Current Rate” page on the Home Page.
SECURED LOANS
Auto Loans - Auto loans are available for new and used autos for a term up to 6 years depending on the value of the auto. The title for the auto is encumbered to the Credit Union and held as collateral for the term of the loan. Full Insurance coverage is also required listing the Credit Union as additional insured throughout the term of the loan.
Boat/RV Loans – Loans are also available for recreational vehicles. The title is held as collateral and insurance must be provided throughout the term of the loan. Loans are available up to 10 years based upon the value of the vehicle.
Home Equity Loans – Home Equity Loans are available up to $50,000 and for terms up to 10 years. Home Equity loans are available for any purpose and offer tax advantages. The Credit Union is listed as a lien holder against the mortgage for the term of the loan.
Home Equity Lines of Credit - Lines of Credit are available up to $25,000.00 (Maximum aggregate of Home Equity Loan and Line of Credit cannot exceed $50,000.00). Lines of Credit are advantageous because you are pre-approved up to a limit, however, are not charged interest until you utilize your line. The line is readily available as needed. A Line Of Credit Visa card is issued and you utilize it just like a credit card. You receive a monthly bill and pay accordingly. No hassles, no checks, no waiting!
UNSECURED LOANS
Visa Credit Cards - Visa Credit Cards are available up to $10,000.00. Visa rates are always very competitive. There is no annual fee!
Signature Loans – Signature loans are loans secured by a member’s signature and “character” as collateral. Signature loans are available up to $7500.00 per member for a maximum term of 72 months depending on the purpose. Signature loans can be used for many purposes such as; debt consolidation, furniture, vacations, holiday shopping, etc.
The Credit Union periodically offers special rates for Signature loans at different times of the year.