Types of Loan Services
Other Personal Loans
Draft/Checking Line of Credit
Protection
Save yourself the embarrassment of an overdraft and protect your
valuable checking privileges. Money is transferred to your account (in
$100 increments) in the event of an overdraft, up to your approved
credit limit.
Unsecured Loans
Your name is as good as money when you don’t have specific
collateral to secure a loan. We offer signature loans based on your
employment history, credit record, and ability to repay.
Savings Secured Loans
Your deposits in the credit union may be used as security to borrow at
our lowest rate of interest. The savings account or certificate(s) of
deposit used as collateral will continue to earn competitive dividends
or interest during the term of your loan.
For more information, please call (507)387-3055 or
(800)247-0522, or email loan@mnvalleyfcu.coop
with your questions. Why
Borrow From a Credit Union?
First,
we do our best to offer the lowest rates and most attractive terms
possible. We can't "give" the loans away because that wouldn’t
be entirely fair to those members who don’t borrow. Some members use
only non-loan services, savings and investment products. Plus, we strive
to continue building capital through reasonable net income each year.
The wonderful aspect of borrowing at
Minnesota Valley is that the interest you pay
stays right here. It is re-circulated, and doesn't go to a few wealthy
stockholders. That income creates opportunities for other members and you,
too. As income grows, so does our ability to offer higher dividend rates,
lower loan rates, reduced or eliminated fees and broader services. It's
like keeping the money in the family.
|
Resources
FREE
CREDIT REPORT
Request your free annual annual credit
report. It's quick, easy and secure. This central site
allows you to request a free credit report once every 12 months from
each of the nationwide consumer credit reporting companies: Equifax,
Experian and TransUnion.
What Is a Credit Score?
Credit bureau scoring is a statistical means of assessing how likely a borrower is to pay back a loan. Widely available in the
1980s, scoring models have been around since the 1950s and are used extensively in the credit card, auto lending and mortgage industries.
The score is based on the data available in the borrower's credit report. It is not a measure of a borrower's income, assets, or credit union account, although these and other factors are still considered by lenders, independent of the score.
Credit scores typically range from 350 to 900. They are available through three national credit data repositories (Equifax: 800-685-1111, Trans Union: 800-916-8800, and Experian: 888-397-3742). These scores are often referred to as "FICO" scores, after the developer of the current statistical models-Fair, Issac Corporation.
FICO scores are calculated by applying complex mathematical formulas to the actual credit history of millions of consumers. Through this process, Fair, Issac identifies distinctive credit patterns that forecast future credit performance.
Consumers who want to address any errors in credit-report data should contact the credit reporting agency that developed the report. The Fair Credit Reporting Act (FCRA) allows the credit reporting agency a "reasonable period of time," generally not longer than 30 days, to reinvestigate consumer-disputed items
Contact the Minnesota Valley lending staff for more information.
|
