PEOPLES TRANSPORT FEDERAL CREDIT UNION

UNSECURED Terms & RATEs

NOTE: Rates are subject to change without notice.

**Eligibility is based on length of time with the credit union.  Anyone with a credit score under 500 must have board approval for any unsecured loan with PTFCU unless they have been members of this credit union for longer than 10 years, and are in good standing with New Jersey Transit.  Loans must be paid for 6 months, and be at least 1/3 paid before eligible to apply for a new loan.

INCOME-TO-DEBT RATIO SCORE ADJECTMENT:
Ratios Calculated on Gross Income = 39% and LowerAdd 20 points
Ratios Calculated on Gross Income = 40% - 45%No change to Score
Ratios Calculated on Gross Income = 46% - 51%Deduct 20 points

 

OVERALL SCORE **
TIER
SH REQ
RATE
TERM
740+
A
None
3.99%
60 months
680-739
B
None
4.99%
48 months
640-679
C
None
8.50%
36 months
580-639
D
None
16.00%
24 months
550-579
E
None
17.00%
18 months
500-549
F
None
18.00%
12 months


ELIGIBILITY **UNSECUREDSECURED

TOTAL LOAN

AMOUNT

6 Months$ 1,000.00$ 5,000.00$ 6,000.00
1 Year$ 2,000.00$10,000.00$12,000.00
2 Years$ 3,000.00$15,000.00$18,000.00
3 Years$ 4,000.00$20,000.00$24,000.00
4 Years$ 5,000.00$25,000.00$30,000.00
5 to 10 Years$ 7,500.00$30,000.00$50,000.00
Over 10 Years$10,000.00$40,000.00$75,000.00