Learn which Mocse option will work best for you!
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| |
Personal Loan |
Line of Credit |
Share Secured Loan |
Income Protection Loan |
| Decision based on: |
Credit |
Credit |
Amount in savings account |
Length of membership |
| Type of credit: |
Installment loan |
Revolving line of credit |
Installment loan |
Installment loan |
| Disbursement: |
One time advance |
Recurring as needed |
One time advance |
One time advance |
Personal Loan
A Personal Loan is a one-time advance to help members needing cash for planned or unplanned expenses.
What is this loan best for?
- Unexpected expenses and you know exactly how much you need
- Planned expenses such as a wedding, vacation, taxes, landscaping or furniture
Benefits & Features:
- Low, fixed rate
- Repayment terms up to 48 months
Personal Line of Credit
Enjoy the flexibility of allowing you to spend what you need, when you need it with a low, variable rate(1) Personal Line of Credit.
What this loan is best for:
- Flexible spending as needed
- Pay as you borrow
- Can be used an overdraft source(2)
Benefits & Features:
- Low, variable rate
- Credit limits up to $30,000(3)
- Withdraw available funds in branch or in online banking
Share secured Loan
A Share Secured Loan is a loan conveniently secured by your existing Share Savings Account(4)
What this loan is best for:
- Building and establishing credit
- Funds are needed but you'd like to continue earning dividends on your savings account
- Pay a low loan rate
Benefits & Features:
- Low, fixed interest rate with predictable monthly payments
- Interest rate is based on the dividend rate you earn on your existing Share Savings Account plus a margin of 3%(5)
Income Protection Loan
An Income Protection Loan is for members who are financially impacted by the pandemic.
What this loan is best for:
- Members who need help supplementing lost income
- Flexible loan amount and low payments
Benefits & Features:
- Loan amount based on monthly net income
- Maximum loan amount $2,500 with maximum term is 24 months
Interest Rates
| Personal Loan |
Personal Line of Credit |
Share Secured Loan |
Income Protection Loan |
Fixed Interest Rate
8.99% - 17.99% APR |
Variable Interest Rate
10.50% - 18.00% APR |
Fixed Interest Rate
Dividend Rate +3.00% APR |
Fixed Interest Rate
5.00% APR |
| Payment Example: Pay $31.80 per month per $1,000 borrowed at 8.99% APR for 36 months. |
Payment Example: $50 minimum or 3% of balance, whichever is more. |
Payment Example: Pay $22.14 per month per $1,000 at 3.00% APR for 48 months. |
Payment Example: Pay $43.88 per month per $1,000 borrowed at 5.00% APR for 24 months. |
Actual interest rate will be provided upon approval of a completed loan application
(1)The Annual Percentage Rate (APR) is based on the following formula: the highest commercial prime-lending rate of interest as correctly published in the Wall Street Journal, Western Edition, on the most recent publication date prior to the first day of the quarter, or index plus a margin. The index, margin and APR will be disclosed to you when the loan is approved. Maximum interest rate is 18.00% APR.
(2) Based on borrower's credit worthiness and membership in good standing. Other restrictions may apply
(3) Minimum transfer for overdraft protection is $200.00
(4) Not available on Share Money Market Accounts
(5) Fixed interest rate based upon the dividend rate being paid on the shares securing the loan at the time that the loan is made