Frequently Asked Questions about the our loans.
- What types of loans does the credit union offer?
- Personal loans up to $15,000 (unsecured)
- Auto loans.
- Recreational loans, i.e., campers, boats, motorcycles, ski jets, ATV, etc.
- Maximum total loan to any one member is $100,000.
- What is the average turn around for loans?
- We normally can get an answer by the next day of a completed application being submitted, if not sooner. Upon approval, an appointment will be set up to complete the paper work.
- Do I have to be a member to apply?
- No, but if the loan is approved you will need to become member at the time of disbursement.
- You must be within the field of membership (employee of Providence/St Pat’s Hospital facilities, or family member).
- Can I get pre-approved for an auto purchase?
- Yes, and the approval will stay in place, along with the interest rate, for 90 days.
- Do I have to pay off the loan if I leave the hospital?
- No, if you had your payment by direct deposit, we would set you up with loan coupons to continue making payments.
- Often, borrowers who leave Providence set up a deduction with their new employer for convenience. Or through their “bill-paying” capacity within their checking account.
- How are loans funded?
- All loans are funded 100% by fellow members’ savings. The hospital does not provide funds for loans.
- The interest paid covers the cost of operations for the credit union, builds capital for future needs and returns a dividend back to the savers, whose money was lent to you.
- Is my employer aware of my borrowing at the credit union?
- No, your employer has no access to yours or any members’ financial records, nor are they involved in any portion of the decision process regarding requests from members.
- Who reviews and approves my loan request?
- We have three loan officers, any of which, would review, approve or deny loan requests.
- These loan officers, approved by the Board of Directors, are vetted, highly respected and conform to our rigid standards of confidentiality of members’ information.
- How do I apply for a loan from the credit union?
- If you are a first-time borrower at the credit union, loan applications can be picked up at the office, found on our website or email the credit union for an application.
- If you have borrowed from the credit union in the past 7 years, just email or call us to see what information we need updated (no application required).
- Does the credit union report to a reporting agency?
- Yes, we report to Trans Union, LLC, on a monthly basis, all credit activities of our borrowing members.
- How does my FICO score affect my loan?
- FICO scores determine the interest rate for your loan. Better the score, the better the interest rate.
see currant loan rates LoanLiner Application
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