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Frequently Asked Questions about the our loans.

  1. 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.
  2. 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.
  3. 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).
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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).
  10. 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.
  11. 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.

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