Loan Services
The Mohawk Progressive Federal Credit Union loans money for a variety of reasons. The policies are established by the Board of Directors, and are subject to continuous review. Loan Officers review loans daily. Loans are reviewed throughout the day for same day approval. Rates fluctuate according to the type of loan, duration, collateral and the prevailing rates at the time of issuance. Some of our loans receive a discount of .25% just for paying the loan with automatic payments. To apply for a loan, you can either stop in, call or go online to complete an application. As always, if you have any questions, contact the credit union at (518) 372-0828 or by email at: mohawkprogfcu@empireone.net.
Personal (Signature) Loans
A personal loan, also known as a signature loan, is a loan for any valid reason. You may want to buy furniture or do some home improvement, pay your taxes, or consolidate your debts. Whatever the reason, you will find our rate of interest competitive. All members are eligible to apply. Check with us about limits, rates, requirements, cutoffs and disbursement.
VISA Classic, Classic Secured and Gold
It is everywhere you want to be and we want to be there too! Choose from our Visa Classic Card with limits up to $10,000 or our Visa Gold Card with limits up to $20,000. Our rates are very competitive. They are easy to apply for. Payroll deduction – a plus.
New Automobile, Truck and Motorcycle Loans
Up to 100% financing for up to 72 months is available. Check our new car cost guide and apply for credit approval before you go shopping. You will have better bargaining power. Compare rates. You’ll see at the credit union our rates are highly competitive. We will do our best to disburse your loan as soon as is possible once approved.
New Recreational Vehicle
They include boats, motor homes, campers and travel trailers. The credit union will loan up to 100% for up to 180 months depending on the amount being borrowed. Same great rates as our new auto and truck loans. We will do our best to disburse your loan as soon as is possible once approved.
Used Automobile, Truck and Motorcycle Loans
The credit union loans up to 100% of the NADA retail value for up to 72 months depending on the amount being borrowed. Used vehicles up to 3 model years old will receive the same great rate as our new vehicle rate. Give us a call to value the vehicle you wish to purchase or go to our web site to the Links page to value your vehicle on line. Competitive rates. We will do our best to disburse your loan as soon as is possible once approved.
Used Recreational Vehicle
Purchase a used boat, motor home, camper or travel trailer and finance it at the credit union. You’ll get the same great rates as our used auto or truck loans. We will finance up to 100% of the NADA retail value for up to 120 months depending on the amount being borrowed. We will do our best to disburse your loan as soon as is possible once approved.
Untitled New or Used Vehicle
This category of loans will typically include loans for the purpose of purchasing a new or used recreational vehicle that do not have a title issued to them. These vehicles will include 4 wheelers, snowmobiles, jet skis and other untitled vehicles. We will loan you up to 100% of the purchase price for new and up to 100% of the NADA retail value for used with up to 36 months to repay. Competitive rates. We will do our best to disburse your loan as soon as is possible once approved.
1st Mortgages
We have joined forces with a credit union mortgage corporation to provide you with mortgage loans that offer both competitive rates and convenience.We also now have available a mortgage broker to assist you with your mortgage needs. Whether you are looking to purchase a home or refinance, together we can meet your mortgage needs. Give us a call to set up an appointment with one of our mortgage specialists.
Home Equity Loan
The credit union offers both fixed and adjustable rate home equity loans. We loan up to 80% of the available equity for up to 15 years. For loans up to $175,000, you will close at the credit union and only need to pay the mortgage tax. For loans over $175,000, some closing costs may apply. Check with the credit union for all the details.
Home Equity VISA Line of Credit
This home equity loan gives you the same tax advantage as our other home equity loan, and gives you the convenience of a VISA Credit Card to access funds up to your available limit. With this home equity loan, we will loan you up to 80% of the available equity, give you 10 years to draw on it and 15 years to repay. Maximum limit is $175,000. As with our other home equity loan, for loans up to $175,000, you will only pay for the mortgage tax. Check with us about rates and other terms and conditions. We know you’ll be glad you did.
Share Secured
Borrow against the money you have saved or deposited in your accounts. You pay a nominal interest rate and get to keep your savings intact. You can borrow up to 100% of your savings balance and can have up to 120 months to repay. We can close on this type of loan rather quickly. Call ahead for same day disbursement.
Partial Share Secured Loan
A partial share secured loan is a loan where you have a minimum of 30% of the loan balance pledged as security for the loan. That amount will be held as collateral until that portion of the loan is paid. The interest rate charged on this type of loan will be the personal loan rate, discounted by 2.5%, with a minimum rate of 5%. Apply by 11:00 am and the funds will be available on the same day after 1:00 pm.
Stock Secured
We loan 75% of the value of any common or preferred stock. We offer a fixed rate up to 5 years. Over 5 years up to 12 years, we offer a variable rate of 1.25% over the prime rate as published in The Wall Street Journal. Stocks must be maintained at the credit union office while there is a balance on your loan.
Holiday Loans
Our Holiday loans have a limit of $2,500 with up to 12 months to repay. Minimum payment is $50.00. Great rate. Holiday loans are only available October through January. We will do our best to disburse your loan as soon as is possible once approved.
Vacation Loans
Our vacation loans have a limit of $3,500 with up to 18 months to repay. Minimum payment is $50.00. Great rate. Vacation loans are available all year round. We will do our best to disburse your loan as soon as is possible once approved.
Overdraft Protection
Overdraft protection automatically advances a loan to cover any share draft written in excess of your balance up to your approved limit. Choose from a $300 limit to $2,000 limit. Advances are made in $100 increments. Minimum payment is $50.00 per month. We will do our best to disburse your loan as soon as is possible once approved.
Vision Warranty Corporation
Since purchasing a vehicle is one of the most important investments you will ever make, the credit union now has available a warranty program to fit your extended warranty needs. Available on new or used vehicles purchased, this plan offers you three different levels of coverage. Choose from $0 to $100 deductible. These plans are also available on your currently owned vehicles. So, call the credit union for a quote and compare costs and coverages today.
Monthly Renewable Credit Life Insurance
Affordable life insurance for loan protection in case of a members death. The premium is added to your loan balance monthly, based on the unpaid balance of your loan. The maximum amount of loan balance insurable is $55,000. Ask about qualifications and restrictions.
Monthly Renewable Credit Disability Insurance
This insurance makes your monthly payments in case of an accident or illness. If you are disabled for more than 30 days, then the disability benefit will begin with the 31st day of disability. The premium is added to your loan balance monthly, based on the unpaid balance of your loan. The maximum amount of loan balance insurable is $30,000. Ask about qualifications and restrictions.