Loans

Legacy Credit Union has several loan options for your convenience. Due to the Minor's Act, anyone under the age of 18 must have a parent or legal guardian as a cosigner. No new loans will be granted if the member has an existing delinquent loan. Any member who causes the credit union a loss will not be eligible to borrow from the credit union.

Signature loans
An unsecured signature loan may be granted for a maximum amount of $10,000.00. The length of time of repayments of a loan secured by signature only is limited to a maximum of 60 months. Our signature loans can help in areas such as bill consolidation, home improvements, medical bills and college expenses. If the purpose of this loan is to consolidate bills, checks may be made payable directly to the creditor.

Share Secure loans
Pledged share loans are limited in amount by the share balance in the borrower's personal or joint account. The length of time of repayment shall not exceed 60 months.

Mortgage loans
If you are buying a home or want to refinance your current home loan, contact the credit union. We offer fixed rate, first mortgage loans for borrowers who meet secondary lending guidelines.

Collateral loans
The credit union will accept all of the following items as collateral on loans such as:

  • Automobiles
  • Motorcycles
  • Boat, Motor and Trailer
  • Recreation Vehicles
  • ATV's
  • Stock Trailers
  • Storm Shelters
  • Lawn & Garden (Tractors/Mowers/ZTR's)

The value of new collateral loans shall be based on the Manufacturer's Suggested Retail Price (MSRP) supplied by the dealer. Values of used collateral loans shall be based on the clean retail price stated in the current month issue of the National Automobile Dealers Association (NADA) book. All collateral loans will be secured by a security agreement with the credit union listed as the lienholder on the title.

For any vehicle loan, the borrower is required to cover the vehicle with a collision and comprehensive insurance policy, with a maximum deductible amount of $500.00, naming this credit union as "loss payee" on said policy for the duration of the loan as specified on the Loanliner documents.

Credit Insurance Coverage
We also offer Credit Life Insurance and Credit Disability Insurance that can be conveniently paid through our level pay option right from your loan payment. Our insurance coverages are subject to certain age requirements and pre-existing condition limitations.

GAP Plus Insurance
Most cars depreciate by thousands of dollars as soon as they are purchased. If your vehicle is stolen, totaled in an accident or otherwise damaged beyond repair, you may be paying for something you can no longer drive. With GAP Plus Insurance, you will have the ability to have the difference paid that was not covered by insurance. Contact us for rates and requirements.

Electronic Deposit/Withdraw Payroll Deduction
Electronic deposit or withdrawal allows you to deposit or withdraw funds or make loan payments from your account here at the credit union or another financial institution. Use payroll deduction to save money, make loan payments or do both. You choose the amount you want to deduct and we will automatically deposit it into the account(s) of your choice.

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