These loans are made for the purchase of vehicles and the borrower must secure the loan by assigning the credit union as the 1st lien holder on the title of the vehicle being financed. The credit union considers the a new vehicle to be current year & 1 year old. Any vehicle over 1 year old will be considered used. The maximum loan term is 6 years with approved credit.
The borrower uses an equal amount of their shares as collateral to secure the loan amount. The member's shares are "frozen". The specified amount of the shares is held by the credit union until the loan is repaid in full. The member continues to accrue dividends on the pledged shares and the frozen amount decreases in proportion to the outstanding amount owed on the loan each month.
These loans are made for the purchase of items that are considered "immovable", which may include farm equipment, ATV's, computers, appliances, TV's etc. The item being purchased will secure the loan, the credit union will secure a lien on the purchase with the clerk of court in the parish in which the member resides.
- Loan amounts between $200 to $1,000.
- The borrower must be a member of the federal credit union for at least 1 month.
- The term of the loan must range from 1 to 6 months.
- The federal credit union can charge an application fee only in the amount needed to recoup the actual costs associated with processing the borrowers application, up to $20.
- The PAL cannot be rolled over.
- Bayou Community Federal Credit Union additionally offers free financial counseling services to their members
These loans are made for the purchase of a watercraft and the borrower must secure the loan by assigning the credit union as the 1st lien holder on the title of both the boat and the boat trailer being financed. The credit union will secure a lien on the boat motor with the clerk of court in the parish in which the member resides. The credit union considers a new boat to be any boat that has never been titled, all others will be considered used.
This loan may consist of raw land or developed property. We will only consider loans in which we hold the 1st mortgage. The member is responsible for obtaining a current appraisal on the property. Rates will be determined at time of loan consideration.