Draft Line of Credit

Minimum Requirements

Membership to the Credit Union is required to receive any funds from our loan services. Member must be 18 years of age or older, have verifiable income, and a recent (within the last 30 days) Credit Report must be provided upon application or one will be pulled by the CU. Draft Line of Credit is only applicable for members with active checking accounts.

Account Specifications

1.  For members 18 years or older 
2. Member must have verifiable income 
3. Loan application must be filled out and signed by all applicants
4. Not available for Specified Accounts 
1. Business, Representative Payee, Custodial Accounts, and Teen Checking Accounts until the member has reached the age of 18
5. Maximum Line of Credit that may be borrowed is $500
6. Interest rate fixed at 18%
1. Simple interest is calculated until the balance is paid in full
7. Member may pay off entire balance at once or make monthly payments of $35
8. There is no collateral required for the loan 
9. Proceeds of the loan can be used for any reason at the discretion of the borrower(s)
10. No pre-payment penalties
11. Debt protection is available for single and joint members
12. Payment can be made via: 
1. Payroll deduction
2. Scheduled monthly transfers from other MACU accounts
3. ACH origination
4. Coupon book
5. Online banking