Americo Federal Credit Union offers an array of loans and payment options to best suit your financial needs. We will refinance most loans held by other financial institutions, however refinancing to a lower rate on credit union loans previously granted to members is not permitted.

Our main goal is to meet the financial needs of our valued members. Past credit history, ability to repay, outstanding obligations and acceptable security are some of the criteria our loan officers and review committee members consider when granting a loan.

Membership required to obtain an Americo Federal Credit Union loan. To be eligible to borrow, you must be at least 18 years of age, have some source of income. A co-signer is not required to be a member.

We offer a variety of loans that are either Secured or Unsecured. Vehicle loans, Home Equity loans, Second Mortgage loans, and loans secured by your shares are examples of Secured Loans. Personal loans, Overdraft Protection loans and Mastercards are examples of Unsecured Loans.

We give you many choices for repayment plans. We have coupon books available, automatic transfer, payroll deduction, cash payments and direct deposit. You can pay monthly, biweekly, semi-monthly or weekly. You tell us the time of the month most convenient for your payment to be due and direct us on which payment option best suits your needs.

How do I apply for a loan?
You must fill out the proper loan application for the type of loan you are requesting. Members can apply for a loan 24 hours-a-day, 7 days-a-week and receive a response within minutes, with our Online Lending Program. Loan applications can also be obtained at both offices of the credit union and at many of the payroll offices of our employer groups.

The credit union will also fax an application to you upon request. For secured loans you will need additional documentation depending on the type of security offered. For example, when borrowing for a new vehicle, you would need to bring the bill of sale, VIN number and insurance information.

How long does it take for loan approvals?
Most loans are approved the same day as they are received. For home equity and second mortgage loans, the approval time depends on how soon the appraisal can be completed and other necessary documentation is received.

How long do I have to be a member before I am eligible to borrow?
Once you become a credit union member, you can apply for a loan immediately.

MEMBER’S CHOICE Credit Disability and Credit Life Insurance
Credit Disability and Credit Life Insurance is available for eligible borrowers on most loans through CUNA Mutual Group. The premium is charged on a monthly basis on your unpaid balance. This added protection is there to give you peace of mind that your loan payments will be made in the event of disability or death.

MEMBER’S CHOICE® credit life and credit disability insurance is not an obligation of the credit union nor is it guaranteed through the credit union. MEMBER’S CHOICE® credit life and credit disability insurance is not federally insured and may involve investment risk. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Policy Agreement for a full explanation of the terms.