Credit Union Offers Better Rates, Terms on Loan Specials St. Thomas Newsroom October 8, 2010 The St. Thomas Employee Federal Credit Union is running several loan specials that offer better rates and terms than the normal loans that are always available to qualified members. Proceeds from new loans may not be used to pay off current loans at the credit union.The most current offerings include:Signature Special: $5,000 at 8 percent for up to five years, with the requirement of a Beacon (credit) score of 750. The Signature Special is ongoing.Fall Vehicle Special: 4 percent for a five-year vehicle loan, with a requirement of a Beacon score of 700 or higher. This loan can be adjusted up or down by .25 percent per year for loans of greater (new vehicle only) or less than five years, and can be decreased by another 1 percent if the vehicle is a hybrid. The Fall Vehicle Special requires that members have an approved loan application at the credit union by Tuesday, Nov. 23.Hybrid Special: This is an ongoing loan and provides for a 1 percent decrease on any of the credit union’s regular or special vehicle rates for the purchase of a new or used hybrid vehicle.Santa Special: This loan will be available from Nov. 29 through Dec. 21. This $1,000 loan will be available at 10 percent for a one-year term, and requires a Beacon score of 600. Applications are accepted any time, but the loans won’t be disbursed until after Thanksgiving.The special loans are all “no-exception” loans; the stated credit score is a must.Funds from a signature loan can be used for any legal purpose; funds from the vehicle loan can be used to purchase a new or used vehicle, to refinance a vehicle loan at another financial institution, or as a means of supplying funds for any legal means by using the equity in a vehicle already owned free and clear.The Signature Special and the Santa Special can be obtained even if the borrower already has a regular signature loan at the credit union. The $40,000 cumulative loan limit, however, is still in place.“The credit union is anxious to lend but, of course, is obligated to its members, who provide all the funds that we lend, and to the National Credit Union Administration, which insures the members’ funds, to lend prudently, and to follow our official policies,” said Adrienne Sturm, credit union manager and treasurer.Membership in the credit union is open to all regular employees of the University of St. Thomas, and St. Thomas Academy, and immediate family members of those employees. Loan applications can be requested, or can be picked up in the rack across the hall from the credit union office, Room 209, Loras Hall, any time that the building is open.More information about the credit union and its regular loan offerings is available on the credit union website, by e-mail, or by calling (651) 962-6660.