St. Thomas Employee Federal Credit Union Has Money to Lend St. Thomas Federal Credit Union March 8, 2013 The St. Thomas Employee Federal Credit Union, with membership open to any UST employee and their immediate family members, has a surplus of money to lend to credit-worthy members.The credit union offers vehicle loans for cars, trucks and motorcycles at competitive rates, and is offering a “Let’s Make A Deal” rate both for refinancing currently owned vehicles and for the purchase of new or used vehicles.Regular signature loans with a cumulative limit of $3,000 are available to any member with acceptable credit, and an additional $5,000 is being offered to members with Beacon (credit) scores of 700 or higher.Rates for all these loans are calculated using the member’s Equifax Beacon score as part of the equation. The higher the credit score, the lower the rate. To see basic rates, which will be modified for each individual member, see the credit union website and click on “Savings and Loan Rates” on the left side of the page. Keep in mind that these rates are higher than what borrowers will pay – all rates currently are discounted based on member credit.Payback on loans can be arranged conveniently using UST payroll deduction.The credit union has a $40,000 cumulative loan limit for any one member at any one time and is responsible to all its members to lend prudently. It must follow guidelines mandated by the National Credit Union Administration, the U.S. governing body that oversees insurance on all credit union funds.Interested in credit union materials? The credit union will have a passive display at the Human Resources Fair on Tuesday, March 12, in Minneapolis and on Wednesday, March 13, on the St. Paul campus. Stop by and help yourself to membership cards and information, loan applications, or payroll-deduction authorizations for both savings and loan payments. These same materials also are available in the rack across the hall from the credit union office in Room 209, Loras Hall (accessible any time the building is open), or by phone, (651) 962-6660, or email request.Do remember the credit union when you need to borrow – the credit union appreciates your business. The credit union, like all credit unions, is member-owned, and funds are federally insured to at least $250,000 per member and are backed by the full faith and credit of the U.S. Government; currently, the credit union has a $100,000 limit on funds it will accept for deposit from any one member; all loans are funded with deposits of other members.For more information call the credit union, (651) 962-6660, email, or stop by the office in Room 209, Loras Hall. The office is open from noon to 3 p.m. Mondays, and from 10 a.m. to 1 p.m. Tuesdays, Thursdays and Fridays.