The applicant must be a member of the credit Union for six months before their signature limit can be honored.   Additional signatures may be used to increase the loan application.  There is a $15qq1.00 loan application fee,

     A co-signer must be able to prove their ability to repay the loan in full if the loan applicant defaults. 

       Loans are made only to members of the Credit Union.   Loan arrangements may be made in person or by telephone.   Repayment can be simplified by convenient payroll deduction, and additional payments may be made at any time without prepayment penalties.

      Loans are available for most consumer purposes.   Interest rates are competitive and will differ according to the purpose of the loan and collateral offered.

      When a member applies for a loan, the application will be evaluated according to the following factors:

1.   The credit record of the member.

2.   The ability of the member to repay.

3.   Collateral offered by the member.

4.   Debt to income ratio.

      Full insurance coverage must be provided on the vehicle for the life of the loan, with a copy of said insurance in CAPE's possession.   CAPE Credit Union will be listed as the loss payee on the insurance policy.   The title will also be kept in CAPE's possession with CAPE Credit Union listed as the lien holder.

      A copy of the sales contract or bill of sale must accompany your loan application.

      Demonstration and executive model vehicles are included.

      On all terms of loans, we will lend up to 100% of the sticker price.

     To be eligible, you must be actively at work and performing all the usual duties of a full time occupation for wages or profit for 25 hours a week or more on the date of any advance and you must be under the eligiblity age on the date of the loan.

      We hope you will ask for disability insurance when you get your next loan.

      This provides protection on the lives of the members.   The amount of protection is based on the unpaid balance of their loan.   A member is covered for up to a loan balance of $30,000.00 per member.   Any amounts over this amount will be considered a loan in excess, and will not be covered.   This coverage decreases in dollar amount as the loan is being paid, by the amount of the principle paid.