The Loan Officer/Credit Committee, which reviews and evaluates loan applications, has the responsibility and authority to approve or reject any loan application, and to rule on any emergency, or to grant any amount exceeding the maximum upon review and considered judgement.
The Credit Union will require a computation of debt ratio on all loans, this debt ratio must not exceed 45%
Rates are current as of January, 2020 and are subject to change without notice
New Vehicle and Boat
Up to 100% of Cost for Up to 72 Months
| Credit Score |
APR |
| 720 -850 |
Excellent |
4.75% |
| 700 - 719 |
Very Good |
5.50% |
| 675 - 699 |
Acceptable |
6.50% |
| 620 - 674 |
Uncertain |
7.50% |
| 560 - 619 |
High Risk |
8.50% |
| 500 - 559 |
Extreme High Risk |
9.50% |
Used Vehicle and Boat
Up to 100% of cost for cars newer than 3 years for up to 72 months
Up to 90% of cost for cars older than 3 years for up to 60 months
Maximum age of used vehicle cannot exceed 7 years
| Credit Score |
APR |
| 720 -850 |
Excellent |
5.50% |
| 700 - 719 |
Very Good |
6.50% |
| 675 - 699 |
Acceptable |
7.50% |
| 620 - 674 |
Uncertain |
8.50% |
| 560 - 619 |
High Risk |
9.50% |
| 500 - 559 |
Extreme High Risk |
10.50% |
Used titled vehicle and boat loans for 60 months must be amounts greater than $20,000
Education
Maximum of $15,000.00 up to 48 months 7%
Pledged
Up to 60 months maximum 4.25%
Personal/Unsecured
Unsecured loans cannot be refinanced unless 50% matured: Maximum term 48 Months
| Credit Score |
APR |
| 720 -850 |
up to $15,000.00, no co-maker necessary |
9.75% |
| 700 - 719 |
up to $10,000.00 no co-maker, over $10,000.00 co-maker needed |
10.75% |
| 675 - 699 |
up to $5,000.00 no co-maker needed, over $5,000.00 co-maker needed |
11.75% |
| 620 - 674 |
up to $2,500.00 no co-maker, over $2,500.00 co-maker needed |
13.25% |
| 560 - 619 |
acceptable co-maker only |
14.00% |
Home Equity
Beginning May 1, 2009 Home equity loans - Prime plus 1%
The Cambridge Municipal Employees Federal Credit Union offers Home Equity lines of credit up to the amount of $100,000.00
The following details apply:
- Interest rate is variable, rate is PRIME PLUS ONE POINT, adjusted quarterly, as published in the Wall Street Journal on the first business day of the month preceding each quarter, (March, June, September, & December).
Current rate is 9.50%.
- The Property must be located in Massachusetts
- The property must be owner occupied. If property is a second/vacation home, B-O-D approval is required.
- The Credit Union must be listed as a mortgagee.
- Loan-to-value ratio ma not exceed 80%
- Draw period shall be 10 years with an additional 10 year pay-off period.
- Life insurance on any member is for a maximum of $20,000.00. Any balances above this limit is not insured by the credit union.
- A current appraisal of the property obtained by the Credit Union is required
Application Process:
Return completed application along with:
- A copy of deed to property.
- A copy of your most recent mortgage statement showing current balance.
- A copy of your tax bill stamped paid from your cit/town hall.
- An insurance binder for an amount equal to or exceeding the balance of your first and second mortgage and listing this credit union as second mortgagee.
FLOOD INSURANCE COVERAGE IS REQUIRED IN FLOOD HAZARD AREAS.
Debt Consolidation
Beginning April 1, 2023 - 9.75%.
Maximum amount of $10,000 if credit score warrants for four years.
Hardship Loans
Maximum amount of $2,000 up to 12 months - 14%
To help prevent a debt spiral for credit union members, when a specific emergency event creates a financial problem that can be alleviated with a short-term loan. This process can only be used after regular loan process has been exhausted. Available to members who are in good standing with the Credit Union. Loans are repaid through direct payroll deduction.