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Personal Loans

Personal loans may be granted for various reasons, vacations, weddings, educational expenses, medical expenses, debit consolidation. The maximum you may borrow is determined by members' credit history, income to debt analysis, proof of stable income, ability to repay, employment history verification and a member in good standing for at least 90 days. These loans are made on your signature and need no collateral. Maximum of $12,000.00 may be borrowed at one time.

There is no prepayment penalty, we encourage good credit!!

Auto Loans

The credit union will grant loans for both new and used autos. A dealer's confirmation of sale must be submitted with the loan application. New cars will be financed up to 100% (not including taxes or motor vehicle charges). A used automobile will only be financed for 90% of the NADA book value (not including taxes or motor vehicle charges). The credit union must be named as lien holder on the certificate of ownership, and the title must be held by the credit union until the loan has been paid. Full insurance coverage, including collision insurance, must be carried by the borrower for the term of the loan. The insurance company must provide proof of coverage to the credit union within 90 days of loan closing. Without this coverage the credit union will obtain collateral protection insurance, which is expensive and covers only the loan balance. The expense will also be added to the loan balance.

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     2nd Mortgages

The credit union offers 2nd mortgages from five (5) to fifteen (15) years. There is a non-refundable fee of $450.00.The minimum amount to be loaned would be $10,000.00. The credit union can only do real estate loans on property in New Jersey.

Share Pledged Loans

Monmouth County Postal Employees Credit Union offers a share pledged loan to all of its members. A Share Pledged Loan is, a loan taken against the members share account. Based on the amount of shares in the members account.

Computer Loans

Technology keeps growing in an upward movement. The Credit Union recognizes this and wants to help its members keep up with the ever changing computer world. Now available are loans for that purpose. The Credit Union will lend up to $2,000 for 3 years.