All applications must be filled out completely and any collateral that is being offered must be clearly defined; including year, make, model, VIN number, and any other pertinent information. It is the member's responsibility to have the title encumbered if a vehicle is used for a secured vehicle loan.

You must maintain a savings/share account balance of at least 10% of the amount that you wish to borrow, up to $200.00 if the loan is above $2,000.00. This amount must remain on deposit until the loan is paid.

The unsecured personal loan limit is $3,000.00. A member must have collateral for any amount over the unsecured limit. The secured personal loan limit is $5,000.00. Loans can be financed for up to 48 months. When the loan balance falls below the unsecured limit, upon the request of the borrower, the security will be released following approval of the Credit Committee.

A member can refinance a loan only after making the required payments for 6 months. Members can apply for additional loans if the combined total of all personal loans does not exceed $5,000.00 and adequate collateral is offered. 

When applying for a secured personal loan, the member must provide all pertinent information related to the collateral being offered, such as make, year, model, proof of insurance, VIN numbers, etc. If a vehicle title is being used for collateral on a personal loan, the member will provide the title to Petrowax FCU to be encumbered, and the member is responsible for any title fees.

Loan payments and share deposits may be made by payroll deduction, cash, or by check. All checks should be made payable to "Petrowax Federal Credit Union."