Loan Programs

Welcome Federal Credit Union is an "Equal Opportunity Lender", making loans without regard to race, color, religion, sex, national origin, marital status, or age.

Refer to the following topics for specific information about the loan programs we offer:

How to Apply for a Loan

You can apply for a loan as soon as you join Welcome Federal Credit Union. Applicants must meet the Credit Union's criteria for credit worthiness (i.e., good current and past credit history, satisfactory debt ratio, good employment status, etc.).

We offer several ways to apply for a loan with Welcome Federal Credit Union. If we have a Loanliner application on file for you, you may not be required to complete new forms. Please contact your branch for more information.

If you need further assistance, phone one of our loan experts or call us toll-free at 1-888-932-8148.

Types of Loans Available

Personal Loans

Share Secured Loans

Certificate Secured Loans

Car Loans

PC Equipment Loans

Real Estate Loans (Home Equity and Land loans are restricted to real estate located within the state of North Carolina)

Personal Loans

Line-of-Credit Loans

  • Credit limit = $1,000.00 up to $10,000.00, based on credit worthiness and 10% of gross annual salary not including overtime, bonuses, etc.

Overdraft Line-of-Credit Loans

  • Available protection on your "Credit Union Checking" account
  • Protect yourself by avoiding check returns and non-sufficient funds fees
  • Credit Limit = Up to $10,000.00
  • Payment is automatically deducted from your checking account.

Holiday Line-of-Credit Loans

  • Credit limit between $1,000.00 and $2,500.00, depending on credit worthiness
  • Advances can be made between October 1 and January 31 of each year.

Summer Vacation Line-of-Credit Loans

  • Credit limit between $1,000.00 and $2,500.00, depending on credit worthiness
  • Advances can be made between May 1 and August 31 of each year.

Debt Consolidation Loans

  • Amount = Up to $10,000.00 per member
  • Paid-in-full receipts are required for all debts consolidated.

Tax Relief Line of Credit Loans

  • To assist you when you are required to pay taxes
  • Amount = Up to $10,000.00 per member
  • A copy of tax return form or tax invoice/bill is required prior to disbursement of loan proceeds.
  • Includes taxes due to the following revenue collecting agents: Federal, State, County, or City.

Disaster Loans (Disaster is defined as fire, flood, tornado, hurricane, wind, water, earthquake, etc.)

  • Amount = Up to $10,000.00 per member
  • Documented proof of the insurance claim may be required
  • Disaster loans are "interest-free" for the first 365 days.

Bridge Loans

  • If you are expecting an influx of funds within 90 days, but need the money now, we have the help you need. If your funds are coming from a verifiable source, we may be able to loan you the money with a bridge loan.
  • A few examples of acceptable verifiable sources of income are: insurance settlement; inheritance; divorce settlement; estate settlement, etc.

For more information about personal loans or to obtain an application for this loan, you can either print our loan forms from this web site or call or stop by any of our branch offices.

Share Secured Loans

  • The amount secured will be the amount equal to the outstanding loan balance plus interest. (As the principal loan balance is repaid, those dollars then become available to you should you want to withdraw them.)
  • Share Certificates, Christmas Club Accounts, Money Market Savings Account, and Individual Retirement Accounts do not qualify for share loans.

For more information about share secured loans or to obtain an application for this loan, you can either print our loan forms from this web site or call or stop by any of our branch offices.

Certificate Secured Loans

  • If you have invested your money in a WFCU Share Certificate and need the funds before the maturity date, we have a loan option for you. You can borrow up to 90% of the certificate amount and pledge your certificate as collateral.

For more information about certificate secured loans or to obtain an application for this loan, you can either print our loan forms from this web site or call or stop by any of our branch offices.

Vehicle Loans

New Automobile, Truck, Recreational Vehicle, Boat, and Motorcycle Loans

  • Amount financed is based on approved credit, individual circumstances, and the value of the vehicle as established by the vehicle's sticker price, MSRP, or Kelley Blue Book value. For additional information, call or stop by any of our branch offices.
  • Taxes, license fees, and warranties may also be financed.
  • All vehicles up to one year old will be financed as "new" (ex., all 2010 & 2011 models will be financed as new for the entire year of 2011).
  • Take advantage of Anytime Advisor New Car Buying Coach. Click here for more information.

Used Automobile, Truck, Recreational Vehicle, Boat, and Motorcycle Loans

  • Amount financed is based on approved credit, individual circumstances, and the value of the vehicle as established by the N.A.D.A. Official Used Car Guides depending on year, model, and condition of vehicle. For additional information, call or stop by any of our branch offices.
  • Taxes, license fees, and warranties may also be financed.
  • Take advantage of Anytime Advisor Used Car Buying Coach. Click here for more information.
  • When you're buying a used car, a CARFAX Vehicle History* report can be a valuable resource. Although a used car looks great and the price is right, a vehicle history report will provide important insight on a car's potential hidden problems. Currently, a vehicle history from www.CARFAX.com costs $34.99. We are offering each report at half price - $17.49 each! For more information, phone your branch and ask to speak to one of our loan experts.

* Welcome Federal Credit Union assumes no responsibility and is not liable for any loss or injury caused in whole or part from data provided by CARFAX. Members voluntarily choose to use CARFAX as a source of information. This information may contain errors and omissions. Members agree to indemnify and hold Welcome Federal Credit Union harmless from any claims, suits or damages, either direct or indirect, arising out of the member's use of CARFAX.

Green Vehicle Loans

  • Go Green with a U. S. Government Environmental Protection Agency (EPA) designated SmartWay® vehicle and we'll reward you with a discounted loan rate. The rate discount is based on the vehicle's EPA designation at the time the loan is granted* and will be applied to the approved loan rate determined by the Credit Union in accordance with our Risk-Based Lending Policy.
  • The EPA rates vehicles on calculated greenhouse gas emissions and fuel economy. The most environmentally friendly vehicles receive a SmartWay® or SmartWay® Elite designation. You'll be surprised at how many vehicles qualify for the EPA's SmartWay® rating, not just hybrids and small cars.
  • The Green Vehicle Loan offers discounted loan rates for fuel efficient and eco-friendly new and used vehicles** with a SmartWay® or SmartWay® Elite EPA designation.
  • Vehicles with SmartWay designations are denoted on the following web site with the SmartWay® logos:

http://www.epa.gov/greenvehicles/Index.do

*Vehicles currently financed with Welcome Federal Credit Union can be refinanced if the current equity and new loan advance are at least $500.00.

**Some restrictions apply. If the vehicle is not listed with one of the SmartWay® designations on the EPA website, the discounted rate will not be applied.

Luxury Vehicle Loans

  • Luxury Vehicle loans are for loan amounts of $40,000.00 and over.
  • Luxury vehicle status will be determined by the mileage category as stated in the N.A.D.A. Official Used Car Guide as a Class IV or Class V vehicle. Newly marketed luxury vehicles are listed on the Kelley Blue Book web site.
  • New amount financed is based on approved credit, individual circumstances, and the value of the vehicle as established by the vehicle's sticker price, MSRP, or Kelley Blue Book value. For additional information, call or stop by any of our branch offices.
  • Used amount financed is based on approved credit, individual circumstances, and the value of the vehicle as established by the N.A.D.A. Official Used Car Guide, depending on year, model, and condition of vehicle. For additional information, call or stop by any of our branch offices.
  • Taxes, license fees, and warranties may also be financed.
  • All vehicles up to one year old will be financed as "new" (ex. all 2010 & 2011 models will be financed as new for the entire year of 2011).

Classic Auto Loans

  • Amount financed is based on approved credit, individual circumstances, and the low retail, average retail, or high retail value as defined by the NADA Classic Cars Appraisal Guide. For additional information, call or stop by any of our branch offices.
  • Cars considered as Classics must be listed in the NADA Classic Cars Appraisal Guide.

For more information about vehicle loans or to obtain an application for this loan, you can either print our loan forms from this web site or call or stop by any of our branch offices.

PC Equipment Loans

  • Amount = Between $250.00 and $5,000.00
  • Loans are made for the purchase of new PC equipment and any software that's bundled with the purchase.
  • Member must furnish a copy of the computer invoice, bill, or a receipt for loan file.

For more information about computer loans or to obtain an application for this loan, you can either print our loan forms from this web site or call or stop by any of our branch offices.

Real Estate Loans

Home Equity loans and Land loans are restricted to real estate located within the state of North Carolina.

Residential Mortgage Loans

If you're looking for a new home or just some extra cash, we're got a custom mortgage loan made especially for you. The best options, great rates, and someone you trust to guide you!

Property nationwide is eligible. (Property in Puerto Rico is excluded.)
  • Purchase or refinance your current mortgage loan.
  • Eligible property is one to four family dwellings including condominiums, townhouses, *modular homes, and *double-wide manufactured homes. (Investment or rental property, commercial farm property, commercial property, second homes, vacation homes, and construction loans are not permitted.) All properties must be owner-occupied, primary residence. *Restrictions apply.
  • First-time home buyer program.
  • Government loans (FHA, VA).
  • Fixed and Adjustable rate loans.
  • Cash-out refinances.
  • The Credit Union Mortgage Resource Center works only with Credit Union members and has over 25 years of experience within the Credit Union community.
  • You'll receive the Credit Union standard of professional, friendly, and courteous service.
  • For more information, call the Mortgage Resource Center toll-free at 1-866-356-7449 or visit the web-site at welcome.mtgresourcecenter.com.
  • Take advantage of Anytime Advisor Home Buying Coach. Click here for more information.

Land Loans

  • Amount = Up to 90% of the actual selling price or up to 90% of the appraised value, whichever is less
  • Land financed is restricted to undeveloped, single-family dwelling, residential building lots.
  • You can use this loan either to purchase land or use land you already own as collateral for a loan.

Home Equity Loans

We offer a beneficial, competitive home equity loan program for members. If you are interested in this loan program, please call your nearest Welcome Federal Credit Union branch office for detailed information.

For more information about real estate loans or to obtain an application for these loans, please call or stop by any of our branch offices.