Apply for a loan

You can stop by our office or mail your application to the Rapides Federal Credit Union, 612 Broadway Avenue,

Alexandria, Louisiana 71302 or email us at rapidesfederal@bellsouth.net.   (An incomplete or unsigned application may delay processing.)

Our Loan Policy

Rapides Federal Credit Union

It is the policy of the Rapides Federal Credit Union to comply with the letter and intent of the laws of the United States and the State of Louisiana and all regulations promulgated there under. This policy is specfically intended to include all facets of granting of credit and making loans, the handling and processing of credit applications, credit inquiries, information concerning interest rates, credit terms and cost of earning and penalties on shares and other requirements of the Federal Consumer Protection Act and associated regulations.

 

As required by law, membership in the Rapides Federal Credit Union is open only to individuals who are included in the field of membership, as defined any service of the Credit Union Charter. No member will be denied any service of the credit union due to discrimination because of race, color, religion, national origin, sex, martial status, or age (provided that applicant has capacity to enter into a binding contract). Loans shall be administered fairly among all members, based on an evaluation of the member's personal character, capacity to repay and collateral.

 

A borrower must be a member, within the defined field of membership, with at least one hundred and thirty dollars ($130.00) having been deposited or withheld form his/her paycheck.

 

As a general rule, the use of a co-maker as security should be on a limited basis. Should a co-maker become necessary, the co-maker should have shares to cover the loan or the capacity to repay. Consideration will be given to outside and/or other family income in determing ability to repay. No exception can be made to maxium terms as provided in the Federal Credit Union Act and further defined in the Credit Union Regulations.

 

How to repay...

 

The first monthly payment on a loan with maximum repayment terms must be scheduled within forty five days from the date of the loan, otherwise, the repayment term will exceed regulatory provisions and become deliquent.

 

 

The 5 C's

The Five C's of credit will be reviewed when considering a loan application: character, capacity, collateral, capital accumulation, and cirumstance, or economic conditions.