Payroll Advance Loans
You can borrow up to $500 for 6 months.
Application fee: $20.00
Application packet: Click here to download packet (download & print)
Interest rate: 16%
Minimum requirement: Must provide most recent two pay stubs, receive a direct deposit, maintain a $150 deposit balance and have income of $1,000 per month.
Payday Alternative Loan Plus
You can borrow up to $1,000 for 6 months.
Application fee: $20.00
Application packet: Click here to download packet (download & print)
Interest rate: 28% or 27% with direct deposit
Minimum requirement: Must provide most recent two pay stubs, maintain a $50.00 deposit balance, be a credit union member for thirty days and have an income of $1,000 per month.
Signature Loans
You can borrow between $1,000 – $10,000 for paying bills, debt consolidation and purchases.
Application fee: $20.00
Application packet: Click here to download packet (download & print)
Terms: 6 months to 48 months
Interest rate: May range between 8% – 16%
Minimum requirement: Must provide most recent two pay stubs, proof of rent or mortgage, maintain a $50.00 deposit balance and demonstrate the capacity to repay the loan. To apply for a $10,000 loan, your credit score has to be 650 or above.
Credit Builder Loans
You can borrow between $150 and up.
Application fee: $10.00
Application packet: Click here to download packet (coming soon)
Terms: 6 months to 48 months
Interest rate: May range between 4.05% – 4.15% This loan is 100% secured by available funds in your share/savings account.
New and Used Auto Loans
SSCFCU will finance a new or used vehicle up to 90% of Kelley’s Blue Book value. The vehicle must be less than 7 years old. You can borrow up to $40K for a new car or $35K for a used car.
Application fee: $20.00
Application packet: Click here to download packet (download & print)
Terms: Ranges between 36 months and 72 months depending on the age of the vehicle.
Interest rate: May range between 3.25% – 16%
Minimum requirement: Must provide a vehicle description, most recent two pays stubs, proof of rent or mortgage, maintain a $50.00 deposit balance, be a credit union member and demonstrate the capacity to repay the loan.
Title “Alternative” Loans
You can borrow between $400 – $4,000 against the title to your vehicle.
Application Fee: $25.00
Application packet: Click here to download packet (download & print)
Terms: 6 months to $24 months
Interest rate: 16% or 15.5% with direct deposit
Minimum requirement: Must provide a title, copy of registration and insurance. Provide most recent two pay stubs, proof of rent or mortgage, maintain a $50.00 deposit balance, be a credit union member and demonstrate the capacity to repay the loan.
Micro Business Loans
Loans are available up to $15,000 for startup and existing businesses.
Terms: Up to 48 months at 10%
Application fee: $25.00
Application packet: Click here to download packet (download & print)
Fees: 3% collateral filing and processing
Requirements: Business must be a legal entity located on the South Side of Chicago (FOM). Must maintain $100 account balance. Loans over $5,000.00 must be collateralized by auto or cash, and complete a loan application. The process may take up to ten days after submitting a complete application.
Identification Requirements
South Side Community Federal Credit Union requires two pieces of identification, one Primary and one Secondary.
Primary
- Drivers License
- State Issued Identification Card
- Passport
Secondary
- Major Credit Card or Bank Card
- Employer ID
- School ID
- Voter’s Registration Card
- Military
- Firearm Owner’s ID
Youth Accounts
- State Issued Identification Card
- Social Security Card