Loans 2020-03-25T21:56:23+00:00

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