Loan Rates and Terms
Effective June 12, 2004

Cook Area Credit Union offers loans of all types:

• New Car Loans are currently at 5.50% per year
• Used Cars are at 6.50% per year
• Line of Credit Loans are available for as little as 8.75% per year
• We also offer Home Equity and Home Mortgage Loans at 5.50% per year
• Members may reduce their interest rate by ¼ percent by having their payment transferred from their share or draft account automatically
• We will also grant loans which are a combination of Signature and Security Agreement and the rates are 7.75%-16.50% depending on how much of the amount borrowed will be covered by collateral.

Cook Area Credit Union offers VISA Credit Cards with no annual fee and a low rate of interest.

Our overdraft protection loans will cover your account should you overdraw due to an emergency or an error in your checkbook. The amount of overdraft protection is determined at the time of application.

Payment options include monthly, semi-monthly or single pay notes for 30, 60 or 90 days or 6 months or one year.

A member may prepay his or her loan at any time. The amount of interest paid will be for the time borrowed only.