Loans

Loans

Loans! Loans! Loans!

At First Kingsport Credit Union, we are in the business to make loans to members. The concept that makes credit unions work for members is some folks save and some folks borrow. In the mix the credit union works to serve both. Without loans, the credit union could not make enough profit to pay dividends and expenses.

To apply for a loan at the credit union, you can come by the office or use the convenient loan application included on this web site. The site is safe and all loan applicants have the option to fax the application or send it via e-mail to our safe-site server. All loan applications are “worked up” the day the credit union receives them and most disbursements are made the same day of application. To speak with a loan officer call 423-224-2446 or 229-9363.

The credit union also offers it’s own VISA card program. At First Kingsport Credit Union when you have a VISA problem, you can call a loan officer for assistance. This is much better than having to talk to a stranger in who knows where!! At First Kingsport Credit Union there are no annual fees assessed and VISA credit card limits are liberal. To apply, use the web application or come by the credit union.

As a potential borrower, one must be a member in good standing with the credit union. This means that you must have the minimum share account balance of $25 and not have negative accounts or situations with the credit union.

All loans are subject to the approval of the credit union loan officers or the Credit Committee. The decision of the Credit Committee or loan officers can be appealed to the board of directors.

A member's total monthly payments for consumer debts cannot exceed 45% of the members (or joint) monthly income(s). This includes expenses for housing. Credit bureau reports will be required on all loan applications. The following elements are considered in making all loan decisions by our staff or the Credit
Committee: character, ability to repay, employment status, residence status, credit history, and collateral offered. The loan purpose can be for any productive reason. A full and complete loan application will be required on all loans. The member must also produce proof of income in the form of a pay stub or tax statement.

The credit union constantly monitors area rates in order to offer you the best rate possible on all loan types. Credit disability and credit life insurance coverages are also available at a reasonable cost to members who elect this coverage.

Any member who causes the credit union to incur a loss will forfeit their membership immediately.