Effective date as of March 1, 2023 and are subject to change without notice.
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A rate reduction of 1/2% will be given for any payment made by Payroll Deduction with Automatic Payment. If payroll deduction with automatic payment is discontinued, the APR will increase to the COUPON BOOK rate and any increase in the rate will result in more payments of the same amount until what you owe has been repaid.
Share Certificate Secured
All Share Certificate Secured Loans are adjustable rate. The index is the APR of a Share Certificate being used as collateral. If there is more than one Share Certificate being used as collateral, then the index will be the average APR of the Share Certificates being used as collateral. The index and monthly payment is subject to change each time a Share Certificate matures.
- The minimum payment on Check Credit Line and Overdraft loans is $40.00 or 2.00% of the monthly balance, whichever is greater.
- All auto, RV, and Boats, or other types of Collateral Loans, must list the Credit Union as mortgage/lien holder on the insurance policy, with a deductible amount more than $500.00. If title is required as collateral, it must show an encumbrance in favor of New Jersey Community FCU. A signature loan can't be combined with a car loan. Title and insurance must be received before any other loans can be approved.
- A credit check and debt ratio analysis will be done on all loan applications (except 100% Shares and/or Certificate Secured) and advances. FHA lending standards will generally apply to all loans.
- The Credit Union will determine the Annual Percentage Rate (APR) for each advance based on approximate loan term and Fair Isaac score* received from the credit reporting agency currently used by the Credit Union. The member has the right to know which credit union reporting agency the Credit Union used.