Core Services

Loans (overview)

The RHCU offers six ways to borrow:

1. Signature Loans (unsecured) 
2. Personal Service Loans (unsecured)
3. Visa Cards
4. Car Loans
5. Mortgages
6. Swing or Bridge Loans
7. Tuition Lines of Credit

Signature Loans – Members can borrow up to $25,000, for qualified applicants, with no collateral required by signing a promissory note. A promissory note is a written promise to pay the bearer a sum of money at a fixed or determinable future time.

See loan rates for rates.

Personal Service Loans – Members can take advantage of a pre-approved revolving line of credit up to $25,000, for qualified applicants, with no collateral required. With Personal Service Loans, advances on the approved line of credit will be made with one day’s notice. Personal Service loans can be used as overdraft protection for your share draft account.

See loan rates for rates.

VISA CARDS - Visa Cards are available through RHCU with no annual fee and a $5,000 maximum card limit.

See loan rates for rates.

Members must demonstrate favorable credit reports in order to obtain any type of RHCU loan. Applicants for unsecured loans (no collateral required) must exhibit perfect credit histories.

Because it is often difficult to obtain credit reports at remote locations, the RHCU requires approximately two weeks to process applications for unsecured loans and even longer for secured loans (depending on how difficult it is for the Credit Union to secure collateral). Other related factors may also affect decisions to grant loans.

Car Loans
2006 changes in auto loans make it better than ever to borrow at your Rohm and Haas Employees Credit Union.

New Auto Loans – All titleable vehicles are included. 100% Financing Plus Tax and Tags – New cars may be financed up to the total price of the vehicle for up to 72 months (six years). Financing terms are 24-48 months, 49-60 months, and 61-72 months.

See loan rates for rates.

Used Auto Loans – All titleable vehicles no older than 5 years old are included. 100% Financing Plus Tax and Tags – RHCU will lend 100% on model year 2006-2007 used cars for a period of up to 48 months (four years).   90% Financing Plus Tax and Tags – RHCU will lend up to 90% of the purchase price of model year 2004-2005 used cars for a period of up to 36 months (three years).  80% Financing Plus Tax and Tags – RHCU will lend up to 80% of the purchase price of model year 2003 used cars for a period of up to 24 months (two years).

See loan rates for rates.

The RHCU does not finance cars older than 5 years. The vehicles themselves must serve as collateral (security) for all car loans.

Search for cars at PRICELINE.COM

Check the value of your used auto at www.nada.com/b2b
Login information:
Username: rohmhaas and Password: auto

See loan rates for rates.

Note: Purchase price cannot exceed the National Automobile Dealer Association's guidebook value.

Mortgages - Real estate loans are available in amounts up to $300,000 for up to 15 years. Collateral (security) for real estate loans can be in the form of other real estate, certificate of deposit, or savings in an RHCU account.

With real estate as collateral, RHCU will lend up to 80% of the documented equity in that real estate. That is to say the original mortgage on the collateral real estate and the new RHCU loan amount combined may not exceed 80% of value.

Home Equity Line of Credit (HELOC) – Members can also request a home equity line of credit which can be drawn from for a maximum of 7 years for up to 80% of the equity in their home. Payoff periods vary depending on the amount borrowed. See loan rates for rates for more details.

Members may also borrow up to 100% of funds in an RHCU savings account or certificate of deposit for up to a maximum term of 144 months.

The amount of the loan may not exceed 100% of savings in the Credit Union, and the funds remain frozen to the extent of the remaining balance of the loan.

See loan rates for rates.

Swing or Bridge Loans—From time to time, as financial conditions permit, RHCU may offer swing or bridge loans. These loans are available to members who must begin paying mortgages on new homes before selling their existing homes. Normally, home buyers need to sell one home to help pay for a new one. A swing loan provides the necessary funds until the old residence can be sold.

Tuition Lines of Credit—RHCU offers Tuition Lines of Credit to qualified applicants who are Rohm and Haas employees, or employees of other companies who offer tuition reimbursement. Payment of principal and interest are due six month from the date of each advance.

Please contact the Credit Union office for further details at:
215-592-2737.

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