LLCU Holiday Loans
Holiday Loans will soon be here!
Online Early Bird Application:
Apply online at holidayloan.llcu.org from Oct. 14th - Oct. 21st
Funds will be dispersed by October 28th.
Regular Application Period:
You can still apply online or in-person from Nov. 7th - Dec. 3rd
Funds will be dispersed upon loan approval.
Let’s review the details!*
- Borrow up to $1,500: Amount based on credit score.
- Credit Score ran on all applicants.
- 12-month term.
- 16.6% APR.**
- Limit 1 loan per member.
- Must be an LLCU member for 1 year to qualify.
- Direct deposit to LLCU account for minimum of 90 days required.
- Must set up automatic loan payment from direct deposit.
* Holiday Loan Qualifications and Restrictions: Must be LLCU member for a minimum of one year. Limit 1 loan per member. (If there are 2 people on an account and both have direct deposit, they can combine the amount they qualify into one loan). All applicants will have a credit report ran and the amount of the loan will be determined accordingly. Member must have had Direct Deposit for a minimum of 90 days. Historical direct deposits must be enough to cover amount of new loan payment. Must set up Automatic Payment from the Direct Deposit. Must be in good standing with LLCU (member considered “Good Standing” if he or she is less than 20 days delinquent on his/her loans or if checking account has not been overdrawn for 20 days or more.) Must also qualify for overdraft protection. A $25 processing fee will be charged. Members with Collateral Protection Insurance (CPI) placed on any loans within the last six (6) months DO NOT QUALIFY. Additionally, unemployed members (including those receiving unemployment benefits) or members in active bankruptcy, DO NOT QUALIFY. If member has a holiday loan balance from previous year, it must be refinanced within this new loan. The refinanced balance will be deducted from the loan amount granted. *APR – Annual Percentage Rate. Loan APR of 16.6% based on a standard loan rate of 13.5% for a $1,525 loan (includes a $25 processing fee) for a 12-month term. Resulting monthly payment would be $136.62.