Borrowing from Your Credit Union

What You Need To Know Before You Borrow

Only members of the Princeton University Federal Credit Union may borrow from the credit union. The credit union grants new and used automobile loans, home equity loans, personal loans, and pledge shares loans. The minimum amount that may be borrowed or refinanced is $500.

Eligibility Guidelines

We determine eligibility based on:

• Credit worthiness
• Debt-to-income ratio (capacity to repay the loan) 
• Length and stability of employment
• Past credit history with the Credit Union
• Character

Loan Application Process

Loan applications may be obtained at at either credit union location, by calling 609-945-6200 (press 4 for loan dept.) or by E-mail at lending@PrincetonFCU.org. You may also use our  Online Loan Application.

After the application is completed and returned to the credit union office with proof of income, it will be processed and reviewed. Members will receive notification of loan approval or denial for personal and automobile loans usually within 48 hours. Home Equity Loans usually take at least 5 business days to process. Members' financial information is kept strictly confidential.

Loan Interest Calculation

On all loans, interest is calculated only on the unpaid balance. Generally, the credit union's rates are lower than those offered by other lenders. Check the current interest rates on all types of loans. There is no penalty for prepayment of any loan.

Loan Protection Life and Disability Insurance

Member-paid credit disability and/or life insurance coverage is offered at very nominal rates.

Loan Applicants

All loan applicants must be a member of the credit union. You must have your own Share Account to be a member. If you are a joint owner on a share of share draft account, this does not make you a member.

Loan Repayment Options

You may repay a loan through direct deposit, payroll deduction, or use a payment coupon book and pay over the counter, or by mail. If the loan payment is less than the amount you have already authorized to be withheld from your wages, the remaining funds are deposited in your share, or share draft account.

If you opt to repay through payroll deduction, you must complete an authorization form to change the amount being deducted from your paycheck. Once your loan is paid off, the same amount will continue to be deducted by your employer and deposited into your share/savings account.

Payments are due monthly. If you would like to apply extra money to your loan you may do so. You will pay the loan off sooner and save on interest.

Online Loan Application

We do business in accordance with the
Federal Housing Law and the Equal Credit Opportunity Act.