This loan complements your exisiting main loan. The One Year Term loan allows members to apply for a loan which has to be repaid over one year. It also has to be cleared completely before any further loans can be considered.
The amount is based on ability to repay which can restrict the amount.
This is especially beneficial for those who purchase, for example, season tickets or car insurance.
The interest rate is 9.4% APR (0.75% per month on the reducing balance).
For full loan policy follow the link https://dumbartoncreditunion.org/login/uploads/One~year~term~loan~policy.docx