People Before Profits...

Since 1952

One of the basic functions of the credit union is the provision of loans to our members from the savings pool which fellow members have created. 

Freedom Federal Credit Union has developed a loan program that is generally more diverse and flexible than those offered by other financial institutions. Credit union loan finance charges are computed using the "simple interest" principle - that is, finance charges are assessed on the unpaid balance of a loan for the number of days that balance is outstanding. Loan payments may be made conveniently via automatic transfers from an existing deposit account and there is no penalty for prepayment of a loan.

When reviewing a loan request, the credit union utilizes the "4 C's" of credit granting to determine an applicant's credit worthiness. 

The "4 C's" considerations are: 

1. the character of the applicant, 

2. the credit history of the applicant, 

3. the capacity of the applicant to repay the money loaned and 

4. the conditions under which the loan is requested - both economic and applicant related conditions. 

Adherence to the "4 C's" of credit granting ensures that the credit union will grant good quality loans while protecting the member deposits with which loans are funded. 

Listed below are several of the major categories of loan types offered by the credit union. Click on any one of them for more information.

• Vehicle Loans

• First Mortgage Loans

• VISA Credit Cards

• Home Equity Loans

• Unsecured Loans

• Other Loans