| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 47.1 | Limited experience indicates that "immediate" is tough | 36884::COLEMAN | Illegitimi non Carborundum | Fri Sep 11 1987 11:11 | 12 |
| Gene,
In my somewhat limited experience with attempting to get a loan
from DCU, I have found them to be fairly slow. Of course, they
can give you a "NO" pretty quick...;^) As far as a "YES" is concerned,
you might be all right with a spotless credit record, otherwise
you might have to have a go-round with the Credit Committee as the
are a "Conservative lending organization." If you have a good
reputation or rapport with a local bank, you might do as well (or
better) with them. Anyway, good luck.
Perry
|
| 47.2 | MINE TOOK A DAY | 24579::HONER | KEN HONER | Fri Sep 11 1987 13:12 | 5 |
| I recently took out a personal loan with DCU. I use some of the
money to pay off an older DCU loan. I received the "OK" the very next
day after I turned in my application to the PKO branch.
Ken
|
| 47.3 | Try a loan secured with stock | RSTS32::DELBALSO | I (spade) my (dog face) | Mon Sep 21 1987 13:53 | 23 |
| Loans secured with DEC stock are also quick and painless, provided you can,
and are willing to, do some legwork yourself. I wanted one a few weeks ago
and found that the "normal" procedure was to either send a request for
certificates to Investor Services via US Mail or send DECMail to
Investor Services @MSO, wait till the following Friday (when they send
a courier from Powdermill Road to Parker Street) and then get the check
from DCU, assuming you've already filled out the DCU application. I trimmed
several days off the turnaround. Drove to MSO from MK, handed them the
resuest for certificates, went back 48 hours later to pick up the certi-
ficates, hand carried them to Parker Street, drove back to MKO and had
a message waiting for me from the Credit Union to come pick up my check.
No problems with credit, etc. since they're holding your collateral - they
don't even do a credit check for this as far as I know. Of course, you
do have to have the collateral. Personally, I like this means of obtaining
ready cash. DEC stock tends to be profitable enough that the low cost of
the loan is a better deal than selling the stock. And besides, when the
loan's paid off, ya still got the stock! If you sell the stock and salt
away what you would have paid on the loan, it's not too likely you'd be
able to replace the stock with the savings. Also, the capital gains tax
on the sold stock could be more than the interest paid on the loan. And
I'd rather pay the credit union than Uncle Sam.
-Jack
|
| 47.4 | | GIANTS::KEANE | Brian Keane | Wed Sep 23 1987 10:38 | 11 |
| Yes, the stock-secured loans are great. I've taken two out
so far. When I went for the second loan, I already had the
certificates in hand from paying off the first loan, and
had my check within hours!
The only down side that I can see is that if the stock ever took a
serious dive, you have to give DCU more shares of stock to (re)secure
the loan. You might need to give them any new shares issued as
the result of a stock split as well, I'm not sure.
Brian
|
| 47.5 | <More info> | 38977::JOUBERT | | Thu Sep 24 1987 09:25 | 5 |
| As far as stock secured loans - when stock splits I have never had
to turn over to DCU the NEW shares. DEC, thru its agent, sends
them to me at my home address and they have remained in my possession.
All in all I have been satisfied with my DCU stock secured loan.
|
| 47.6 | | LJSRV2::KALIKOW | Cyberian-American | Mon Dec 05 1994 09:59 | 2 |
| What's the current rate of return on DCU savings accounts?
|
| 47.7 | | QUARK::LIONEL | Free advice is worth every cent | Mon Dec 05 1994 10:49 | 4 |
| 2.76% with APY of 2.8%. You can get this by calling DCU (DTN 223-6735 or
800-DCU-8797).
Steve
|