At BEE Federal Credit Union, we offer many different types of loans to meet the needs of our members. Check out some of what we offer below:

1) EDUCATION LOANS

• Members who are interested in taking course work at a college, university or trades school can apply for an Education Loan……click here for a Loan Application
• An Education Loan can be used to pay for tuition, books and class fees incurred for the member to take course work.  The loan cannot be used to pay for education costs associated with anyone other than for the member.
• Members must complete a BEEFCU loan application and provide proof of income such as paystub, W-2 or tax forms.
• Members must provide one or more of the following documents to support their application for an education loan:
  • Copy of tuition reimbursement program form approved by the WCPS (if the member is a WCPS employee)
  • Copy of tuition, fees and books invoice from an accredited college, university, or trades school
• If tuition, fees and books invoice has already been paid by the member, then an authorized copy of the institution’s paid invoice must be provided.
• If the tuition, fees and books invoice has not been paid as of yet, then the BEEFCU check will be made payable to the member and the institution jointly.
• Only one Education Loan will be issued to a member at a time. Any current Education Loan must be paid-in-full before another Education Loan can be applied for.
• The rate of interest is based upon your credit score…click here… to check out our great interest rates on an Education Loan!
• Maximum loan term is 24 months.
• The maximum Education Loan Amounts
• A loan processing fee of $40 is charged

2) SIGNATURE (unsecured) LOANS

• Members are eligible to apply for a maximum of 12% of their annual gross income…..click here for a Loan Application
• The maximum Signature (unsecured) loan amount is $12,000 and the amount is based upon the member’s credit score:
  

  Credit Score	12% of Annual Salary, up to a maximum of (+- a variance of $100):†
  Under 550	$2,000
  550 – 599	$3,000
  600 – 649	$5,000
  650 – 699	$8,000
  700+	$12,000

  † – maximum for new members and members without a loan history are lower. Please call our Loan Department for any questions, 410-548-9351.

• The rate of interest charged is based upon a member’s credit score. Loan Rates
• Loan Terms vary depending on the amount of the loan

• The interest rate on an unsecured loan for members who do not have a credit score will be the current maximum rate charged on an unsecured loan. Loan Rates
• A loan processing fee of $40 is charged.
• NOTE: Loan amounts up to 12% of the combined salaries of borrower and co-borrower may be made, up to a maximum of $12,000.00.

3) VEHICLE LOANS

New Vehicles: Automobiles, Motorcycles, Boats, Motor Homes, Travel Trailers, etc……click here for a Loan Application

• Rate of interest based on the borrower’s credit score. Loan Rates
• Maximum loan – 98% of the MSRP sticker price of the vehicle as determined from the dealer’s buyers order up to $65,000
• Borrower must carry and maintain collision insurance with a minimum of $500 deductible and provide evidence of insurance to BEEFCU
• A copy of the dealer’s buyers order must be submitted with the loan papers
• A loan processing fee of $40 is charged
• Loan Terms

Used Vehicles: Automobiles, Motorcycles, Boats, Travel Trailers, etc……click here for a Loan Application

• Rate of interest charged is based upon the borrower’s credit score. Loan Rates
• Maximum loan – 95% of NADA Used Car Guide
• Borrower must carry and maintain collision insurance with a minimum of $500 deductible and provide evidence of insurance to BEEFCU
• A copy of the invoice from the dealer must be submitted with the loan papers
• If vehicle to be purchased from other than a dealer the following documents will be required:
  • Bill of Sale which includes make, model, year, VIN, optional equipment, mileage, sales price…… click here for Bill of Sale form.
  • Recent picture of the vehicle
• A loan processing fee of $40 is charged
• Loan Terms:
  • 1 – 4 YEAR OLD Vehicles
    • $10,000 to $35,000   Maximum – 72 months
    • $35,001 +                    Maximum – 84 months
  • 5 YEAR AND OLDER Vehicles
    • $10,000 to $35,000  Maximum term of 60 months
    • $35,001 +                    Maximum term of 72 months

• NOTE: Loans will NOT be made on any vehicle with a Salvage Title.

Refinancing a Vehicle: pay-off your current vehicle loan

The following information is required:

• • Completed BEEFCU loan application…….click here for a Loan Application
  • Verification of income – current pay stub, W-2, or income tax forms
  • Insurance information – Company, Agent, Policy #, Phone #
  • Title to the vehicle
  • Recent picture of the vehicle
  • Verification of where the vehicle is currently financed, ie. statement/payment book
  • Full description of vehicle including current mileage
  • Pay-off amount that is good for 10 days

4) SHARE SECURED LOANS

• The Credit Union will lend dollar for dollar 100% of unencumbered shares (savings) account balance. The amount of the unpaid principal of the loan must be maintained in the shares (savings) account until the loan is paid off
• The rate of interest charged is disclosed in our rate sheet. Loan Rates
• No loan processing fee will be charged

HOW DO I APPLY FOR A LOAN:

Simply complete our Loan Application and provide “proof of income”.  Designate the type of Loan for which you are applying.  We will review the information you provide and in most cases require a credit report from a credit reporting agency.  After our review we will contact you if additional information is required.

(click here for a Loan Application)

LOAN PAYMENT OPTIONS:

Payroll Deduction

• • Payroll deduction is available for loan payments for all Wicomico County Public School and Wicomico County Government employees

Electronic Funds Transfer (EFT)

• • A borrower may elect to make loan payments from their external accounts in banks or other financial institutions via EFT by simply completing an EFT form. EFT Form

10 Month Employees

Borrowers who are 10 month employees of Wicomico County Public Schools will only make 10 monthly loan payments per year (October 1 through July 1), however, interest for the months of July and August will continue to accrue and will be taken from the first payment made on October 1 of each year

Members combined outstanding loan balances on Signature (unsecured) and Vehicle (secured) loans shall not exceed $100,000 {excludes share secured loans}