Loans FAQ

	Can I choose the amount of the personal unsecured loan?
	What kinds of loans does the program offer?
	Is it possible to apply for a loan online or over the phone?
	How does the home equity loan strike benefit work?
	Can relatives of union members use this program?

Q: Can I choose the amount of the personal unsecured loan?

A: Yes. You may request any amount ranging from $2,500 up to $25,000*. Depending on your credit rating, the approved amount may be less than the amount originally requested.

*Individual state restrictions may apply.

Q: What kinds of loans does the program offer?

A: The Union Plus Loan Program offers two types of personal unsecured loans: · A fixed-rate, fixed-term loan. With this loan, members borrow a specific amount of money, which is repaid in equal monthly installments (usually over four to seven years). The interest rate and monthly payment will not change for the term of the loan. · A variable rate line of credit. Provides check access to a standby credit line that members can draw on whenever they need it up to their available credit limit. The monthly payment amount depends on how much you borrow and will not change unless an additional advance is taken or the Prime Rate changes. The program also offers a home-equity loan with lower rates and potential tax savings (consult your tax advisor). This loan is available in amounts as high as $350,000 and is repayable within 15 years.

Q: Is it possible to apply for a loan online or over the phone?

A: Certainly. Members of participating unions may visit www.UnionPlusLoan.com or call 1-888-235-2759 to apply.

Q: How does the home equity loan strike benefit work?

A: The built-in strike benefit covers the member's home equity loan principal and interest payments. It is available to any member who is on strike or locked out for more than 90 days (provided the member has had the home equity loan for at least one year at the time of the strike or the lockout). The strike assistance benefit covers one-half of the loan payment and continues for up to three months. If the member is still on strike after the first six months, loan payments are not required from the member for the next three additional months. Accounts must be in good standing at the time this benefit is requested to be eligible.

Q: Can relatives of union members use this program?

A: Yes, provided the union member is the applicant, and belongs to a union that participates in the Union Plus Loan Program.