*RISK BASED LENDING

WEPCO Federal Credit Union uses a risk based lending policy to determine a members interest rate. In grading a loan application, the credit bureau provides WEPCO Federal Credit Union with a calculated national risk score, which is then matched to a letter score of A, B, C, or D. Rates have been set according to a corresponding letter grade. The letter grade of an A would receive our best rate, while tier - B, C, and D grades would each receive a slightly higher interest rate.

The purpose in offering Risk Based loans is to help as many members as possible. We recognize that certain members represent more risk than others. We will not grant loans where the probability of repayment is very doubtful. We recognize the importance of managed risk. We also recognize we have members who are being charged extremely high rates with other lenders that we could help with a managed risk program, plus save these members substantial money while helping them rebuild their credit.

CLOSED END LOANS

Closed end loans have a specified term for pay back, a stated payment and a fixed interest rate.  An example of a closed end loan repayment would be 12 monthly payments of $88.38 at an APR of 11% for  $1,000 borrowed.  For specific calculations please contact a loan officer at any Credit Union office, or use our web site Loan Calculator.