Loan Products

Loan Products

From time-to-time almost everyone has the need for a personal loan for any number of reasons. Our signature loans offer you a convenient way to borrow funds for a variety of terms and applying is easy!

Worried about bouncing checks? Apply for our overdraft account and sleep tight!

For those that have money in a savings/share account, you can simply pledge those assets for a loan and pay less in interest.

UnsecuredTermAPR**Per $1000
Personal1211.00%$88.40
Personal2412.00%$47.09
Personal3613.00%$33.71
Personal4814.00%$27.34
OverdraftN/A16.00%N/A
SecuredTermAPR**Per $1000
Share Secured*304% Over***N/A

* Maximum loan is 90% of collateral
** Annual Percentage Rate
*** Over the rate paid on the account being pledged
All credit union loan programs, rates, terms and conditions are subject to change at any time without notice. Loan rates and credit approval may vary depending on each individual’s creditworthiness and underwriting factors.

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If you’re in the market for a new or used auto you’ll find that we offer some of the most attractive auto rates around. In fact, you can save yourself money shopping for a car by applying for a loan first and then go shopping as a cash buyer and negotiate a cheaper price!

Effective January 4, 2017

A+ABCDE
AutomobilesFICOFICOFICOFICOFICOFICO
Model YearsTerms730+729 – 700699 – 670669 – 630629 – 600≤ 599
Loan to Value105%105%100%100%90%80%
2017 – 2013722.49 – 3.993.75 – 4.494.75 – 5.707.00 – 8.908.99 – 10.9915.50 – 16.30
2012 – 2011603.75 – 4.254.25 – 5.255.10 – 6.007.60 – 9.209.99 – 11.9915.80 – 16.50
2010 – 2009604.25 – 5.995.25 – 6.995.40 – 6.208.30 – 9.6010.99 – 12.9916.10 – 16.70
2008 – 2007485.99 – 8.996.99 – 9.997.25 – 10.998.80 – 11.9912.99 – 14.9916.40 – 16.90

Max Loan $50,000.00 – Minimum loan $4,000

Rates and Terms subject to deal structure and underwriters discretion
Pricing based on the Experian auto specific score model
Applicants with a zero FICO score will be given a Tier C rate
All borrowers must be eligible for membership with the credit union
All members must open account with a minimum $25.00 deposit
POI may be required for loans with FICO scores < 650 or at Loan Officer’s discretion
Valid MA or NH issued Drivers License required
Warranties: Limited to $2,000 / 4×4’s $2,500
Warranties must cover half the term of the loan
GAP coverage premium is limited to $750.00
LTV – Advance = Purchase price* + title & license divided by NADA Retail
Purchase Price includes all after sale add on products
Maximum odometer mileage on vehicle of 130,000, exceptions reviewed on a per deal basis
Loan Origination fee of $250 for all FICO scores < 600
VSI fee of $100 for A, B & C tiers and $200 for D & below required on every loan
No salvage, rebuilt, TMU, hail, flood, branded titles or Lemon Law returns

Flat Fee Schedule: For eligible contracts with FICO scores 650 & above

Finance Amount
$5,000 – $7,499 = $100
$7,500 – $9,999 = $175
$10,001-$14,999 = $225

Finance Amount
$15,000 – $19,999
$20,000 – $39,999
$40,000 +

Flat Fee
$350.00
$425.00
$500.00

Lien holder and Insurance Address:

River Works Credit Union 947 Western Ave Lynn, MA 01905

Massachusetts lien holder code: CO1389

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We offer an attractive array of home equity programs designed for your specific needs. The Home Equity Programs may be subjected to closing costs. Both loans and lines of credit have a $25,000 minimum loan amount and a maximum of $250,000.

Home Equity Line of Credit

Our home equity line of credit allows you to access the equity in your home for any purpose you want, whenever you want. You only pay interest on the balance outstanding and as you pay down your balance you credit limit is freed up for future purposes.

The rate on our Line of Credit is tied to the prime rate on the last business day of the previous month plus any margin your loan may have as indicated in the table below.

All Lines of Credit feature a 10 year draw period (most other institutions only provide a 5-year draw period) followed by a 15 year repayment plan.

Loan-to-ValueUp to 80.00%80.01% – 85.00%85.01% – 90.00%90.01% – 95.00%
Margin *0.00%2.50%3.50%4.50%
Rate4.00%6.00%7.00%8.00%

* The “Margin” is the amount added to the index (Prime Rate) to determine your interest rate.
The Prime Rate is 4.00%

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Home Equity Loan

All of our Home Equity loans feature a fixed rate for the life of your loan. They are ideal for those who already have a specific purpose in mind such as home improvements, debt consolidation, a wedding, a new car, etc.
The rates indicated below are for loans with a maximum loan-to-value of 80%.

TermRateAPR**Per $1000
10 Yrs6.256.25$11.23
15 Yrs6.506.50$8.71
20 Yrs6.756.75$7.60

** Annual Percentage Rate
All credit union loan programs, rates, terms and conditions are subject to change at any time without notice. Loan rates and credit approval may vary depending on each individual’s creditworthiness and underwriting factors.

Apply Now! Questions

We offer a full range of mortgage products for the purchase or refinance of primary homes, vacation homes or investment property. We can loan up to 95% and $900,000. Better still, unlike many institutions we service all of our mortgages so you won’t need to worry about your loan being sold and sending your payment to someone you don’t know.

All rates shown below are for refinancing of 1 to 4 family owner-occupied primary homes. Additional rate and point programs are also available on most products. Rates displayed are for conforming loan amounts.

Rate ProgramTermRatePointsAPR**Per $1,000
Fixed Rate15 YrsPlease Call!0Please Call!N/A
Fixed Rate20 YrsPlease Call!0Please Call!N/A
Fixed Rate30 YrsPlease Call!0Please Call!N/A
3/1 ARM30 Yrs3.33%03.096%$4.40
5/1 ARM30 Yrs3.55%03.233%$4.52
7/1 ARM30 Yrs3.77%03.416%$4.64

** Annual Percentage Rate
All credit union loan programs, rates, terms and conditions are subject to change at any time without notice. Loan rates and credit approval may vary depending on each individual’s creditworthiness and underwriting factors.

We also offer loans on light commercial properties. Please call for more specific information and for rates and terms available.

Apply Now! Questions

APR = Annual Percentage Rate
Rate determination is based on creditworthiness and may vary.
Additional restrictions may apply.
Rates are subject to change without notice.

Rates quoted are accurate as of April 24, 2017

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RWCU Rates

Today's Featured RatesFriday, June 23, 2017

Current Rates

as low as

11.00% apr

Personal Loan

as low as

2.49% apr

New Auto Loan

as low as

2.10% apr

Used Auto Loan

as low as

3.75% apr

HELOC

as high as

1.65% apy

CD's

as high as

1.45% apy

IRA