Credit Union Loans 

The money saved by ABE's members is in turn loaned only to those members.  Making loans to our members is one of the Credit Union's most important reasons for existing.   You  can calculate loan payments from our Info and Calculator page

Applying for a Loan: 
Click here, you will also need to fax your current pay stub to (516) 763-7555. You can stop by any Credit Union Office for an application, phone or write us and indicate what type of loan you need and how much money is required.  We will then ask you to fill out an application.  You may also download, print, complete, and fax the application to the above fax number along with your current pay stub.  The size of the loan granted will depend on what you plan to use the money for and your ability to repay.  We will always attempt to work it out with you and will never get you in over your head.  Sometimes a secured loan may be to your advantage, using the title to the car you want to buy or Credit Union shares, as security for your loan for example.  Keep in mind that the people you will speak with at the Credit Union want to make loans, keeping your best interests in mind.  Often we will make useful suggestions including the kind of repayment schedule that will fit your income and offer advice and information on how to make your money do the most for you.

Interest Costs: 
Our interest rates are as low as we can make them because this is a mutual non-profit organization.  Interest is charged only on the daily unpaid balance, not on the original amount of the loan.

There is no penalty if you want to repay in advance.   However, a minimum payment is necessary each month.

Loan Repayment:  
Most loans are repaid weekly, bi-weekly, semi-monthly, or monthly in equal amounts through convenient payroll deductions that make payments automatically and save you time and potentially interest.

Loans and Limits: 
Individuals can usually borrow an amount based on their annual income, credit history, and ability to repay.  The amount and term also depend on length of membership, employment, collateral, and other factors.

By law, Credit Union loans must be for a "provident and productive purpose."  The following are just a few that meet these requirement:  New and Used Cars, Boat, Motor and Trailer, Mobile Homes, Medical and Dental, Camper and Travel Trailers, Furniture, Appliances, Real Estate, Bill Consolidation, Home Improvement, Vacation, Education, and Training.