IBEW Local 56 Federal Credit Union was chartered in 1961 - Once A Member ... Always A Member

Loan Specials

Flames Sizzling Loan Discount

Receive a 0.30%APR* Discount on All New Signature, Vehicle, Home Equity, and Mini-Mortgage Loans Issued Before September 30th

*APR=Annual Percentage Rate.  Borrower must receive at least 50% new money on Credit Union loan refinances except for Home Equity Loans which require at least $5,000 new money.  Discount not available on Signature Line of Credit Advances, Share Secured Loans, Share Certificate Secured Loans, and Back To School Loan Special.  Borrower must be a member for three months to qualify for a Signature Loan.  Subject to normal lending criteria: credit worthiness, lack of delinquency, ability to repay, and Credit Commitee or Loan Officer approval.  Loan must be disbursed on/or before September 30, 2020.  Home Equity and Mini-Mortgage Loans must have final Credit Commitee approval prior to September 30th and be disbursed no later than October 16th.


Back To School Loan Special

  • Available until September 25th
  • Borrow $500-$2,500 at rates as low as 5.49%APR*
  • Delay the first payment up to 50 days
  • Up to 12 Months to Repay
  • Same day loan approval for qualifying applicants

*Other rates or limits may apply depending on lending crieria.  Loan must be backed by a 10% share pledge.  Borrower must be a credit union member for 3 months.  Suject to normal lending crieria: credit worthiness, lack of delinquency, ability to repay, & Credit Committee or Loan Officer approval.  Only one "special" loan per account.  APR= Annual Percentage Rate

*Home Equity Loan Rates* (before Loan Discount)

Home Equity Mini-Mortgage
  • Borrow $5,000 - $65,000
  • Minimum $5,000 newly borrowed money
  • Appraisal required 
  • Fixed Rates as Low as:
    • 60 Months:  2.99% APR 
    • 90 Months:  3.49% APR
    • 120 Months: 3.79% APR
  • Borrow $2,000 - $15,000
  • May refinance existing
  • Mini-Mortgage with 50% new money
  • Fixed Rates as Low as:
    • 36 Months:  2.49% APR
    • 60 Months:  2.99% APR
  • APR-Annual Percentage Rate before the Spring Loan Discount
  • A minimum of 20% equity in the property is required, 25% for rental property.
  • Rental property:  Add .75%
  • Borrower is responsible for appraisal, search & filing fees
  • Proof of Homeowner's Fire, Theft & Comprehensive Insurance with the Credit Union listed as "Loss Payee" is required
  • Loan approval subject to all normal credit qualifications
  • Loan interest may be tax-deductible
  • No required share pledge
  • Other rates may apply based on lending criteria
  • Rates subject to change without notice


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