Rates and Terms

At smccindy.org, we are committed to transparency and helping you make well-informed financial decisions. Here we provide an overview of the general rates and terms associated with allotment loans for federal and postal employees through our lender network.

Loan Amounts

• Minimum Loan Amount: The minimum loan amount may vary by lender but typically starts at a small sum suitable for short-term needs.
• Maximum Loan Amount: You can apply for an allotment loan of up to $35,000, depending on your eligibility and the specific lender’s terms.

Interest Rates

Interest rates for allotment loans can differ significantly depending on various factors such as the lender’s policies, your credit score, and the loan term. It’s crucial to review the interest rate details provided by the lender during the loan application process.

Repayment Terms

Loan repayment terms can vary from short-term periods of a few months to longer terms spanning several years. The automatic repayment system simplifies the process by deducting a predetermined amount from your salary.

Fees

Some lenders may charge application, origination, or prepayment fees. Always read the loan agreement carefully to understand any additional costs that may apply.

Flexibility

Many lenders offer the flexibility to adjust repayment terms or refinance your loan, subject to approval and additional terms.

It’s essential to read the loan agreement thoroughly and consult with a financial advisor to understand the rates and terms that apply to your specific situation.