FAQs
What's a credit union?
A credit union is a local, not-for-profit organization that is owned by its members (cooperatively). Credit unions' money stays in their local economy and the profits go back to its members in various ways (lower loan rates, higher rate of return on savings, low to no fees). Unlike the banks where profits go to share holders who run the bank, credit unions are run by a volunteer board of directors.
Credit unions were established to serve the people, markets, and/or ideas within a community that are otherwise underserved by other area financial institutions. Credit unions are organizations of people helping people.
Who is Unitus Community Credit Union?
"Unite us" is at the very heart of the Unitus name and we're committed to treating every member like family. For over 70 years, we've been providing exceptional, low cost services to our members. We've been around a long time, in fact longer than most area financial institutions.
When it comes to community partnerships, Unitus likes to think we have an unobstructed vision.
A large part of that vision includes working with organizations that positively shape education and health and human services. Some of the organizations we've partnered with throughout the years include:
- Helping Hands
- Adopt A Class
- Good Neighbor Center
- Doernbecher Children's Hospital
- SnowCap
- Schoolhouse Supplies
- Easter Seals
- New Avenues for Youth
We aren't above forming a line in a warehouse and packing hundreds of backpacks full of school supplies for children going to school in high poverty neighborhoods. In fact, we do it every year with the Tools for Schools program through Schoolhouse Supplies.
It's important our members know that one of Unitus' core values is to give back to the communities we serve, both socially and economically. Unitus provides its employees with paid volunteer hours once per month with our branch community partners.
Why borrow money from Unitus for a bicycle loan?
The money that you borrow from Unitus for a bicycle loan stays within your own Portland community. Your money is then borrowed by fellow Unitus members to further establish a healthy living community with opportunity to grow. It's people helping people.
Why is Unitus offering a bicycle loan?
Unitus recognized Portlander's love to be active and healthy, and we see the increasing amount of people biking. As an effort to provide more people with the opportunity to ride a bicycle, we have established a bicycle loan. We would like to partner with you to make Portland the healthiest community to live in.
Do I need to be a Unitus member to get a bicycle loan?
Yes, you do. Unitus is a not-for-profit organization that is owned by its members (cooperatively). It is because of our membership that we are able to offer a bicycle loan.
You can be a member if you live or work within the following counties - Multnomah, Clackamas, Washington, Yamhill, Clark, Marion, or Polk.
There are no fees to become a member. However, you do have to keep $5 in your savings account at all times as this is your "ownership" or "share" in Unitus.
How do I become a Unitus member?
Apply for Unitus Membership online or at any Unitus branch.
How do I apply?
Visit our "How it Works" page.
What's the minimum and maximum I can borrow?
- New bicycles only
- 80% of total purchase price (including accessories)*
- Minimum: $250
- Maximum: $2500
Can I include the bicycle lock and lights in the loan?
Yes, the total purchase price can include the cost of the bicycle and accessories (not to exceed 120% of the retail price of the bicycle).
Will Unitus check my credit?
Yes, your credit will be checked to qualify you for a bicycle loan.
What's the interest rate?
Fixed interest rate: 7.99% APR* as of June 13, 2008.
How long do I have to pay it off?
Loan term is based on the amount borrowed. Maximum loan term is 12 months.
Can I pay it off early without penalty?
Yes, Unitus encourages you to pay your loan off early.
Are there any fees associated with the bicycle loan?
No, except our standard late payment fee of 5% of payment due or $15, whichever is greater.
Can I refinance my bicycle loan?
Not at this time.
What are the late payment fees?
The standard late payment fee of 5% of payment due or $15, whichever is greater.
Can I purchase a used bicycle with this loan?
Not at this time. The Unitus bicycle loan is for new bicycles only.
*APR=ANNUAL PERCENTAGE RATE. Rates are based on your credit history and credit qualifications. Minimum $250; maximum $2500. Maximum loan term is 12 months. Applies to new purchase only. Additional terms may apply, contact Unitus for more information. All checking accounts require a $20.00 initial deposit to open. Loan term based on amount borrowed.
** Total purchase price, including accessories, cannot exceed 120% of the retail price of the bicycle.