Monad offers a variety of loans to fit most members needs. Rates and terms vary with the type of collateral being used, the amount borrowed, age of the collateral, and condition of the collateral. All values are based on the N.A.D.A. cost guides, except new autos. Contact us to request a loan application. Monad will reduce the interest rate on most loans by up to 1% if you have an active checking account and pay your loan payments by payroll deduction or automatic transfer from your account at Monad. All interest rates stated are annual percentage rates and are subject to change by the Board of Directors.

Autos
Auto loans are made for automobiles, trucks, vans, and motorcycles. Monad will finance 100% of the purchase price (including tax and license) up to the N.A.D.A. high book value on approved credit on most makes and models. For brand new autos (current year only) Monad will finance 100% of the purchase price based on the New Car Cost Guide. Click here to apply for an auto loan today.

Recreational Vehicles
Recreational vehicle loans are made for boats (with motor & trailer), motor homes, travel trailers, tent trailers, and fifth wheels. Monad will finance 100% of the purchase price (including tax and license) up to the N.A.D.A. high book value on approved credit on most makes and models.

VISA Credit Card
Credit limits from $500 to $10,000. There is a 25-day grace period for purchases and a $12 annual fee. Payment amount is 3% of the outstanding balance, with a minimum monthly payment of $25.00. Our Visa card is accepted world-wide.

Timeline (line of credit)
Unsecured credit limits as high as $3,500. Payments are $3.75 for each $100 financed, so a $1,000 loan would have a monthly payment of $37.50. The minimum monthly payment amount is $25.00. Once the line of credit is approved, advances can be made over the phone, by automatic overdraft transfer to your Monad checking, or through MARS, our audio response system (telephone teller).

Computer
Monad will finance up to $3,000 for the purchase of a new computer system through a local computer dealer. The maximum term is 36 months.

Jet skis, snowmobiles, four wheelers and dirt bikes
Monad will finance 100% of the purchase price (not including tax and license) on new items for a term of 48 months. On used items, Monad will not finance an item over 5 years old. We will finance 100% of low book value (not including tax and license) for a maximum term of 48 months.

Share loan
The savings you have on deposit at Monad are used as collateral on the loan. The interest rate is 3% over the dividend rate you are earning on your account.

Student loans
Monad offers both Federal Stafford loans and Federal PLUS (Parent Loans for Undergraduate Students) loans through the Federal Family Education Loan Program (FFELP). To apply, you must have completed your Free Application for Federal Student Aid (FAFSA) and received your award letter. If you have not completed an FAFSA you can get one through your high school guidance counselor, local library, the school to which you are apply, or you can print and submit it electronically through the Department of Education's web site. You can also get more information about the financial aid application process at that web site. Another source offering a wealth of information is Great Lakes Higher Education Corporation. Interest rates are set by the FFELP.