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Loan Availability. Loans are available to any member of legal age. The legal age to borrow in the state is 18 years of age. A minimum age of 18 years of age shall be required to obtain a loan from this Credit Union. It is the intention in the Loan Policy to allow members over 18 years of age to borrow on their own merit if they qualify. If a member is between the ages of 18 and 23 and he/she is a "legal dependent" and is individually ineligible to borrow from the Credit Union, he/she may be eligible to borrow with a qualified joint applicant that is a Credit Union member providing they meet the usual credit requirements.

TYPES OF LOANS OFFERED THROUGH THE CREDIT UNION

A. Non-Collateralized Consumer Loans: These loans may be secured by collateral securing other loans with the Credit Union:

1. Co-Maker Loan
2. Personal Loan
3. Department Approved Departmental Education Loan
4. Clothing Allowance Loan
5. Line of Credit (Overdraft Protection)
6. Credit Cards

1. Share Loans
2. Vehicle Loans (new and used)
3. Motorcycle/ATV (new and used)
4. Boats/RV (new and used)
5. Mobile Homes (new and used)
6. Farm Equipment Loans
7. Open Ended Line of Credit Home Equity Loans
8. All other types of collateralized loans

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1. Non-Collateralized Consumer Loans: These loans may be secured by collateral securing other loans with the Credit Union:

a. CO-MAKER LOAN - Any loan cross collaterized and secured by the signature of members. Each co-maker's signature shall secure the loan in an amount not to exceed $1,600. Each co-maker may have responsibility for the entire amount outstanding on a defaulted loan. To apply for or co-sign a Co-Maker Loan, an individual must be a member in good standing for a minimum of eighteen (18) months.

$1,600 and under	Personal Loan
$1,601 to 3,200	2 co-makers
$3,201 to 4,800	3 co-makers
$4,801 to 6,400	4 co-makers
$6,401 to 8,000	5 co-makers
$8,001 to 9,600	6 co-makers
$9,601 to 11,200	7 co-makers
$11,201 to 12,800	8 co-makers
$12,801 to 14,400	9 co-makers
$14,401 to 16,000	10 co-makers

b. PERSONAL LOAN - A member of less than 6 months may obtain a personal loan in an amount not to exceed $1,000. A member of more than 6 months and in good standing is eligible for a personal loan in an amount not to exceed $1,600. Any personal loan, which shall not exceed a maximum of $3500, may require the appropriate credit investigation, including but not limited to Credit Bureau reports. A member shall not have a co-maker loan and a personal loan simultaneously.

c. DEPARTMENTAL EDUCATION LOAN - An additional loan secured by a member's signature and cross collateralized by other collateral security in other loans to enable the member to attend Departmental ordered training or schooling out of the city.

d. CLOTHING ALLOWANCE LOAN - An additional loan made to a member that is secured by a clothing allowance check issued by the Indianapolis Metropolitan Police Department in the amount of that check. This loan shall not be made more than 30 days prior to the issuance of the Indianapolis Metropolitan Police Department clothing allowance check. The clothing allowance loan is due on the date of the issuance of the clothing allowance check.

e. LINE OF CREDIT (Overdraft Protection) - A Credit Union member in good standing, upon application, may be approved by the loan officer with a line of credit of up to $500.00 for overdraft protection of their share draft account(s).

f. SHARE LOANS - A loan in an amount secured by shares in the member's account. A member's share account must maintain a minimum balance not less than the share secured loan balance.

g. HOME EQUITY LINE OF CREDIT - An open-end revolving loan in which the Loan to value ratio is 90% less any prior liens. This loan has a 5-year draw period (the "draw period" is the period during which a Borrower may draw against the HELOC). After the draw period ends the repayment period will begin. In the event a HELOC loan account is closed after establishment within the first year it is placed into effect, even as a result of sale of real estate, the Borrower shall be required to reimburse the PPOCU for all closing costs expended by the PPOCU with respect to the given HELOC account. Such closing costs shall include, but not be limited to, title search and/or insurance, appraisal, flood plain certificate costs, application fee, and recording fees, if any.