Savings Accounts
Effective Date: Sunday, February 25th, 2024
Account TypeDividend RateAPYDividends Paid
Regular Share 0.03% 0.03% Quarterly
Christmas Club Account 0.03% 0.03% Quarterly
Vacation Club Account 0.03% 0.03% Quarterly

APY = Annual Percentage Yield

Dividends are calculated using the daily balance, paid and compounded quarterly. $100 minimum balance required to earn dividends if age 18 or older. No minimum balance required if under 18. Dividend rate is subject to change at any time. Fees may reduce earnings on the regular savings account.

Money Fund (Variable)
Effective Date: Sunday, February 25th, 2024
Minimum Deposit AmountRateAPYDividends Paid
$2,500-$9,999 0.45% 0.45% Monthly
$10,000-$24,999 0.65% 0.65% Monthly
$25,000-$49,999 0.75% 0.75% Monthly
$50,000-$74,999 1.00% 1.00% Monthly
$75,000-$99,999 1.19% 1.20% Monthly
$100,000 & Above 1.39% 1.40% Monthly

APY = Annual Percentage Yield

Dividends are calculated using the daily balance, paid and compounded monthly. $2500 minimum balance required to open and to earn dividends. Dividend rate is subject to change at any time.

Certificate & IRA Rates
Effective Date: Sunday, February 25th, 2024
Minimum certificate deposit of $1,000 required.
Account TypeDividend RateAPYDividends PaidPenaltiesNote
3 Month Cert / IRA 2.96% 3.00% At Maturity 90 days*   
6 Month Cert / IRA 3.23% 3.25% At Maturity 90 days*   
7 Month Cert / IRA 4.95% 5.00% At Maturity 90 days* Auto-renews into a 6-month CD at maturity
12 Month Cert / IRA 3.93% 4.00% Monthly 180 days*   
15 Month Cert / IRA 4.60% 4.70% Monthly 180 days* Auto-renews into a 12-month CD at maturity
18 Month Cert / IRA 3.93% 4.00% Monthly 180 days*   
24 Month Cert / IRA 3.20% 3.25% Monthly 180 days*   
36 Month Cert / IRA 2.96% 3.00% Monthly 180 days*   
48 Month Cert / IRA 2.96% 3.00% Monthly 180 days*   
60 Month Cert / IRA 2.96% 3.00% Monthly 180 days*   

APY = Annual Percentage Yield

A minimum of $1,000 is required to purchase all Share Certificates.

* Penalty for early withdrawal of funds may apply on Certificate products.

Heroes Certificate & IRA Rates
Effective Date: Sunday, February 25th, 2024
Minimum certificate deposit of $250 required.
Account TypeDividend RateAPYDividends PaidPenaltiesNote
12 Month Heroes Cert / IRA 4.03% 4.10% Monthly 180 days*   
15 Month Heroes Cert / IRA 4.70% 4.80% Monthly 180 days*  Auto-renews into a 12-month CD at maturity
18 Month Heroes Cert / IRA 4.02% 4.10% Monthly 180 days*   
24 Month Heroes Cert / IRA 3.30% 3.35% Monthly 180 days*   
36 Month Heroes Cert / IRA 3.06% 3.10% Monthly 180 days*   
48 Month Heroes Cert / IRA 3.06% 3.10% Monthly 180 days*   
60 Month Heroes Cert / IRA 3.06% 3.10% Monthly 180 days*   
APY = Annual Percentage Yield | $1,000 minimum deposit required to earn Heroes Certificate rates. *Penalty for early withdrawal of funds may apply on Certificate products. Heroes CD/IRA CD rates only apply to those opened after program enrollment. If you have an existing CD/IRA CD prior to enrollment, contact us at maturity to switch your CD/IRA CD type to Heroes. 

New & Used Auto Loan Rates
Effective Date: Sunday, February 25th, 2024
YearFixed APR As Low AsTermNote
2018-2024 6.55% Up to 66 Months Available for <90% LTV or Heroes Program Members
2018-2024 6.85% up to 66 Months  
2019-2024 6.90% up to 75 Months Available for <90% LTV or Heroes Program Members
2019-2024 7.20% up to 75 Months  
2019-2024 7.45% Up to 84 Months Available for <90% LTV or Heroes Program Members
2019-2024 7.75% Up to 84 Months  
2023-2024* 8.25% 85 to 120 Months  

Example: A loan amount of $25,000 with a rate as low as 6.55% for 66 months would have an approximate monthly payment of $452.00

APR = Annual Percentage Rate

*Credit score 700+ required. Available for up to 75% financing.

Subject to approval. Approval and actual rate and term offered is based on overall creditworthiness factors and satisfactory collateral. 

LTV's up to 115% are available. All used collateral older than model years listed above will be considered on an individual basis. Contact us for more information. Restrictions apply.  

Older Used Auto & High Mileage Loan Rates
Effective Date: Sunday, February 25th, 2024
YearFixed APR As Low AsTermNote
2017 and Older 8.20% Up to 48 Months Max 85% LTV. Heroes Program Members eligible for 0.25% rate discount.

Example: A loan amount of $15,000 with a rate as low as 8.20% for 48 months would have an approximate monthly payment of $368.00

APR = Annual Percentage Rate | Maximum LTV of 85%

150,000 maximum mileage at time of application. Contact us for more information. CARFAX Report pulled on all vehicles. Additional restrictions apply.

Subject to approval. Approval and actual rate and term offered is based on overall creditworthiness factors and satisfactory collateral. 

Boat & RV Loan Rates
Effective Date: Sunday, February 25th, 2024
Boat, Motor Home, Travel Trailer, & Horse Travel Trailer (with self-contained living quarters)
Loan TypeAgeMinimum or MaximumFixed APR As Low AsTermNote
Boat or RV 2019 & Newer $5,000 Min/$125,000 Max 6.85% Up to 60 Months Available for <85% LTV or Heroes Program Members
Boat or RV 2019 & Newer $5,000 Min/$125,000 Max 7.15% Up to 60 Months  
Boat or RV 2019 & Newer $7,500 Min/ $125,000 Max 7.10% Up to 84 Months Available for <85% LTV or Heroes Program Members
Boat or RV 2019 & Newer $7,500 Min/ $125,000 Max 7.40% Up to 84 Months  
Boat or RV 2019 & Newer $15,000 Min/ $125,000 Max 7.20% Up to 120 Months Available for <85% LTV or Heroes Program Members
Boat or RV 2019 & Newer $15,000 Min/ $125,000 Max 7.50% Up to 120 Months  
Boat or RV 2019 & Newer $25,000 Min/$125,000 Max 7.70% Up to 144 months Available for <85% LTV or Heroes Program Members
Boat or RV 2019 & Newer $25,000 Min/$125,000 Max 8.00% Up to 144 months  
Boat or RV 2018 & Older $35,000 Min/$125,000 Max 8.95% Up to 180 months Available for <85% LTV or Heroes Program Members
Boat or RV 2018 & Older $35,000 Min/ $125,000 Max 9.25% Up to 180 months  

Example: A loan amount of $50,000 with a rate as low as 6.85% for 60 months would have an approximate monthly payment of $987.00

APR = Annual Percentage Rate

Subject to approval.  Approval and actual rate and term offered is based on overall creditworthiness factors and satisfactory collateral. Restrictions Apply.

New & Used Motorcycle & Power Sports
Effective Date: Sunday, February 25th, 2024
Motorcycle, ATV, Golf Cart, Jet Ski, Mower, Snowmobile, Tractor, Utility Trailer
YearFixed APR As Low AsMinimum or MaximumTermNote
2019-2024 7.30% $5,000 Min/$40,000 Max Up to 48 Months Available for <85% LTV or Heroes Program Members
2019-2024 7.60% $5,000 Min/$40,000 Max Up to 48 Months  
2019-2024 7.60% $5,000 Min/$40,000 Max Up to 60 Months Available for <85% LTV or Heroes Program Members
2019-2024 7.90% $5,000 Min/$40,000 Max Up to 60 Months  
2019-2024 7.85% $10,000 Min/$40,000 Max Up to 84 Months Available for <85% LTV or Heroes Program Members
2019-2024 8.15% $10,000 Min/$40,000 Max Up to 84 Months  

Example: A loan amount of $7,500 with a rate as low as 7.30% for 48 months would have an approximate monthly payment of $181.00

APR = Annual Percentage Rate

Model Years 2017 and older will be considered on an individual basis

Subject to approval.  Approval and actual rate and term offered is based on overall creditworthiness factors and satisfactory collateral.

Home Equity Line of Credit Rates
Effective Date: Sunday, February 25th, 2024
10 Year Draw - 15 Year Repayment
Adjustable APR As Low AsLTV & Lien RequirementsMinimum or Maximum
6.99%* 60% CLTV or 80% LTV First Lien $5,000 Min/$250,000 Max
6.99%* 60.01%-80% CLTV $5,000 Min/$150,000 Max
APR = Annual Percentage Rate

Financing is only available on single unit, owner-occupied, primary residences located in the state of Michigan

*Introductory offer. Available for the first 12 months after the loan closes (not when the advance is made). After the introductory period, the loan reverts to the APR as stated in the HELOC addendum.

Rates are not risk-based; all members will get the same low rate based on loan to value of their home. 

Maximum APR of 18.0%. All loan terms and conditions are subject to Credit Union qualifications and creditworthiness. Some restrictions may apply.

Home Equity Loan Rates
Effective Date: Sunday, February 25th, 2024
TermRates as low asLTV & Lien Requirements
Up to 7 Years 6.25% 65% CLTV 2nd Lien or 80% LTV 1st Lien
Up to 7 Years 7.00% 65.01% to 80% CLTV | 2nd Lien
10 Years 6.60% 65% CLTV 2nd Lien or 80% LTV 1st Lien
10 Years 7.35% 65.01% to 80% CLTV | 2nd Lien
15 Years 7.30% 65% CLTV 2nd Lien or 80% LTV 1st Lien
15 Years 8.05% 65.01% to 80% CLTV | 2nd Lien
20 Years 7.50% 65% CLTV 2nd Lien or 80% LTV 1st Lien
20 Years 8.50% 65.01% to 80% CLTV | 2nd Lien

This financing option is only available on single unit, owner-occupied, primary residences located in the state of Michigan

Rates are not risk-based; all members will get the same low rate based on the loan to value of their home and LOC's lien position.

*Maximum loan amount for up to 3 year term is $20,000.

Minimum amount to borrow is $5,000; maximum amount is $300,000.

Approval is based on overall creditworthiness factors and satisfactory collateral. All loans, terms and conditions are subject to Credit Union qualifications & may vary based on creditworthiness. Restrictions may apply. 

Example: A loan amount of $75,000 with a rate as low as 5.75% for 84 months would have an approximate monthly payment of $1,087.

Payment example does not include homeowner insurance, property taxes, private mortgage insurance, or homeowner association dues.

Homeowner insurance required.

APR = Annual Percentage Rate

 

LOC ARM Program Rates
Effective Date: Sunday, February 25th, 2024
Rates as Low asAPR as Low asPointsPayment Example

5/5 ARM - 30 Year

5.500% 6.428% 1.000pts $1,136.00
5.750% 6.479% 0.500pts $1,167.00
6.000% 6.530% 0.000pts $1,199.00

7/1 ARM - 30 Year

5.625% 6.760% 1.000pts $1,151.00
5.875% 6.839% 0.500pts $1,183.00
6.125% 6.919% 0.000pts $1,215.00

All payment examples are based on a sample purchase transaction of $250,000 with 20% down and a FICO score of 780 or greater for a single family residence.

Payment example does not include homeowner insurance, property taxes, private mortgage insurance, or homeowners association dues. Actual payments may vary based on amount, term, APR, taxes and insurance and other factors. Homeowner insurance required. All loans terms and conditions are subject to Credit Union qualifications and approval. Some restrictions may apply.

^Representative examples of payments after first adjustment.

LOC Mortgage Program Rates
Effective Date: Sunday, February 25th, 2024
RateAPRPointsPayment Example

15 Year Fixed

6.250% 6.501% 0.750pts $1,715.00
6.375% 6.567% 0.375pts $1,729.00
6.500% 6.632% 0.000pts $1,742.00

30 Year Fixed

6.500% 6.654% 0.750pts $1,264.00
6.625% 6.743% 0.375pts $1,281.00
6.750% 6.832% 0.000pts $1,297.00

All payment examples are based on a sample purchase transaction of $250,000 with 20% down and a FICO score of 780 or greater for a single family residence.

Payment example does not include homeowner insurance, property taxes, private mortgage insurance, or homeowners association dues. Actual payments may vary based on amount, term, APR, taxes and insurance and other factors. Homeowner insurance required. All loans terms and conditions are subject to Credit Union qualifications and approval. Some restrictions may apply.

^Representative examples of payments after first adjustment.

Personal Loans/Lines of Credit Rates
Effective Date: Sunday, February 25th, 2024
Loan TypeAPR As Low AsTermMinimum or MaximumNote
Personal Loan 10.50% up to 36 Months $30,000 Max Fixed Rate
Personal Line of Credit 11.50% up to 48 Months $30,000 Max Fixed Rate
Personal Loan 12.50% up to 60 Months $30,000 Max Fixed Rate
Personal Line of Credit 13.99% N/A $20,000 Max Variable Rate

 Example: A loan amount of $7,500 with a rate as low as 10.50% for 36 months would have an approximate monthly payment of $244.00

APR = Annual Percentage Rate

All loans, terms and conditions are subject to Credit Union qualifications & may vary based on creditworthiness.

 

VISA Rates
Effective Date: Sunday, February 25th, 2024
Loan TypeFixed APR As Low AsCredit Limit
VISA Platinum 7.99% $30,000.00
Share Secured VISA 6.00% $30,000.00

APR = Annual Percentage Rate

All loans, terms and conditions are subject to Credit Union qualifications & may vary based on creditworthiness.

 

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It’s easy to become a member of LOC Credit Union!

Membership is open to anyone who lives, works, worships, or attends school in the state of Michigan.

A current or eligible member's immediate family (spouse, sibling, child, grandchild, parent, grandparent) or an individual living in the same household of a current or eligible member can also join LOC.

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