Alaska USA Federal Credit Union

Overview

laska USA Federal Credit Union is a not-for-profit, member-owned financial services cooperative providing service, value, and convenience to members since 1948. Alaska USA provides members with great rates on loans and deposits as well as low fees for services. This commitment to each member’s financial well-being is what makes the Alaska USA experience better than banking.

Alaska USA has branches in Alaska, Arizona, California, and Washington and serves members living in all 50 states and around the world. With a full range of financial services, members have everything in one place, including checking and savings accounts, consumer loans, and credit cards. In a growing number of locations, Alaska USA also offers business services, personal insurance, and real estate loans, as well as mortgage loans by Alaska USA Mortgage Company.

Loan Features

Home Loans
Take out a loan for some much-needed home improvements, tap into your home equity to pay for something important, or buy a piece or land and build your dream house on it—Alaska USA has the real estate loan you’re looking for.

Mortgage loans
If you’re planning to purchase a new home, investment property, second home, or refinance your existing home loan, contact Alaska USA Mortgage Company.

Home Equity Loans
Use the Equity you’ve built in your personal residence to secure a loan or line of credit that can be used for a range of purposes. Home equity loans and Home Equity Lines of Credit (HELOCs) are first or second deeds of trust available on residential property.

Home equity loan – Similar to a mortgage or consumer loan, a home equity loan is one lump sum to be paid back in regular payments, over a specified term. Often used to finance a major purchase, like remodeling your home or purchasing a new vehicle.

HELOC – A line of credit you can access any time, similar to a credit card. HELOCs are great for when you need to access funds over a period of time, such as college, a wedding, or just to be prepared for unexpected expenses. HELOC funds can be accessed at a branch, ATM, through Online Account Access, or telephone transfer.

Home Improvement
When you need a new roof, new plumbing, or other improvements to the basic livability of your home or investment property in Alaska, Arizona or Washington, you can benefit from a Federal Housing Administration (FHA) Title I Home Improvement Loan through Alaska USA. An annual FHA insurance fee equal to 1% of the original loan amount is required. There is no origination fee, no credit report fee, no title insurance, and no appraisal necessary. Loan approval based on Alaska USA credit lending policy.

The amount of the loan is based, in part, on the type of property you own:
Single-family – up to $25,000
Duplex – up to $24,000 (maximum $12,000/unit)
Tri-plex – up to $36,000 (maximum $12,000/unit)
Four-plex – up to $48,000 (maximum $12,000/unit)
Mobile home – up to $5,000

About the improvements:

You can do the work yourself, but payment for your own time cannot be included in the financing.
You should provide a written summary of the planned improvement. Copies of bid estimates for materials and labor from your contractor must be submitted to determine maximum loan amount.
Improvements financed with a home improvement loan must be started after the loan is approved. If you’re in the middle of a project and need additional financing, you may be able to finance the unfinished part of your project. Alternatively, you may consider an Alaska USA Home Equity Loan or Home Equity Line of Credit (HELOC).
If your plans change after the loan is approved, you should send a change request letter to Alaska USA for approval to ensure that your new plans meet the program guidelines.

Property Loans
Get started on your dream home or getaway spot with an Alaska USA residential lot or recreational property loan located in Alaska, Arizona or Washington.

Residential lot loan – Think about a residential lot loan when you’d like to finance a piece of property intended as the future site of your personal residence – or a residential lot that is adjacent to your current residence.

Recreational property loan – A recreational property loan is available for that getaway spot intended for your personal recreational use.

Size and location requirements:

Typically, the property should not exceed 10 acres, and must be located in Alaska, Arizona or Washington. This requirement is for Residential Lot Loans only.
In addition, eligible residential lots must be located within the service area of an Alaska USA office, on a publicly/community maintained road, in a predominantly residential area. The property must have reasonable access to water, sewer, and electric services. This requirement is for Residential Lot Loans only.
Eligible recreational property must be accessible by road from a major population center, or accessible by water from a public launch site using small watercraft on a navigable waterway. Fly-in locations or properties located long distances from the launch site or across unprotected water do not qualify.

Residential Construction
Resources
Loan rates

Residential Construction Loans
* Currently Available in Alaska and Arizona only. Start your home construction project with a residential construction loan from Alaska USA. It’s the perfect solution when you need to finance the building of a home from the ground up or for extensive remodeling. When you want to build your own home, where do you begin? A residential construction loan is a short-term financing option that gives you the means to pay for construction as your new home is being built.

It’s affordable because you only pay the interest due each month. At the end of the loan term, you’ll need to pay off the construction loan. Most people do this with a new mortgage loan on the completed property. Alaska USA residential construction loans require that you prequalify for a mortgage loan from Alaska USA Mortgage Company for at least the amount of the construction loan, and that you choose a contractor that meets Alaska USA’s requirements for approval.

Details:
Qualification – The home must be a one-to-four family home to be used as a member’s primary dwelling (excluding spec homes and land development).

Term – The initial term is up to 12 months. Members may be granted a one-time extension – up to an additional three months.

Fees/Rates

Interest rates are variable and may adjust daily
Low origination fees
Inspection fees – a minimum of $75.00 will be assessed for each inspection
Repaying the loan –While the loan is outstanding, you’ll pay the monthly interest due. All principal is due at maturity, and can be paid with a mortgage loan.

Financing – You may borrow up to 80% of your home’s value (lesser of total construction cost or appraised value). Cost of construction includes land, cost to construct plus 10% contingency, closing fees, and estimated interest payments and other soft costs.

Approved contractors –General contractors must meet Alaska USA’s requirements for approval. Your request to add a contractor to the Alaska USA approved list will be considered if your contractor is not currently listed. General contractor qualifications include:

Licensed and bonded with a residential endorsement
Business license
Primary business must be residential construction
In business for the past five consecutive years and have built a minimum of five homes
Satisfactory credit history and a Certificate of Insurance with appropriate limits

Signature Loans
You need to make a special purchase, but don’t want to encumber your current assets or use a credit card. You could tap into your savings account, but then you stop earning dividends. What you’d really like is the convenience of some non-revolving loan. A signature loan from Alaska USA could be just what you need.

You may be granted a loan based on your credit qualifications. The only guarantee you need is your signature. When you get a loan from Alaska USA, you’ll save time with our fast loan decisions, and save money by paying no application or origination fees. Our rates are competitive and terms are available to meet your individual needs.

Credit Line Loans
If you have occasional immediate needs for a little extra purchasing power or want the security of having a financial cushion, an Alaska USA Credit Line loan may be just right for you. This revolving line of credit gives you the funds you need when you need them without having to reapply for a loan.

Payday Credit Line for Military Members
The Alaska USA Payday Credit Line was designed to help active duty military personnel and their families obtain extra funds when needed. An excellent alternative to other payday lending options, the Alaska USA Payday Credit Line offers an affordable line of credit, no application or transaction fees, and a credit limit maximum that can be paid off reasonably within six months or less.

Vehicle Loans
Get quick, convenient, low-cost financing for the purchase of new or used automobiles, passenger vans and pickup trucks (one ton or less). Alaska USA partners with many car dealerships to offer convenient, on-site financing. In one stop, you can complete the process and drive your vehicle off the lot!

Motorcycle & Off-Road Vehicle Loans
It is easy to find virtually limitless opportunities for year-round recreational activities. And, it’s more fun to play when you have all the right toys. No matter where you live, Alaska USA has loan programs for all the vehicles you need for your outdoor fun.

Recreational Vehicle Loans
Are you dreaming you could just jump in an RV and hit the open road? Turn your wish into a reality with a recreational vehicle loan from Alaska USA! No matter where you live, Alaska USA has loan programs for the vehicles you need for outdoor adventures.

Boat & Vessel Loans
Sailing off into the sunset can be a breeze with a boat or vessel loan from Alaska USA! No matter where you live, Alaska USA has loan programs to help fulfill your maritime dreams.

Aircraft Loans
Having your own plane doesn’t have to be out of reach with an aircraft loan from Alaska USA! No matter where you live, Alaska USA has loan programs for the airplane you want, whether it’s on floats, wheels, or skis.

Credit Cards
Alaska USA Visa® Credit Card includes the following benefits:

Travel benefits – Use your Alaska USA Visa Credit Card for your travel expenditures and you can be eligible for: Rental car insurance, Lost luggage, Travel emergency assistance, Travel accident insurance

Apple Pay – Apple Pay, a mobile wallet, allows you to make purchases with ease and confidence knowing your personal information is protected and safe. There’s no charge to add your card to Passbook; or to use Apple Pay. Apple Pay uses tokenization to protect personal data, transaction and card information. View the 10 most recent transactions.

Smart Chip Technology – Use your card at any location that accepts Visa credit cards.

Alaska USA Visa Credit Cards come equipped with smart chip technology for secure international shopping and is accepted in more than 150 countries. Rest assured knowing that your information is safe, whether you’re using your card to buy groceries across the street, or to buy souvenirs on your international vacation. If you’re planning to travel to a foreign country, please call the Member Service Center at (800) 525-9094 to request your chip card. Letting Alaska USA know your travel plans will help to ensure you can make purchases with ease and confidence while outside of the U.S.

Warranty Manager Service – Use your Alaska USA Visa Credit Card and your purchases are eligible for warranty registration and extended protection.

Application Process

You can become a member of Alaska USA Federal Credit Union if you are affiliated with a company, organization, or community that have requested that Alaska USA serve their employees or members. You may also qualify by being related to someone who is qualified to join. Most people who live or work in Alaska, Washington, and California’s San Bernardino county, and Arizona’s Maricopa County can qualify for membership.

Repayment Terms

Vehicle Loans
Auto and Truck (new)
6-48 Months 3.500% – 9.500%(1) APR
49-60 Months 3.500% – 9.500%(1)
61-72 Months 3.750% – 9.750%(1)
73-84 Months 4.250% – 10.250%(1)
85-96 Months 6.700% – 12.700%(1

Auto and Truck (used)
6-48 Months 3.500% – 12.000%(1)
49-60 Months 3.500% – 12.000%(1)
61-72 Months 3.750% – 12.250%(1)
73-84 Months 4.250% – 12.750%(1)
85-96 Months 6.700% – 15.200%(1)

Motorcycle and Off-road Vehicles
6-72 Months 3.550% – 14.650%(1)
73-84 Months (available only on motorcycle loans) 4.800% – 12.800%(1)

Recreational Vehicle (RVs)
6-144 Months 5.050% – 11.300%(1)
145-180 Months 5.800% – 12.050%(1)
181-240 Months 6.550% – 12.800%(1,2)

Pickup Camper Combination
6-120 Months 6.800% – 11.200%(1)

Other Secured
Aircraft
6-240 Months 6.250% – 9.250%(1,2)

Boats and Vessels
6-120 Months 5.300% – 13.550%(1)
121-180 Months 6.050% – 13.800%(1)
181-240 Months 6.550% – 14.800%(1,2)

Miscellaneous Equipment
6-84 Months 5.500% – 13.500%(1)

Pledge of Certificates (Percent Above Certificate Rate) 2.000%
Pledge of Shares
0-24 Months 2.200%
25-60 Months 3.200%
61-144 Months 4.200%

Credit Cards and Unsecured Loans
Credit Cards
Visa Platinum 10.5%, 12.5%, 14.5%(1)
Visa Platinum Secured 14.500%
Extra Credit Contact Card Services
Credit Line (unsecured) 13.500%

Signature and Comaker
6-36 Months 14.900%

(1) Interest rate is dependent upon the credit qualifications of the borrower(s).
(2) A balloon payment for the balance owed is due 180 months from the loan date. Loan Payment Example: A new auto loan of $25,000 for five years at 3.50% APR will have a monthly payment of $454.79.

Customer Support

Alaska USA Member Service Center
(907) 563-4567 or (800) 525-9094
Hours of operation
Open 24 hours a day, 7 days a week
memberserviceatalaskausa.org

Mailing address
P.O. Box 196613
Anchorage, AK 99519-6613

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