Eligibility for unsecured loans
When evaluating a loan request, we consider conditions in the country in which you work. We also consider the stability of the currency you earn. These factors are important considerations because they can directly affect your ability to repay your loan.
For information about our country and currency requirements, view our responses to related questions.
Members who meet the following criteria are eligible to apply for a UNFCU unsecured loan:
- UN retirees earning pension in USD or other currencies that are stable against the US dollar
- UN staff who relocate with the UN and are paid in USD or currencies stable against the US dollar
- UN National Professional Officers (NPOs) and General Service staff who have:1
- Been employed by the UN for at least six consecutive months, and
- Established monthly payroll deposits to a UNFCU account, and
- Received at least three consecutive payroll deposits to their designated UNFCU account.
Members who do not meet the above criteria are eligible to apply for unsecured loans, excluding international property and international home build loans, if they earn income in these currencies:2
| Currency |
|---|
| Australian dollar |
| Canadian dollar |
| Danish krone |
| Euro |
| Hong Kong dollar |
| Israeli new shekel |
| Japanese yen |
| New Zealand dollar |
| Norwegian krone |
| Panamanian balboa |
| Pound sterling |
| Singapore dollar |
| Swedish krona |
| Swiss franc |
| United States dollar |
Country & currency eligibility FAQs
The country in which you work can affect your source of income. For example, how easily could you find other employment if the UN leaves the country in which you work? Will another job pay the same salary as the UN?
These factors can affect your ability to repay a loan. Since our loans are funded by members' deposits, we need to ensure our borrowing members can repay their loans. It is our responsibility to keep the savings of our membership secure.
All UNFCU loans are in US dollars. If the currency you earn drops in value against the US dollar, this could create hardships for you. You would then need to use more of your income to pay off your UNFCU loan. This could make it more difficult to cover your other expenses.
Imagine this scenario as an example:
Your loan payment amount each month is $1,000. At the time you received the loan, you needed 10,000 units in your local currency to make the $1,000 payment. Local economic conditions cause a drop in the value of your currency. Suddenly, you need 50,000 units to make the same $1,000 payment. How will you afford your other monthly expenses?
As a credit union, it is our responsibility to help you avoid financial hardships.