Loans for EAT tuition and
travel expenses are available through the
Permaculture Credit Union. You need to apply
separately, directly to PCU. Once they receive
your loan application and proof of income,
they can turn around in 48 hour—but
you should give them a good week at minimum
to account for mail time, etc. Sooner IS
Two types of loans are available:
- Share Secured Loan: Interest rate is a mere 3.75%. For
this loan, you, a partner, relative, employer, or someone
who really, really likes you deposits the amount of loan
in a savings account with PCU. Once you finish repaying
the loan, they get their money back. Person depositing
the amount doesn't get interest on this savings account—that's
partly why the rate is so low.
- Signature Loan: You're on your own here, unsecured. Normal
interest rate is 10-15.5%, depending on your "credit score." PCU
gives a discount of .75 off the interest rate, because it will be
used for a permaculture-esque purpose.
Amount of monthly repayment depends on amount borrowed. If under
$1000, you have one year to repay. If over $1000, can repay over two
to be a member of PCU to take out a loan.
You become a member by opening a savings
account (minimum of $50 deposit) and paying
a $5 fee. You can become a member at same
time as applying for a loan. You need to
stay a member for the duration of loan repayment.
After you've repaid your loan, you may close
your account and receive your $50 back.
To apply for the loan, you need their application,
and to show proof of ability to repay, such
as last two year's tax returns or paycheck
You can download loan application forms from their
For more information, membership form, and loan application, contact:
Permaculture Credit Union
PO Box 29300
Santa Fe, New Mexico 87592-9300
toll-free phone: 1-866-954-3479