The following loan types are available under the Simplified Loan Program Agreement as of the date you establish your simplified loan program agreement, available loan terms and interest rates may be different when you apply for a future loan advance. Individual loan rates are based on credit quality as determined by our loan approval criteria. Rates disclosed are our lowest and highest rates. The Annual Percentage Rates (APR) are accurate as of January 1, 2015.
|Loan Type||Estimated Repayment Period||Daily Periodic Rate (Low)||Annual Percentage Rate(Low)||Daily Periodic Rate (High)||Annual Percentage Rate (High)|
|Personal Line of Credit||1-60 Months||0.021644%||7.90%||0.0493151%||18.00%|
|Personal Loan||1-36 Months||0.026027%||9.50%||0.0493151%||18.00%|
|New Autos||1-72 Months||0.008082%||2.95%||0.0493151%||18.00%|
|Used Autos||1-60 Months||0.008082%||2.95%||0.0493151%||18.00%|
|ATV/Jet Ski/Motorcycle||1-60 Months||0.015753%||5.75%||0.0493151%||18.00%|
|Farm Tractor/Equipment||1-84 Months||0.015753%||5.75%||0.0493151%||18.00%|
|Other Collateral||1-36 Months||0.017808%||6.50%||0.0493151%||18.00%
|Shared Secured*||1-60 Months||0.010959%||4.00%||0.0123288%||4.50%
|Certificate Secured**||1-60 Months||0.010959%||4.00%||0.0147945%||5.40%
|H.R. Line***||1-60 Months||0.049315%||18.00%||0.0493151%||18.00%
|Home Equity Line of Credit||1-180 Months||0.010959%||4.00%||0.0493151%||18.00%
*Share Secured – The Annual Percentage Rate (APR) for share secured advances will be the dividend rate being paid on regular shares (index) on the date of the advance plus a margin of 2.00% with a floor of 4%. If there is an existing balance on the date of the new advance, the existing balance will be added to the new advance and the entire balance will be at the new Annual Percentage Rate (APR). The rates are subject to change quarterly on the first day of January, April, July, and October to reflect any change in the index. Any increase or decrease in the APR will take the form of more or fewer payments of the same amount until what you owe has been repaid.
**Certificate Secured – The Annual Percentage Rate (APR) will be the dividend rate being paid on the certificate offered as security (index) plus a margin of 2.00% with a floor of 4%. The certificate must be renewed until the advance is completely paid. Failure to renew the certificate will result in default under the Plan. When the certificate is renewed the APR will change to reflect the new dividend rate. Any increase in the APR will result in more payments of the same amount until what you owe has been paid.
***H.R. Line – Funds are advanced by credit union only on July 10th and December 10th each year. The maximum advance is $1,500. Amount of advance will be determined by the credit union based on borrower’s credit information.
Collection Costs: You agree to pay for all costs of collection, including court cost and attorneys’ fees not in excess of 15% of the unpaid debt, if any sums owing are collected by or through an attorney as well as any late charges that may be imposed.
Late Charge: 5% of the regular payment.
The minimum monthly payment is based upon the outstanding balance as of the most recent advance based on the estimated term of the loan and the ANNUAL PERCENTAGE RATE in effect on the day the advance is made. The minimum payment will never be less than $40.00 per month for any loan. The payment, once determined, does not change as the outstanding balance declines. If the outstanding balance is less than the stated payment, then the monthly payment is the amount of the outstanding balance plus accrued interest to date.
THE FOLLOWING LOAN TYPES ARE AVAILABLE UNDER THIS AGREEMENT AS OF THE DATE YOU ESTABLISH YOUR SIMPLIFIED LOAN PROGRAM AGREEMENT, AVAILABLE LOAN TERMS AND INTEREST RATES MAY BE DIFFERENT WHEN YOU APPLY FOR A FUTURE LOAN ADVANCE.
INDIVIDUAL LOAN RATES ARE BASED ON CREDIT QUALITY AS DETERMINED BY OUR LOAN APPROVAL CRITERIA. RATES DISCLOSED ARE OUR LOWEST AND HIGHEST RATES.