*Rate
means Annual Percentage Rate
**Terms are expressed in Months
Rates are subject to change
Variable
Rate Share Certificate Secured:
The
Annual Percentage Rate (APR) for advances secured
by Share Certificate will be equal to the dividend
rate being paid on the Share Certificate offered as
security (index) plus a margin of 2%. The Share Certificate
must be continuously renewed until the advance has
been completely repaid. Failure to renew will result
in a default under this plan. When the Share Certificate
is renewed the APR will change to reflect the new
index value and margin. Any increase or decrease in
the APR will affect the number of monthly payments
you will make under the account. Any increase in the
APR will result in more payments of the same amount
until what you owe has been repaid. The APR and Daily
Periodic Rate (DPR) will be disclosed on the Receipt
(Voucher or Disbursement Receipt) provided at the
time of the advance.
Risk
Based:
The following disclosure applies to all
sub accounts except Share Secured and Share Certificate
secured. The Annual Percentage Rate (APR) you receive
will be within the range disclosed above and is based
on your credit worthiness. Please ask us for the rate
that you qualify for.
Preferred Rate:
You may receive a discount
of 0.75% on your Annual Percentage Rate (APR) if you
have additional credit union services (to be determined
by approving loan officer). If you discontinue making
your payments automatically, your APR may be increased
to the normal rate. If you discontinue the products
or services which made you eligible for the discount,
your APR may be increased to the normal rate. .
Advance
Prepayments:
Any payments made, in any amount,
in addition to the regular payments paid, will advance
the sub account payment due date. Additional payments
will advance the due date in accordance with the payment
amount and frequency disclosed on the advance voucher.
Additional payments made over and above the regular
payments may allow the member to skip payments in
the future (if desired) until the sub account payment
due date is reached. Interest will continue to accrue
on outstanding balances during such periods where
payments are not made.
Late
Charges:
If your payment is received 6 days or
more after the due date, you agree to pay a late fee
of 20% of the interest due.
Minimum
Payment:
Your minimum payment will never be less
than $25.00.
Collection
Costs:
You agree to pay all costs of collecting
the amount you owe under this Agreement, including
court costs and reasonable attorney fees
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