Line of Credit Disclosure
A Line of Credit loan is a personal line of credit with a term of 5 years, up to $5,000 for an individual or $10,000 for a joint account. A member can withdraw up to the maximum limit and pay off the balance any time within the 5-year term of the loan.
Annual Percentage Rate (APR) for Cash Advances -
Please see our Loan rate sheet for the most current rates here.
Paying Interest -
You will be charged interest from the transaction date.
Penalty Fees -
- Late Charge 20.00% of interest due, $5.00 minimum
- Returned Payment Fee $30.00
How We Will Calculate Your Balance -
We will use a balance computation method called daily balance. See your account Agreement for more details.
Minimum Payment -
The minimum payment will be 2.50% of the outstanding balance or $25.00, whichever is greater.
Collection Costs -
I agree to pay you all reasonable costs you incur to collect this debt or realize on any security, including reasonable attorneys fees, court costs and collection agency fees to the extent allowed by applicable laws or regulations. I understand that a contingent or hourly fee arrangement may be established under an agreement entered into by you with an attorney and/or collection agency to collect this note if it is in default and I hereby agree that any such fee arrangement is reasonable. This provision also shall apply if I file a petition or any other claim for relief under any bankruptcy rule or law of the United States, or if such petition or other claim for relief is filed against me by another.