Share or Term Certificate Secured Loans
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Interest Rates: 3% above the current rate the Member is earning on the Share or Certificate used as collateral for the loan
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Early Payoff Penalty: None
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Interest: Simple interest based on a 365 daily accrual
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Monthly Payment: Payments may be made in person, through the mail, auto deduction, payroll deduction, online banking or telephone banking
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Payday Smart Loan
This loan product is designed to provide a short-term solution for a member. Members can get out of the cycle of using high-interest payday loans and pay day lenders.
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Closed end signature loan
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Loan Amount: $535.00
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Interest Rate: Fixed rate, not based on credit and credit will not be pulled
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Application fee: Refer to fee schedule
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Payment method: A monthly automatic transfer from the savings or checking account, repayment must be made within 30 days of disbursement
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Additional requirements: Applicant must be 18 years of age, have been a member for at least 90 days, must have direct deposit, must be present in branch to complete the loan application
Overdraft Line of Credit
This loan product is designed to provide overdraft protection to a member's checking account. This loan is a revolving line of credit.
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Loan is tied to member's share draft account to eliminate overdraft fees
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Loan Limits: Minimum - $250.00; Maximum - Not to exceed 2x monthly gross income
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Interest Rate: Variable Rate, based on borrower's credit score
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Application fee: NONE
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Monthly payment: Monthly Automatic Transfer from the checking on the 5th of the month, the greater of 3% of the loan balance or $15.00
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Early Payoff Penalty: None