Risk Based Lending

Risk Based

The following disclosure applies to all subaccounts except advertised Specials, Vacation, Line of Credit, Bill Consolidation, Christmas, Variable Share Secured and Variable 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 you qualify for.

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 3%. 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 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.

Variable Rate Share Secured

The Annual Percentage Rate (APR) will be the dividend rate being paid on Regular Shares (Index) on the date of the advance plus a margin of 3%. 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 APR. The rates are subject to change each time you obtain a new advance to reflect any change in the index. 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 take the form of more payments of the same amount until what you owe has been repaid.

Advance Payments

Any payments made, in any amount, in addition to the regular payments paid, will advance the subaccount 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 subaccount payment due date is reached, maximum of three months. Interest will continue to accrue on outstanding balances during such periods where payments are not made.

Collection Costs

You agree to pay all costs of collecting the amount you owe under this Agreement, including court costs and reasonable attorney fees.

Late Charges

If your payment is received more than 10 days after the due date, you will be charged a late fee of $30.00.