Loan Rates
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Consumer Loan Rates
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These rates are current as of 3/21/2007 and are subject to change. These interest rates are for qualified FAMU FCU members only. These rates are provided for information only and are not intended to be a full disclosure. Please contact any branch for more details.
Please note that additional loan types and rates are available. Contact the Loan Department for additional information.
FINANCE CHARGES: The dollar amount you pay for money borrowed is called a "finance charge" and begins on the date of each advance. To compute the finance charge, the unpaid balance for each day since your last payment (or since an advance if you have not yet made a payment) is multiplied by the applicable daily periodic rate. The sum of these amounts is the finance charge owed. The balance used to compute the finance charge is the unpaid balance each day after payments and credits to that balance have been subtracted and may charge other finance charges which are disclosed as follows.
FEES AND CHARGES: If you give us a security interest in certain types of property, we may charge you a filing fee to perfect our interest in the property. If so, the amount of the fee will be disclosed to you at the time you obtain an advance. We may also charge you other fees in connection with the LoanLiner Plan. Those fees are disclosed as follows and will be added to your loan balance unless you pay them in cash.
LATE CHARGES: In addition to the continued accrual of the FINANCE CHARGE at the Daily Periodic Rate, if you fail to pay, at least, the minimum payment on any loan sub-account within 10 days after it is due, the Credit Union may assess a late charge equal to 20% of the finance charge due; with a minimum of $5.00 and a maximum of $15.00.
COLLECTION COSTS: You promise to pay all costs of collecting the amount you owe under this agreement, including court costs and reasonable attorney fees.
ADDITIONAL SECURITY: All share balances that you have with the Credit Union are subject to lien by the Credit Union whether specifically pledged or not. If you default on any loan advanced under the plan, the Credit Union shall be entitled to apply shares to any amount of charges then due under the Plan.
SUMMER SKIP PROGRAM: If you are on a 9 month contract, your minimum payments for June, July, and August will be $0.00. for members who make a one-half payment in May, payments will resume in August starting with the remainder of the payments due for May. All other will resume payments in September.
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