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Interest rates for all loans are fixed. From time to time, The Board of Directors establishes an interest rate range of three percentage points. The interest rate range is published on Community Capital’s website. Each loan request is assigned an interest rate within that range, based on an evaluation of a variety of factors including the level of risk associated with the loan request.
Interest rate range: 9.00 to 11.00%
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$50 for loans is due and payable at the time of application. There are no application fees for emergency loans.
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The following fees are associated with loan closing and are the responsibility of the Borrower at the time of closing.
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1% of total loan request; applicants who qualify for a Job Start loan or a Steps to Success loan pay $25.
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All Borrowers are responsible at closing for paying appropriate recording fees including but not limited to: UCC filing fees, land record filing fees, mortgage recording fees, and fees associated with filing liens on vehicles with the Department of Motor Vehicles.
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The following fees are charged as appropriate to Borrowers. As indicated in Community Capital’s loan documents and full policies and procedures, the Borrower is liable for additional costs including but not limited to costs associated with collection.
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All Borrowers will be charged a late fee as follows in accordance with their Promissory Note: Payments which are more than 15 days late will be charged a late fee equal to 5% of the unpaid portion of the regularly scheduled payment. Late fees are due and payable together immediately.
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All Borrowers: $25 due and payable when a new check is presented for payment.
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All Borrowers: $25 due at the time of application for refinance.
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All Borrowers: $25 due at the time of execution of note modification.
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All Borrowers: A 1.5% holding and renewal fee based on the maximum Line Holding & Renewal Fee of Credit requested will be due and payable at closing.
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All Line of Credit Borrowers: Borrowers may be charged a fee for use of Community Capital’s lock box. This fee is based on proportional usage of the lock box.
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