Interest Rate

Interest rates for all loans are fixed. Loans are assigned an interest rate within a range, based on an evaluation of the level of risk associated with the loan request.

Interest rate range: 7.00% to 9.50% based on risk.

Application Fee

$50 for loans is due at the time of application and is not refundable.

Closing Fees

The following fees are associated with loan closing and are the responsibility of the Borrower at the time of closing.

Origination FeeTerm (amortizing) loans: 1% of total loan. Line of credit: 2% of total loan.
Recording FeesBorrowers are responsible at closing for paying 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.

Other Fees

The following fees are charged as appropriate to Borrowers. Borrowers are also liable for costs associated with loan collection.

Late FeePayments more than 15 days late are charged a fee of 5% of the unpaid portion of the regularly scheduled payment
Insufficient Funds Fee$25
Refinancing Fee$25
Loan modification$25