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Risk Based: The Annual Percentage Rate (APR) you receive for each type of subaccount will be within the range disclosed above and is based on your credit worthiness. Please ask us for the rate that you qualify for.
*Loans are eligible for a 0.25% discount with payroll payment or automatic payment from an Arkansas Best Federal Credit Union account excluding Share Secured, Certificate Secured, and Lines of Credit.
Rates on collateralized loans can be reduced by 0.25% for every 10% of equity in collateral at the time the loan is made up to a maximum 0.50% reduction.
SHARE/CERTIFICATE ADVANCES: The Annual Percentage Rate (APR) for Share Secured/Certificate Advances will be the dividend rate being paid on regular Shares/Certificate on the date of the advance plus 2%. This rate should generally not be greater than the standard “A” rate for 100% financing of an automobile, unless that auto loan rate is lower than the dividend rate being paid on the member’s pledged Shares/Certificate. If the “A” rate is lower than the dividend rate of the Savings/CD, the rate charged on the loan will be the rate of the Savings/CD. The advance will be for an approximate term of 24 months. If we renew the advance, a new Voucher and Security Agreement will be sent to you with payment information.
LINES OF CREDIT: The Annual Percentage Rate (APR) will be based on an Index and Margin. The Index is the Prime Rate as published in the "Money Rates" section of the Wall Street Journal on the 15th day of the month preceding the rate change. The Annual Percentage Rate is subject to change the first day of the month following the published rate in the Wall Street Journal. Your Margin is based on your creditworthiness, including our review of your credit report, information you provide to us on your application or any updates, and any other relevant information available to us. You understand that the terms of your account including APRs are subject to change. We reserve the right to change the terms including the Annual Percentage Rate at any time for any reason.
LATE CHARGES: If your payment is received more than 10 days after the due date, you agree to pay a late charge of $20.00.
FEES: Returned payment fee: $20.00 per return. Returned mail Fee: $5.00 per return.
COLLECTION COSTS: You agree to pay all costs of collecting the amount you owe under this Agreement, including court costs and reasonable attorney fees according to state law.
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