|FIXED RATE HOME EQUITY LINE OF CREDIT
|VARIABLE RATE HOME EQUITY LINE OF CREDIT
|OVERDRAFT PROTECTION LINE OF CREDIT
FIXED RATE HOME EQUITY LINE OF CREDIT
Enjoy the freedom of a line of credit knowing that your interest rate will not change. This loan allows you the flexibility to access your borrowed money as you wish during your "draw" period, the first five years. Your loan would then enter the ten-year repayment period. You are billed interest only on the amount disbursed during the draw period and then a fully amortized payment for the remaining ten years. See current Consumer Loan Rate sheet for APR. Loan-to-value must be no higher than 80%. Other restrictions apply. Please call for details.
VARIABLE RATE HOME EQUITY LINE OF CREDIT
This loan offers the same flexibility as our Fixed Rate Home Equity Line of Credit, except the rate adjusts monthly to Prime during the entire term, with a five year draw period and a ten year repayment. See current Consumer Loan Rate sheet for APR and maximum APR. You are billed interest only during the draw period and only a 2% principal payment during the repayment term. Other restrictions apply. Please call for details. See Variable Rate Home Equity Line of Credit Disclosure below for end of repayment period disclosure.
OVERDRAFT PROTECTION LINE OF CREDIT
With a checking account from Salem Co-operative Bank, you have the opportunity to apply for Overdraft Protection/Line of Credit. Once you qualify, this service protects you with a personal, unsecured loan if you complete debit transaction (check/ACH/ATM/Debit card) that goes beyond the current balance in your account, saving you the embarrassment of overdrafts or refusal of a purchase. This service will provide for times when you may need extra money to manage your checking account and your life. Subject to credit approval. Other restrictions apply. See Annual Percentage Rates for options and rates available for this loan.
Salem Co-operative Bank offers variety of auto loans to meet your needs. New vehicles require 10% down payment and our terms range from 24 to 60 months. See our RATE SHEET for options. We also offer a variety of options for financing used vehicles. Please go to the annual percentage rates page for program choices.
This is a great option if you wish to borrower using your own money for collateral. We hold your Salem Co-operative Bank savings passbook or certificate of deposit at the Bank, and you can borrow up to 90% of the balance in your account. You will continue to earn the interest on your deposited money, and the funds are still available when the loan is paid off. See Annual Percentage Rates for options and rates available for this loan.
This loan requires no collateral and is based upon the borrowers willingness and ability to pay. Maximum loan amount is $5,000.00 with a maximum term of 24 months. See Annual Percentage Rates for options and rates available for this loan.
This loan is for the large purchase of RV's and camper trailers. Call one of our Loan Officers for further details.
VARIABLE RATE HOME EQUITY LINE OF CREDIT
You can obtain credit advances for 5 years
(the “draw period”). During this period, payments will be due monthly. Your minimum
monthly payment will equal the amount of accrued finance charges on the last day
of the billing cycle. The minimum monthly payments during the draw period
will not reduce the principal that is outstanding on your line of
credit. After the draw period ends, you will no longer be able to obtain credit
advances and must pay the outstanding balance on your line of credit (the
“repayment period”). The length of the repayment period is 10
years. During the repayment period, payments will be due monthly. Your minimum
monthly payment will equal the amount of accrued finance charges plus 2.000
percent of the principal balance outstanding on the last day of the billing
cycle. The minimum monthly payments may not be sufficient to fully repay the
principal that is outstanding on your line of credit by the end of the repayment
period. If they are not, you will, to the extent permitted by law, be required to
pay the entire balance in a single payment (balloon payment).
Variable Rate Features: This line of credit has a
variable rate feature and the annual percentage rate (corresponding to the
periodic rate) and the minimum monthly payment can change as a
result. The annual percentage rate includes only interest and not other
costs. Ask us for the current index value, margin, and annual percentage
rate. After you open a line of credit, rate information will be provided on
periodic statements that we send you.