Loan Description: A Kasasa Loan is an innovative fixed rate, fixed term loan that provides consumers with an opportunity to lower their overall interest expense or create an open-end, revolving line of credit, by making payments that are in excess of the loan’s scheduled monthly payments. Unlike traditional loans, consumers who have met each of their required scheduled payments, can borrow against these excess funds – at the same interest rate as their initial Kasasa Loan – to address unexpected needs (i.e. car repairs, health issues) or take advantage of opportunities (i.e. college acceptance) that may arise. The loan’s available credit limit will be specified in each periodic statement issued by our institution. Loan Rates & Term: Kasasa Loans are subject to credit approval by our institution. Many factors affect credit approval and the interest rate you may receive. Upon approval of your application, your loan’s Annual Percentage Rate (APR) will be established and will not change throughout the life of your loan. Should your application be approved, your Kasasa Loan will begin on the day you sign our loan agreements and will continue until the maturity date or until you have a zero balance in your loan account. Loan Interest Charges & Fees: Interest will begin to accrue, with no grace period, on the date advances are posted to your loan. We use the daily balance method to calculate the interest on your account. Your daily balance is determined by adding any new advances, charges or unpaid accrued interest to the day’s beginning balance and then subtracting any payments or credits that are made. We determine your interest charges by applying a daily periodic rate (i.e. APR / 365) to each daily balance within a billing cycle. In addition to interest, you will also be charged a maximum fee of $15.00 when you are late on a scheduled payment and a fee of $31.00 for every payment that is returned due to insufficient funds. Application of Loan Payments: All payments are applied first to any accrued interest, then to the loan’s principal, then to any outstanding fees and finally to create or retire the loan’s revolving line of credit. Additional Information: Credit Union Membership restrictions may apply. To qualify, a borrower must be at least 18 years old and must meet our institution’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other funding criteria. If approved, your actual rate depend on a variety of factors including the term of the loan, your financial history, years of professional work experience, income and other factors. Rates and terms are subject to change at any time without notice, subject to legal restrictions. Contact one of our credit union loan representatives for additional information, details and loan application.