|Type of Loan||Term||% Over Index||APR (as low as)|
|New Automobile1||24-84 Months||N/A||1.99%|
|Used Automobile1||24-84 Months||N/A||2.25%|
|New Recreational Vehicle1||24-240 Months||N/A||4.49%|
|Used Recreational Vehicle1||24-180 Months||N/A||5.49%|
|New Boat1||24-240 Months||N/A||3.99%|
|Used Boat1||24-180 Months||N/A||4.99%|
|New Jet Ski1||24-60 Months||N/A||3.99%|
|Used Jet Ski1||24-60 Months||N/A||4.99%|
|New Motorcycle1||36-75 Months||N/A||4.49%|
|Used Motorcycle1||36-75 Months||N/A||4.74%|
|Signature Line of Credit1||24-60 Months||N/A||8.49%|
1FOR FIXED RAT E LOANS:The ANNUAL PERCENTAGE RATE you receive for the fixed rate loans may be as low as the rate listed above. Your actual rate is based on your credit rating. Auto rates above may not include all available discounts. You will be provided the rate for which you qualify when your loan is approved. Rates are subject to change at any time without notice.
2FOR VARIABLE RATE SHARE SECURED: The ANNUAL PERCENTAGE RATE(APR) for existing balances and new advances for share-secured advances will be determined by adding the amount shown above in the "% Above Index" column to the Index. The Index is the dividend rate being paid on regular shares. The rate is subject to change quarterly to reflect any change in the index. Any increase in the APR will take the form of more payments of the same amount.
3FOR VARIABLE RATE CERTIFICATE SECURED: The ANNUAL PERCENTAGE RATE(APR) for existing balances and new advances for certificate-secured advances will be determined by adding the amount shown above in the "% Above Index" column to the Index. The Index is the dividend rate being paid on the certificate securing the loan. The rate is subject to change quarterly to reflect any change in the index. Any increase in the APR will result in an increased payment due at certificate maturity.
CONSUMER LOAN LATE CHARGE: If you are 15 or more days late, you will be charged 5% of the monthly payment not to exceed $20.00.
COLLECTION COSTS: You agree to pay all costs of collecting the amount you owe under this Agreement, including court costs, reasonable attorney fees and the costs of any appeal by the credit union.
|MPS Credit Union Visa®||Annual Percentage Rate (APR) for Purchases, Cash Advances, and Balance Transfers|
|Visa Platinum Card||0% Introductory APR for 6 months.
|Visa Gold Card||4.90% Introductory APR for 6 months.
|Visa Classic Card||15.50%|
|Visa Share Secured Card||17.80%|
Paying Interest: Your due date is at least 25 days after the close of each billing cycle. We will not charge you any interest on purchases if you pay the entire balance by the monthly due date. We will begin charging interest on cash advances and balance transfers on the transaction date.
For Credit Card Tips from the Consumer Financial Protection Bureau: To learn more about the factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/learnmore.
Transaction Fees: Foreign Transaction Fee – 2.00% of each transaction in U.S. dollars.
Penalty Fees: Late Payment Fee – Up to $30.00. Returned Payment Fee – Up to $35.00.
How we will calculate your balance: We use a method called "average daily balance (including new purchases)."
Effective Date: The information about the costs of the cards described in the application is accurate as of September 1, 2019. This information may have changed after that date. To find out what may have changed, call us at 800.782.3630 or write us at MPS Credit Union, PO Box 520622, General Mail Facility, Miami, FL 33152-0622
Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your account agreement.
|Type of Loan||Term||% Over Index||APR (as low as)|
|Home Equity Fixed||10 years||N/A||5.25%|
|Home Equity Variable1||15 years||Prime||N/A|
|Home Equity Fixed||7 years||N/A||4.50%|
|Home Equity Fixed-Variable2||15 years||N/A||6.75%|
For loan amounts between $10,000.00 and $24,999.00 member pays closing cost.
FIXED RATE & ADJUSTABLE RATE COMBINED LOAN-TO-VALUE
HOME EQUITY FIXED: The maximum maturity shall not exceed ten years, and the minimum loan amount shall be $10,000.00 and the maximum loan amount shall not exceed $250,000.00 providing there is sufficient equity on the property. Rates are subject to change at any time without notice.
1HOME EQUITY VARIABLE: The ANNUAL PERCENTAGE RATE is based on the Prime rate as of the day of closing, as set forth in the WALL STREET JOURNAL. The rate may be adjusted either up or down quarterly. However, the floor is 4.00% and the yearly cap on the loan is 4.00% per year. The interest rate shall have a ceiling of not more than 18% over the life of the loan. The minimum loan amount shall be $10,000.00 and the maximum $250,000.00. The initial advance shall be in the amount of $5,000.00; with a minimum of $1,000 for each subsequent advance.
2HOME EQUITY FIXED-VARIABLE: The ANNUAL PERCENTAGE RATE shall be fixed for the first three years of the loan. After the three years the loan becomes variable and it is adjusted quarterly the same as "THE HOME EQUITY VARIABLE PROGRAM". The total loan term shall not exceed 15 years and the minimum loan amount shall be $25,000.00. The pre-payment penalty applies for loans satisfied within the first three years of acquisition. Maximum Combined Loan to Value shall not be more than 75%.