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The
purpose of this loan can vary greatly. It can be used for vehicles,
debt consolidation, vacations, education, etc.
- The loan is paid back in a specific time frame in a specified
manner.
- If a vehicle is being purchased, the term of the note is determined
by the age of the vehicle and by the credit worthiness of the
applicant.
- Credit life and/or accident policy is available to credit applicants.
This additional insurance coverage will protect them from making
payments in the event of loss of life or injury that results in
the missing of work for more than fourteen (14) days. If the amount
of coverage exceeds $25,000, health questions are asked of the
applicant(s). The only age limit is that the applicant cannot
be over 67 or turn 67 during the term of the note.
Fees associated with an installment loan are: an origination fee,
cost of a credit bureau report, notice of security interest, title
application, UCC filings, and LSI.
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