Schrute
Farms
Farms
Yes, HE's have a fixed interest rate
Can a borrower trade in a vehicle prior to the maturity date of the Auto Saver loan?
Yes, Since the vehicle is owned and titled in the borrower's name, it may be sold or traded anytime following loan origination.
What is the maximum amount a micro business loan?
$49,999.99
What is the minimum loan amount for a personal unsecured/signature loan?
$500.00
How much does GAP cost for an Auto?
$495
What is the grace period for an Auto Loan or Signature loan?
10 days
What is the longest term for an Auto Loan?
84 months
What is the annual fee that Lake Trust charges for having a credit card?
$0
What are the three available terms for a Home Equity loan?
10, 15, and 20 year terms
A savings secured loan is most likely used for what?
Establishing or reestablishing good credit.
Do hybrid vehicles qualify for the auto saver program?
Yes
What does GAP stand for and what does it do?
Guaranteed Asset Protection
GAP offers a payout in case of vehicle theft or accidents, that covers the gap between what you owe on a vehicle and what the insurance will pay out.
Do you have to be a member to apply for a HELOC?
No
How many boat dealerships are partnered with Lake Trust in Michigan?
28
Does a member have to provide collateral for a Signature loan type, and if so, how much?
Nope
What is the maximum amount LP will cover?
$100k for 75 years or younger; $25k for 75 and up
What is the minimum amount for a boat loan?
$7500.00
What loans does Lake Trust offer through our 3rd party sister companies?
Student Choice Student Loans and Mortgage Center
What vehicles are eligible on the Auto Saver program?
Future year, current year, and used vehicles up to five model years old are eligible.
What is the late fee for an RV Loan?
5% of the overdue payment but not less than $15
What is late fee for the first late payment on a credit card?
First time is $25, after that $35
What is the difference between a LOC and a Credit Card?
LOC is a fixed interest rate, No plastic card-must access the funds through LT
Name 2 "Protected life events" that qualify under Loan Protection Plus
When is a boat considered a "Large Boat"?
Boats that are 15 foot or greater and financing $7,500 or more
What is a Secured Credit Card?
A credit card that uses a savings account as collateral to guarantee the risk for LT. It is 110% of the card limit