Unsecured Loans
This loan offers members the opportunity to borrow without putting up any collateral at a max term of 120 months.
What is a Signature Loan
If your member is looking to purchase a new home. you may want to consider referring them to this CUSO
what is Mortgage Center
in a fixed rate loan this amount never changes
what is the regular payment.
Whoa there! don't apply this kind of payment to a LOC unless the member wishes to close it out.
What is a Payoff.
Use this wrap up code for payments made to loans with funds from a Lake Trust Account.
Loan Payment
We only process this transaction on Visa, Discover and Mastercard. Sorry Amex.
What is a Cash Advance.
Borrowers may generally finance for up to 100% of the determined value plus sales tax for this loan. In addition, we may finance add-ons like GAP, credit insurance, warranties, oh my!
What is an Auto Loan
Most installment loan payments are made up of these two balances. with one of them growing over time like moss on a stone.
What is Principal and Interest.
process this transaction when a member wishes to pay the full balance on their LOC. but they still want it open for those rainy days.
what is a Paydown
Look at this inquiry type in DNA to determine how much of the members payment went to principal interest, or even a late fee. ouch!
What is Transaction History
This Loan's payments are calculated on the 28th of the month and are based on 3.50% of the outstanding loan balance or $17.50 whichever is greater
What is a line of credit
This is one reason members choose to use a secured loan for things like autos, boats and RVs. saves money over time.
What is Lower Interest Rates
This is how far ahead the member can make their due date by applying extra payments.
what is 60 days.
The contact center only performs this kind of transaction to pay off a loan, because the money needs to be in an account first.
What is Withdrawal.
Dude, where's my car loan? If you paid off a loan in training, be sure to do this the same day so we can practice with the loan in the future. Also handy in the real world if you make an error in DNA.
What is error correct.
LOCs are known as this kind of loan. which means to have a limit that can be borrowed from and paid back repeatedly without re-applying for a new loan. Also a kind of door you never want to get stuck in.
What is revolving
Looking to put in a pool, combine some debt or just make some home improvements? Use this loan product which takes advantage of the value of your home being higher than what you owe.
What is a Home Equity (could also accept HELOC)
This payment is 2% of the outstanding balance, or a $100 whichever is more. It's the more that can be pricey.
what is a HELOC payment
Be sure to tell a member this after paying off their loan. It helps build rapport and it is a big achievement after all.
What is Congratulations on paying off your loan!
This type of loan is often associated with traditional consumer loans. Members get all the money up front and pay it back over a set term.
What is an Installment Loan
On a credit card this amount is required to avoid a late fee. but the interest will start to accumulate.
What is Minimum Payment Due
This is what we call the vehicle or property that secures the loan. It's also not a bad Tom Cruise movie.
What is Collateral.
members who are current on their loan use this type of payment to pay less interest over time and pay off the loan sooner. (not bi-weekly)
What is Principal only Payment (POP)
For collateralized loans like auto loans, members can request this document at least 10 business days after paying it off.
What is a release of lien.
Don't see an amount billed but the member wants to make a payment that advances the due date? use this kind of payment. it sounds like special treatment but it's really not.
What is an Exception Payment.