Loan Agreement Disclosure

Please print, review, sign and return this Loan Agreement Disclosure with your Consumer Loan Application. Click here to review our Truth-In-Savings Disclosure, Electronic Services Disclosure & Agreement, Privacy Policy and our Fee Schedule.

Then click here to complete the loan application.

HOW CAN WE EXPEDITE YOUR LOAN REQUEST?

1. To avoid any unnecessary delays in processing your loan request do not leave any blank spaces If a space does not apply, simply put N/A.
2. All income must be verifiable Acceptable proof of income: Pay check stubs issued within the last two weeks and/or two (2) years previous federal tax return.
3. All employment information will be verified.
4. If faxing your loan application, please fax pay stub as well.

AGREEMENT

1. "You" and "Your" mean each and all of the applicants signing on the reverse You certify the accuracy of the information given in this application and you will notify the Credit Union in writing immediately if there is any change in your financial condition It is a violation of Section 1014, Title 18, U.S. Code, to make a false statement or overvalue security for the purpose of influencing the action of any federally insured Credit Union.
   
   
2. You authorize the Credit Union to gather whatever credit and employment information it considers appropriate from time to time (you understand that this will assist us, for example, in determining your eligibility for renewal of credit and additional extensions of credit) You authorize the Credit Union to give information concerning your credit experience with us to others. You understand and agree that the Credit Union may retain this application and any other credit information the Credit Union may receive and that you waive your right to confidentiality of your records with the California Department of Motor Vehicles (DMV) and authorize the Credit Union to obtain such information from the DMV.
   
   
3. You agree that by signing the application below or by using or authorizing another to use the Account, you will be bound by the terms and conditions of the applicable Parsons Federal Credit Union disclosure entitled: A) Closed-End Note, Loan and Security Agreement and Truth-ln Lending Disclosure, B) Personal Line of Credit Note and Federal Disclosure Statement, or C) Visa Agreement and Federal Truth In-Lending Disclosure Statement, which will be given to you if your application is approved and before the first transaction is made.

ACKNOWLEDGMENT OF PLEDGE OF SHARES BY REQUESTING AND RECEIVING, SIGNING AND USING OR PERMITTING OTHERS TO USE A VISA CARD ISSUED TO YOU BY PARSONS FEDERAL CREDIT UNION, YOU AGREE, AS CARDHOLDER, TO THE TERMS OF THE VISA CARD AGREEMENT AND DISCLOSURE STATEMENT AS FURNISHED. YOU FURTHER ACKNOWLEDGE AND AGREE THAT THE VISA CARD AGREEMENT AND DISCLOSURE STATEMENT CONTAINS THE FOLLOWING PROVISION:

SECURITY INTEREST - PLEDGE OF SHARES: Borrower hereby pledges all paid shares and payment on shares, which Borrower now has or hereafter may have in this Credit Union as security for loans, interest late charges, costs or expenses In the event of default in the payment of installments hereinabove agreed to be paid, Borrower hereby authorizes the Treasurer of the Credit Union to apply said shares to the payment of said loans, interest, late charges or expenses. The foregoing pledge of shares does not apply to any shares held in any Individual Retirement Account or Keogh Plan.

THIS MEANS THAT IF YOU ARE IN DEFAULT UNDER THE TERMS OF THE VISA CARD PROGRAM, WE MAY EXERCISE OUR RIGHTS AS A SECURED PARTY TO APPLY ANY FUNDS YOU HAVE ON DEPOSIT WITH US TO SATISFY YOUR INDEBTEDNESS.

NOTICE: This acknowledgment must be signed by you and returned to the Credit Union.

Signature X_______________________________________________________Date:_____________

Spouse / Co-Applicant Signature (if applicable) X_______________________________________________________Date:_____________

 

Interest Rates and Interest Charges - Visa Credit Cards
Annual Percentage Rate (APR) for Purchases	Classic	Gold	Gold Lite
	13.50%	12.50%	9.90%
APR for Balance Transfers	13.50%	12.50%	9.90%
APR for Cash Advances	13.50%	12.50%	9.90%
Penalty Rate and When it Applies	There is no penalty rate
How to Avoid Paying Interest on Purchases	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 your entire balance by the due date each month.
Minimum Interest Charge	There is no minimum interest charge
For Credit Card Tips from the Federal Reserve Board	To learn more about factors to consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://www.federalreserve.gov/creditcard.
Fees
Annual Fee	None
Transaction Fees Balance Transfer Cash Advance Foreign Transaction	None None 1% of each transaction in U.S. dollars.
Penalty Fees Late Payment Over-the-Credit-Limit Returned Payment	3% of payment due or $5.00 whichever is greater $10 $15
Other Fees	None

How We Will Calculate Your Balance: We use a method called “average daily balance (including new purchases).”