- 20 year draw period
- Minimum loan amount $10,000
- Competitive low rates
- Interest Only Option Available
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MINIMUM PAYMENT REQUIREMENTS. You can obtain advances of credit for 240 months (the "draw period"). During the draw period, payments will be due monthly. Your minimum periodic payment will be equal to the greater of 1/240th of the outstanding balance of your Account plus the accrued interest as of the closing date of each billing statement or $50.00, unless your unpaid balance is less than the latter amount, in which case your minimum payment will be that amount.
BALLOON PAYMENT. After the Draw Period ends, you will no longer be able to obtain credit advances. Paying only your minimum payment may repay less than the outstanding balance at the end of the Draw Period. You will be required to pay the entire unpaid balance that you owe and any outstanding fees or charges after the expiration of the Draw Period in a single balloon payment.