Bank of the Tribe

Loans

Loans

 

 

Loans are available to all Montgomery County documents/StudentHandbook 2016-2017.pdfs and Faculty.
  • Lunch loans- $1 to $5
  • Lunch loans will be available upon completion of a short application.
  • Interest is charged at a rate of $.05 per day with a minimum charge of $.25.
  • The repayment period is fourteen days (see maturity ranges).  After that time period, a late fee of $.15 per day will be assessed.
  • A second loan will not be granted until the first one is paid in full.
  • Formal Loans- $5.01 to $100 (Anything over $20 will be set up on a payment schedule.)
  • Loans will be granted upon the completion of a formal loan application, a scoring sheet, April 20th policy, and contacting a parent or guardian. (We reserve the right to refuse to grant loans.)
  • Interest rates range from 8% to 16% depending upon your loan score and if you are a preferred customer.
  • A 10% (of amount borrowed) processing fee will be assessed.
  • The term of your loan depends upon the amount borrowed (see interest rate and maturity range chart).
  • For every payment not received on time, a late fee of $3.00 will be assessed to your account.
  • After the term of your loan has matured, for every 10 days late a $3.00 late fee will be assessed with a maximum late fee of $10.00.
  • A second loan will not be granted until the first one is paid in full
  • Formal Loans- $100.01 to $500
  • Only faculty members are able to borrow this amount.
  • The same application process will be followed as stated above with the exception of parent or guardian contact and completion of a scoring sheet.  Applicant must sign a credit authorization form allowing the bank to pull a credit report.  (We reserve the right to refuse to grant loans.)
  • Interest rates range from 8% to 16%
  • A 10% (of amount borrowed) processing fee will be assessed.
  • The term of your loan depends upon the amount borrowed (see interest rate and maturity range chart)
  • A payment schedule will be set at the time of the loan.  For every payment not received on time, a late fee of $3.00 will be assessed to your account.
  • After the term of your loan has matured for every 10 days late a $3.00 late fee will be assessed with a maximum late fee of $12.00.
  • A second loan will not be granted until the first one is paid in full.
  • April 20th Policy
  • The last day for all loans to be paid in full is April 20th.
  •  For all lunch loans unpaid after this date a $5.00 fee will be assessed.
  • For all formal loans unpaid after this date a $40.00 fee will be assessed.
  • Other Information
  • We do charge interest on all school holidays.
  • You will not be able to withdrawal from school or graduate without paying your loan off.


 

 

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