Fill - Free fillable 5200 Southcenter Blvd. signs the Consumer Loan Application, (Inspirus Credit Union) PDF form

A DIVISION OF Gesa CREDIT UNION

Consumer Loan Agreement

5200 Southcenter Blvd.

Seattle, WA 98188

206.628.4010 888.628.4010

www.inspiruscu.org

This Consumer Loan Agreement (“Agreement”) governs

your Loan accounts with Inspirus Credit Union, a

Division of Gesa Credit Union. In this Agreement the

terms “you” and “your” mean each person who

signs the Consumer Loan Application, an Advance

Disclosure or this Agreement as a borrower or owner

of collateral, as applicable. The term “Credit Union”

means Inspirus Credit Union, a Division of Gesa Credit

Union.

1. Consumer Loan Documents. Under this

Agreement you are establishing an ongoing loan

relationship with the Credit Union. You may request and

receive Consumer Loans from time to time and you may

establish a Line of Credit account.

a. Consumer Loans. Each Consumer Loan that

you request and we approve from time to time will be

considered a separate Loan transaction that is

consummated at the time a Loan Advance Disclosure for

each Loan is accepted by you. The terms applicable to

your Consumer Loans will be governed by: (i) the

Consumer Loan Application; (ii) this Agreement; (iii) the

Loan Advance Disclosures provided with each Loan; (iv) a

Loan proceeds check endorsement; and (v) other Loan

documents required under this Agreement. These Loan

documents are incorporated in and integrated as part of

this Agreement.

b. Line of Credit. Upon your request and approval

by the Credit Union, your Line of Credit will be

established as an open-end, revolving Line of Credit. The

terms applicable to your Line of Credit account will be

governed by: (i) the Consumer Loan Application; (ii) this

Agreement; (iii) the Line of Credit Account Disclosure

provided at account opening; (iv) a Loan proceeds check

endorsement; and (v) other Loan documents required

under this Agreement. These Loan documents are

incorporated in and integrated as part of this Agreement.

2. Accessing Your Loans & Line of Credit. If more

than one person signs this Agreement or one of the loan

documents, your obligations under this Agreement, are

joint and several. You and any co-applicant, jointly or

alone, may request and receive loan advances under this

Agreement, to suspend further advances, or terminate

this Agreement. You may request loan advances in

person, by mail, by telephone or electronic transfer

service, or loan draft to the extent applicable. The Credit

Union may disburse loan proceeds to you directly, to

third parties, or to a deposit or share account of yours or

any co-applicant in accordance with your instructions.

a. Consumer Loan Advances. You may request

and obtain one or more Consumer Loans from the Credit

Union from time to time. You will receive a Loan

Advance Disclosure at the time of each Loan which will

contain specific disclosures regarding Loan amount,

interest rate, fees, and security related to the particular

advance. You may decline any Loan transaction after

receiving the Advance Disclosure without obligation by

notifying us within three days after receiving the Advance

Disclosure and returning all Loan proceeds to us.

However, once you have consummated the Loan

transaction by retaining or using the Loan proceeds, you

may no longer decline the Loan transaction.

b. Line of Credit Advances. You may request and

obtain a Line of Credit account from the Credit Union.

You will receive Line of Credit Account Disclosures at the

time your account is opened which will contain specific

disclosures regarding interest charges, fees, and terms

related to the account. At the time of your initial Line of

Credit advance, you will receive Line of Credit Advance

Disclosures which will contain specific disclosures

regarding your approved credit limit, payment terms, and

security related to the account. For a Line of Credit

account, you may access credit on your account up to

your approved credit limit, prepay any portion of the

balance, and request subsequent advances from time to

time without limitation, provided you are not in default.

The approved credit limit for a Line of Credit account is

the maximum amount you may draw upon at any time

under that account without getting specific approval for

additional Line of Credit advances. If you overdraw a

deposit account of yours, you agree we may treat that

transaction as a request for an advance and your

authorization to transfer funds to cover such overdraft.

3. Payment Terms.

a. Promise to Pay. You promise to pay the Credit

Union all Loan or Line of Credit advances, interest, fees

and charges and other amounts due in accordance with

this Agreement.

b. Payment Methods. You may make payments

on your Consumer Loan or Line of Credit by automatic

transfer from shares, payroll deduction, or by direct

payment, as applicable. If you make automatic transfer

payments, you are responsible for maintaining adequate

funds in your account to satisfy your payments. If the

Credit Union does not receive your payroll deduction, the

Credit Union will not waive your payment requirement

and you remain responsible for making timely payments.

You may pay all or any portion of your account at any

time without penalty, but any such prepayment will not

relieve you of your obligation to make the required

minimum payments. After your Loans are paid, the

Credit Union may deposit payroll deduction amounts to

your share account unless otherwise notified.

c. Periodic Payments. For Consumer Loans, you

agree to make the Periodic Payment as specified on the

Loan Advance Disclosure by the due date specified by the

Credit Union. In addition to the Periodic Payment, you

Consumer Loan Agreement

Inspirus Credit Union, a Division of Gesa Credit Union

agree to pay all amounts past due, including any late

fees, immediately. For Line of Credit accounts, your

Periodic Payment will equal 3% of the outstanding

balance, or $25.00, whichever is greater.

d. Crediting Payments. Payments received at any

office of the Credit Union prior to any posted transaction

cutoff hours will be credited as of the day they are

received and processed. Payments received after a

transaction cutoff hour may not be credited until the next

business day. All payments will be credited first to

accrued interest, then to fees and charges, and finally to

the outstanding principal balance of your Loan or Line of

Credit.

4. Interest Charges.

a. When Interest Accrues. Each Consumer Loan

or Line of Credit advance will accrue interest beginning

on the date the advance is posted to your account.

Interest will continue to accrue on your account until the

entire outstanding balance is paid in full. Loan advances

deposited to a deposit account will be subject to interest

from the date of deposit even if the funds are not

withdrawn immediately.

b. How to Determine Interest. You will pay

interest based on the unpaid principal balance of your

Loan or Line of Credit. The unpaid principal balance is

the outstanding account balance which remains unpaid at

the close of business each day after all transactions for

the day have been posted. The interest based on your

unpaid principal balance is computed by multiplying that

balance by a Periodic Rate and multiplying by the number

of days since the last payment or credit. To get the

Periodic Rate, we divide the interest rate by 365.

c. Interest Rate. The interest rate for each Loan

will be set forth on the Loan Advance Disclosure. For

Line of Credit accounts, the interest rate will be set forth

on the Line of Credit Advance Disclosure. The Credit

Union may change the rates it offers from time to time.

d. Default Rate for Failure to Provide Title. If

your Loan is secured by collateral that is subject to a

certificate of title, you must provide us with all

documents, information, and signatures or authorizations

necessary to obtain a new certificate of title showing the

Credit Union as the secured party (legal owner). If you

fail to do so within 60 days after the loan date, we may

increase the interest rate on your loan to 14.99%. The

increased interest rate is in addition to (and not in lieu

of) any other rights we have on default.

5. Fees and Charges. You agree to pay the fees and

costs as set forth on the Loan Advance Disclosure

provided with each Loan including any application fee.

You agree to pay the fees and costs as set forth on the

Line of Credit Account Disclosures.

a. Collection Costs and Attorney Fees. If you

are in default under the terms of this Agreement, you

agree to pay the Credit Union’s costs in enforcing this

Agreement and collecting any amounts you owe. The

Credit Union’s costs include, to the extent permitted by

applicable law, reasonable attorney fees if the Credit

Union hires an attorney, and legal expenses incurred

whether or not a lawsuit is commenced, plus any court

costs and all other reasonable sums allowed by law.

Attorney fees and legal expenses include those related to

bankruptcy proceedings (including efforts to modify or

vacate any automatic stay), trials, appeals, and any

anticipated post-judgment collection actions. You agree

that all collection costs and attorney fees incurred by the

Credit Union are secured in accordance with this

Agreement.

b. Voluntary Payment Protection. We may offer

Voluntary Payment Protection to you. Voluntary Payment

Protection is not necessary to obtain credit. If you

purchase Voluntary Payment Protection from us, you

authorize us to add the fees or insurance charges

monthly to your Loan balance and charge you interest to

the entire balance. The rate used to determine the fees

or insurance charges may change in the future. If the

rate changes, we will provide any notices required by

applicable law.

6. Events of Default. You will be in default if any of

the following happen:

a. You fail to make any payment when due;

b. You break any promise you have made to the

Credit Union in this or any agreement with the Credit

Union;

c. Any other creditor or governmental agency tries

to take any of the collateral, including a garnishment of

your Credit Union shares;

d. The collateral is abandoned, lost, stolen,

damaged, sold, borrowed against, levied upon, seized, or

attached;

e. There is any material adverse change in your

financial condition;

f. You or any guarantor die, become insolvent,

make an assignment for the benefit of creditors, a

receiver is appointed, or a petition for bankruptcy is

commenced by or against you;

g. Any information or representation you make on

any application or agreement with the Credit Union is not

true; or

h. The Credit Union in good faith deems itself

insecure.

Consumer Loan Agreement

Inspirus Credit Union, a Division of Gesa Credit Union

7. Credit Union Actions. You agree the Credit Union

may accept late payments and partial payments and can

delay enforcing any of its rights under this Agreement

without losing them. The Credit Union’s waiver of its

rights in one instance does not constitute a waiver of its

rights in other instances, or waiver of any other default.

You agree the Credit Union may permit a modification,

extension, or renewal of any term under this Agreement,

or release or substitute collateral or any other person

obligated for repayment of this Agreement or any

guaranty, and you will remain liable for repayment of

your Loan or Line of Credit. The Credit Union may

exercise any of its rights under the security agreement

and applicable law. In addition, the Credit Union may

take other actions as follows:

a. Suspension of Line of Credit Advances. The

Credit Union may suspend your ability to draw upon a

Line of Credit or use any access device or advance

checks, without prior notice to you, under the following

conditions: (i) you are in default under this Agreement

or any other agreement with the Credit Union; (ii) any

credit verification indicates adverse information; (iii) any

time the Credit Union reasonably determines the value of

the collateral has declined; or (iv) you request a

suspension of this account.

b. Acceleration of Loan Balance. Upon default,

you waive demand and any notice, including notice of

intent to accelerate and notice of acceleration. The

Credit Union may declare the entire balance of your

Loans immediately due, without prior notice.

c. Credit Union Lien/Security Interest. To the

extent permitted by applicable law and to the extent of

your indebtedness to the Credit Union, the Credit Union

has a statutory lien on all your shares, deposits, and

accumulated dividends or interest in all of your accounts

at the Credit Union. In addition, you grant the Credit

Union a security interest in all shares, deposits, and

accumulated dividends or interest in all your accounts at

the Credit Union, individual or joint, (except Individual

Retirement Accounts). In the event that you fail to make

any payments due to the Credit Union pursuant to the

terms of this or any other agreement with the Credit

Union, you authorize the Credit Union to immediately

exercise its lien and apply the balance in these accounts

to pay any indebtedness to the Credit Union, without

further notice to you.

d. Credit Verification. You agree to provide the

Credit Union upon request at any time with current

financial information, updated employment and credit

information, or a new appraisal or valuation of collateral,

as permitted by law. You understand that the Credit

Union may record such information in its files and rely on

it to make decisions about your account. You authorize

the Credit Union at any time to release information to

any credit bureau, merchant or other financial institution

regarding the status and history of your account.

8. Security Agreement.

a. Security Interest. You grant the Credit Union a

security interest, under the Uniform Commercial Code in

which the Credit Union is located, in all collateral

described on any Loan Advance Disclosure or Line of

Credit Account Disclosure received under this Agreement

to secure your Loans and Line of Credit account under

this Agreement and all your other obligations (except

those secured by a dwelling or real property) to the

Credit Union. Collateral granted under this Agreement

covers your past liabilities to the Credit Union and any

liabilities that may arise in the future, regardless of form.

These include, but are not limited to, Loans for Consumer

purposes, liability which is sole or joint, absolute or

contingent, primary or secondary, purchase money or

non-purchase money, and liability under promissory

notes, credit cards, open accounts, or overdrafts (but not

Loans secured by a dwelling or real property). The

collateral includes accessions and additions installed in or

affixed to the collateral and any proceeds of the

collateral. All collateral securing this Loan will secure any

extension, renewal, or modification of this Loan and all

your other obligations.

b. Maintenance. You agree that collateral securing

this Loan will be for personal use and will not be used as

a dwelling. Except for our security interest, you own the

collateral free and clear. You will not allow any other

liens on the collateral, even if they are junior to ours.

You agree to maintain the collateral in good working

order and repair any damage that affects its value.

Except for vehicles, you agree to keep the collateral at

your address of record, unless we tell you that you can

move it. If the collateral is a vehicle, you will keep it at

your present address, except for routine use, and you will

not do anything that requires registering the vehicle in

another state. You may move the collateral to your new

address only if you give the Credit Union the new address

in advance. You agree the Credit Union may come upon

your premises and inspect the collateral at any

reasonable time without notice.

c. Insurance. You agree to keep the collateral

insured with casualty and fire coverage satisfactory to

the Credit Union, including an acceptable deductible. For

vehicles, this means collision insurance and

comprehensive insurance with a deductible amount

acceptable to the Credit Union. You may provide this

insurance through an existing policy or a new policy

obtained from anyone you want that is acceptable to the

Credit Union, and you agree to provide the Credit Union

with proof of that coverage. You agree to name the

Credit Union as loss payee. If you fail to pay any liens,

buy or maintain insurance, or make repairs to the

collateral, we may do so. You agree we may add any

insurance or maintenance costs to the amount you owe

under this Agreement and may adjust your monthly loan

payments so the insurance premiums are paid under the

original certificate term or as the Credit Union otherwise

Consumer Loan Agreement

Inspirus Credit Union, a Division of Gesa Credit Union

determines necessary to meet your obligations. The

added amounts will bear interest at the rate charged

under this Agreement. Insurance we purchase will cover

only the Credit Union’s interest in the collateral and will

not be liability insurance. This security provision also

secures those amounts. You understand that all benefits

paid by insurance that you or the Credit Union purchases

and any insurance refunds or rebates will be applied first

to pay the Loan balance.

WARNING - UNLESS YOU PROVIDE US WITH EVIDENCE

OF THE INSURANCE COVERAGE AS REQUIRED BY OUR

LOAN AGREEMENT, WE MAY PURCHASE INSURANCE AT

YOUR EXPENSE TO PROTECT OUR INTEREST. THIS

INSURANCE MAY, BUT NEED NOT, ALSO PROTECT YOUR

INTEREST. IF THE COLLATERAL BECOMES DAMAGED,

THE COVERAGE WE PURCHASE MAY NOT PAY ANY CLAIM

YOU MAKE OR ANY CLAIM MADE AGAINST YOU. YOU

MAY LATER CANCEL THIS COVERAGE BY PROVIDING

EVIDENCE THAT YOU HAVE OBTAINED PROPER

COVERAGE ELSEWHERE. YOU ARE RESPONSIBLE FOR

THE COST OF ANY INSURANCE PURCHASED BY US. THE

COST OF THIS INSURANCE MAY BE ADDED TO YOUR

LOAN BALANCE. IF THE COST IS ADDED TO THE LOAN

BALANCE, THE INTEREST RATE ON THE UNDERLYING

LOAN WILL APPLY TO THIS ADDED AMOUNT. THE

EFFECTIVE DATE OF COVERAGE MAY BE THE DATE YOUR

PRIOR COVERAGE LAPSED OR THE DATE YOU FAILED TO

PROVIDE PROOF OF COVERAGE. THE COVERAGE WE

PURCHASE MAY BE CONSIDERABLY MORE EXPENSIVE

THAN INSURANCE YOU CAN OBTAIN ON YOUR OWN AND

MAY NOT SATISFY ANY NEED FOR PROPERTY DAMAGE

COVERAGE OR ANY APPLICABLE MANDATORY LIABILITY

INSURANCE REQUIREMENTS.

d. Sale of Collateral Upon Default. You may

keep and use the collateral while this Agreement is not in

default. If you are in default, we will have all of the

rights of a secured party under the Uniform Commercial

Code of the state in which the Credit Union is located, in

addition to any other rights we may have. Upon request,

you agree to make the collateral available to us at a

place we designate. You authorize us to take possession

of the collateral peaceably, with or without legal process,

and sell it. If you are entitled to any notice required by

applicable law, you agree that ten calendar days prior

notice is enough. Unless you ask us in writing to give

you notice at a different address, notice sent to you at

your address of record will be sufficient.

e. Additional Documents and Power of

Attorney. You agree to sign any other documents, such

as financing statements, applications for certificates of

title, and certificates of title, to perfect our security

interest. You agree to give us an irrevocable power of

attorney to sign your name to title certificate(s) and to

apply in your name for the issuance of a certificate or

title to any motor vehicle you have given as collateral.

To the extent permitted by applicable law, you agree we

may endorse any check payable to you, if you refuse,

and you waive protest of such action.

9. Amendments. To the extent permitted by

applicable law, you agree the Credit Union may amend

the terms of this Agreement from time to time. The

Credit Union will notify you of any changes as required by

law. Any notice of change in terms required by law will

be sent to your address of record. You agree to inform

the Credit Union in writing of your current address at all

times. The Credit Union will consider this address your

address of record. Notices will be mailed to you at the

most recent address you have provided the Credit Union

in writing. To the extent permitted by law, you agree

that notice to any one borrower will be considered as

giving notice to all borrowers. No oral statement by any

Credit Union officer or employee is included in this

Agreement, which may be modified only in writing. For

Line of Credit Accounts, changes will apply to existing

accounts to the extent set forth in the change in terms

notice. For Loans, changes will apply to new Loans taken

after the change becomes effective.

10. Applicable Law. You agree this Agreement will be

governed by and interpreted in accordance with the laws

of the State of Washington. If any provision of this

Agreement is invalid, the rest of the provisions shall

remain valid. If a lawsuit is commenced, you agree to

submit to jurisdiction of the courts in the county where

you reside.

Member:

Date:

Co-Borrower:

Date:

Grantor:

Date:

Grantor:

Date:

Download
Save PDF to desktop

Email
Email completed PDF

Send for Signing
Email for others to sign

Print
Print document

NAME

5200 Southcenter Blvd. signs the Consumer Loan Application, (Inspirus Credit Union)

View Audit Log
Print With Audit Log
Duplicate Document

Fill Online, Printable, Fillable, Blank 5200 Southcenter Blvd. signs the Consumer Loan Application, (Inspirus Credit Union) Form

Related forms

Fillable 5200 Southcenter Blvd. signs the Consumer Loan Application, (Inspirus Credit Union)

Fill Online, Printable, Fillable, Blank 5200 Southcenter Blvd. signs the Consumer Loan Application, (Inspirus Credit Union) Form

Related forms

First 20 documents completely FREE!