Collection Policy

A $20.00 late fee will be accessed to every loan that becomes 10 days delinquent. This late fee will only be applied one time during a 30 day time period.

Delinquent loan notices will be printed, reviewed and mailed every Friday.

Loans 7-14 days delinquent will be sent a notice.

Loans 15-30 days delinquent will receive a phone call and a notice will be sent.

Loans 31-45 days delinquent will get a letter stating that action will be taken if they do not make arrangements to catch up and keep their loan current.

Loans 46-60 days delinquent will receive a certified letter stating what action will be taken unless they make payment arrangements within the next 5 days.

Loans will then be placed with an outside collection agency or a judgment will be filed.

Collateralized loans will be turned over to an outside company for repossession. The collateral will be sold if the borrower does not make satisfactory arrangements to repay the debt.

A detailed spreadsheet will be kept on all delinquent loans, showing all dates and measures taken concerning the delinquency.