CLPL Day 2: LOC | Baamboozle - Baamboozle | The Most Fun Classroom Games!

English 12 Public

Pre-work Q's for LOC & Day1 Review

Study Slideshow

A Line of Credit (LOC) is an ______-ended revolving loan that is typically used for ___________ _________.

Open & Overdraft Protection

20

The payment due date is automatically determined by the system depending on _________________________________________.

when the member finalizes the loan.

15

Late fees are assessed ____ days after the payment due date.

15

What is the minimum payment for a Line of Credit (LOC)?

2% of the new balance or $20, whichever is greater

25

Late payments are not reported to the Credit Bureaus until after the payment is more than ___ days late.

30

15

A __________must be provided to the member prior to finalizing this type of loan. This applies to any updates to their existing Line of Credit as well.

Disclosure

15

The LOC Agreement & Billing Notice will generate from what section in LoansPQ.

Letters/Documents

20

Name two documents that could be required before finalizing a Line of Credit (LOC) application.

Notice to Co-Signer, LOC Account Opening Disclosure, MLA APR Disclosure, Risk-Based Pricing Notice

25

What is the minimum amount we will finance for a Line of Credit?

$200

15

What is the maximum amount we will finance for a Line of Credit?

Approvals are based on the member’s creditworthiness and ability to repay.

15

What are some reasons why a member would consider applying for a Line of Credit?

Overdraft protection, emergency funds, affordable payments, flexible terms, easy access to funds...

15

What is one personal share you learned about a teammate yesterday?

Anything that was shared - teammate will confirm.

10