What are open-ended loans?
Open-ended loans are a type of consumer lending primarily used by credit unions that makes future borrowing easier and more convenient for our members. Will my mortgage or student loan be affected? No. Traditional mortgages that do not allow advances and most student loans are not impacted by the Credit Card Act. How does this law affect my loans at TUCOEMAS Federal Credit Union? Recent changes required us to give you further notice of when your payment is due. In order to comply, we must change the due date for all loans to the 28th of each month and convert your payment loan frequency to monthly if it previously was not. What will happen to my payment? Technically, nothing. Your interest rate and the terms of your loan agreement will not be changed. However, your loan payment frequency is now monthly and your due date is the 28th. Can I continue to pay on the same day(s) I always havefor example, weekly, bi-weekly or semi-monthly? Yes, you can continue to repay your loan as you alway
