What is my minimum monthly payment and how is it calculated?
A. With Access Control Advantage, a loan is only created if you make purchases or receive cash advances with your Loan Card or checks. Your minimum monthly payment due will be determined by how much you borrow and when. On each day that you use your Loan Card or a check to access your loan line, all of your transactions that occur on that day are combined and treated as a single loan. Each monthly billing cycle, we calculate a separate payment amount for each separate loan created during the month. The separate payment amount remains the same for the duration of that loan, and is based on the amortization of the loan over the repayment period (the “Term”). The Term, which is the same for every loan you take and is determined by your Plan Guidelines, begins on the last day of the monthly billing cycle during which the separate loan was created, and may not exceed 60 months. To determine the total minimum payment due each month, we add together each separate payment amount for each of yo
