Member Loan Application PDF

Dear Member:

Below is an application for a 5% loan offered to members of Central Electric Cooperative for the purchase and installation of new energy star listed electric heat pumps. Completed applications will be presented to the Central Electric Board of Directors for approval.

Please submit completed applications by the 2nd Monday of the month. Incomplete applications will be returned to the applicant and will delay the approval process. To obtain a hard copy of the loan application to complete and submit please contact our office.

If approved, the loan interest rate will be 5% for the life of the loan with a maximum term of 84 months. The maximum loan amount is 80% of the cost for the project. All loans require 20% down payment due before or at the signing of the loan documents. Any rebates provided by the cooperative will be deducted from the loan amount. The minimum monthly principal payment is $50.

Central Electric will file a mortgage for the loan amount. The mortgage documents will be executed and filed with the applicable County Register of Deeds after the electric heating equipment is installed and inspected by cooperative personnel and the loan documents are signed. An accurate legal description of the property to be mortgaged is required to prepare the mortgage.
Legal Description of Property to be mortgaged

LOAN APPLICATION
Loan Aplication

Central Electric Cooperative, Inc.

25487 403rd Ave

PO Box 850

Mitchell, SD 57301

605-996-7516 or 1-800-477-2892
SECTION 1
Applicant Name
Co-Applicant/Spouse Name
Applicant Home Phone
Co-Applicant/Spouse Home Phone
Applicant Business Phone
Co-Applicant/Spouse Business Phone
Applicant Address

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Co-Applicant/Spouse Address

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Applicant Previous Address

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Co-Applicant/Spouse Previous Address

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code

Section 2

Employment and Income Information
Applicant's Employer Name
Co-Applicant/Spouse Employer Name
Applicant's Employer Address

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Co-Applicant/Spouse's Employer Address

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Applicant's Employment Income

Income

Net

Gross
Co-Applicant/Spouse's Employment Income

Income

Net

Gross

SECTION 3

References
Applicant Name of Creditors
Co-Applicant/Spouse's Name of Creditors
Applicant Address of Creditor

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Co-Applicant/Spouse's Address of Creditor

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
(Applicant) Phone Number of Creditor
(Co-Applicant/Spouse) Phone Number of Creditor
Applicant Name of Creditors
Co Applicant Name of Creditors
Applicant Address of Creditor

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Co-Applicant/Spouse Address of Creditor

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
(Applicant) Phone Number of Creditor
(Co-Applicant/Spouse) Phone Number of Creditor
Applicant Name of Creditors
Co Applicant Name of Creditors
Applicant Address of Creditor

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Co-Applicant/Spouse Address of Creditor

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
(Applicant) Phone Number of Creditor
(Co-Applicant/Spouse) Phone Number of Creditor

SECTION 4

Assets and Debts

Assets

	Asset	Description/Location/Address	Pledged as Collateral For Another Loan? (Y/N)

Debts

	Creditor Name, Contact person	Account Number	Original Balance	Present Balance	Monthly Payment	Past due (Y/N)

SECTION 6

Desired Loan Terms and Signature
Requested Loan Amount
Check one

36 Months (3 years)48 Months (4 years)60 Months (5 years)72 Months (6 years)84 Months (7 Years)
PLEASE NOTE!!! If EnergyStar heat pump installation or replacement is done by any party other than Central Electric, please provide the name of the company below and send a copy of the estimate/invoice to cec@centralec.coop or you may mail a copy to PO Box 850 Mitchell, SD 57301
Name of company
By signing below, you agree to be bound by the terms of this agreement.

You also promise that everything you have stated in this application is correct to the best of your knowledge and that the above information is a complete listing of all your debts and obligations. You authorize Central Electric Cooperative to obtain credit reports in connection with this application for credit and for any update, renewal or extension of the credit received.
(Applicant) Signature

Clear
(Co-Applicant/Spouse) Signature

Clear
Date

MonthDayYear
Date
Date

MonthDayYear
Date

SECTION 7
If answered "Yes" on Section 5 please use this area to provide explanation
Explanation to any answers "Yes" from section 5
Should be Empty: