Co-Borrower

Any additional borrower(s) whose name(s) appear on loan documents and whose income and credit history are used to qualify for the loan. Under this...

Collateral Protection Insurance (CPI)

Collateral Protection Insurance (CPI) pertains to a situation that occurs when your vehicle insurance changes or lapses during the life of a vehicle loan...

Combined Loan-To-Value (CLTV)

Combined Loan-To-Value ratio (CLTV) is the proportion of loans (secured by a property) in relation to its value. The term "Combined Loan To Value" adds...

Compound Dividends

Compound dividends are dividends added to the principal of a deposit or loan so that the added dividend also earns dividends. This addition...

Construction Contract

An agreement between a general contractor and an owner/developer stating the specific duties the general contractor will perform according to blueprints...

Construction Loan Draw

A partial disbursement of the construction loan based on the schedule of payments in the loan agreement.

Credit Card

A credit card is a revolving line of credit from which the cardholder can borrow money for payment to a merchant or as a cash advance. Any purchases or cash...

Credit Worthiness

An assessment of the likelihood that a borrower can fulfill his or her loan (debt) obligations. It is based upon factors, such as his/her history of...

Daily Periodic Rate

A daily periodic interest rate is calculated by dividing the annual percentage rate, or APR, by either 360 or 365. The...

Debit Card

A debit card issued by Members 1st Credit Union allows you to transfer money electronically when making a purchase in person, online, or by phone. Debit cards..