Common use of Fixed Interest Rate Clause in Contracts

Fixed Interest Rate. If I elect the fixed interest rate type then this rate will be fixed throughout the life of my loan unless I voluntarily elect to change the Loan Repayment Period or Interest Rate Type as permitted. Unless I make a voluntary change, the initial fixed interest rate will be the same for all future advances on My Credit Limit. If I make a voluntary request to change the Loan Repayment Period or Interest Rate Type (from variable interest rate to fixed interest rate), I agree I will begin receiving the applicable fixed interest rate in effect at the time of the change confirmation. I agree the applicable fixed interest rate for my initial fixed interest rate and my voluntary changes will be determined on a periodic basis at the Credit Union’s discretion.

Fixed Interest Rate. If I elect the fixed interest rate type then this rate will be fixed throughout the life of my loan unless I voluntarily elect to change the Loan Repayment Period or Interest Rate Type as permitted. Unless I make a voluntary change, the initial fixed interest rate will be the same for all future advances on My Credit Limit. If I make a voluntary request to change the Loan Repayment Period or Interest Rate Type (from variable interest rate to fixed interest rate), I agree I will begin receiving the applicable fixed interest rate in effect at the time of the change confirmationelection. I agree the applicable fixed interest rate for my initial fixed interest rate and my voluntary changes will be determined on a periodic basis at the Credit Union’s discretion.