Prime PowerLoan

Prime PowerLoan

Walton EMC offers the Prime PowerLoan, a prime rate loan to help homeowners install Marathon water heaters and EMC Security systems and equipment.
 

Prime PowerLoan FAQ:

Q: What is Walton EMC's Prime PowerLoan?

A: Your cooperative can loan money at the current prime interest rate to help you purchase and install Marathon water heaters and EMC Security systems and equipment in your home.

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Q: Who can qualify?

A: Residential customer-owners of locations served by Walton EMC. You must pass a reasonable test of creditworthiness. This includes a good utility payment record, credit application and credit report.

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Q: How can I use the Prime PowerLoan?

A: The Prime PowerLoan can be used for the purchase of the following types of equipment:

  • Marathon electric water heaters
  • Security Systems (installed by EMC Security only, including intrusion, fire, home automation systems, home entertainment systems, commercial fire and security systems, video surveillance and access control systems)

The loan may not be used to refinance other loans. For example, you may not use loan proceeds to pay off "90 days same as cash" or other similar loans.

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Q: How much can I finance?

A: The loan is limited to the actual cost of the equipment and installation. The installation costs for Marathon water heaters may not exceed $250.

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Q: What is the interest rate?

A: The current prime rate at loan closing calculated daily on the unpaid balance. The final payment is adjusted to charge for late payments or give credit for early payments.

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Q: How is the loan secured?

A: Loans are secured by signature.

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Q: Are there any loan origination fees?

A: There is a $15 origination fee that includes a credit check.

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Q: What is the length of payments?

A:

Loan Amount Maximum Length of Payments

Months

Up to $500

24

$501 to $1,000

36

$1,001 to $2,499

48

$2,500 to $3,499

60

$3,500 to $4,499

72

$4,500 to $5,499

84

The loan must be paid off in full if you move off Walton EMC's lines or change power suppliers.

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Q: How is the Prime PowerLoan billed?

A: Walton EMC will bill for monthly loan payments at the time it bills for electric service. Other circumstances will be handled on an individual basis.

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Q: How can I apply for a Prime PowerLoan?

A: Download info and application here. 

 


 

Questions?

For details about prime loan rates available to customer-owners, visit any Walton EMC location or contact us:

Email: csr_elec@waltonemc.com
Phone: 770.267.2505

Language Interpretation Service Available


 

Download Information and Application:

Prime PowerLoan