Credit Application

Application

Application for Revolving Credit
  • Consumer credit - please fill out page 1 and sign page 2
  • Business, Corporation, LLC, Partnerships - please fill out all pages based on the amount of credit that you request

Credit Policy

(Effective date March 2016)

The privilege of establishing credit will be granted only when a credit application has been properly completed, signed, submitted, and approved. In addition to the credit application, Pro Cooperative may require that a current financial statement be submitted. Until credit has been approved, all purchases must be cash.

A monthly statement will be sent as of the end of each month. Payment will be due by the twentieth (20th) day of the following month.

A finance charge will be assessed on any unpaid balance remaining after the close of business on the twentieth(20th)day of the month following the month end (periodic) statement. The finance charge will be assessed at the periodic rate of 1.50 (one and one-half) percent, which is an annual percentage rate of 18.0 (eighteen) percent with a minimum of $3.00.

To avoid a finance charge pay the entire balance on or before the twentieth (20th)day of the month following the monthly (periodic) statement. If paying by mail please allow sufficient time for payment to be received by the 20th of the month.

Unless prior arrangements have been made credit privileges will be withdrawn for any patron with a statement balance remaining unpaid on the last day of the month in which the statement is received. All subsequent purchases will be cash in advance of any products or services until the old account is paid in full and the patron has been re-approved for credit by the Credit Manager.

Pro Cooperative reserves the right to place a maximum dollar limitation on this account and to terminate further extension of credit in the case of chronic delinquency. Pro Cooperative reserves the Right of Offset (deduction from any check(s) payable to the Patron) and the right to refuse credit to anyone at anytime based on credit rating, employment, payment history and ability and willingness to pay.

Collection proceedings, including reasonable and customary collection costs including attorney fees, may be commenced by Pro Cooperative against customer for any past due amounts without further notification to the customer. Amounts are considered past due if unpaid on the last day of the month in which the statement is received.

If the account is approved for credit, a credit limit will be established.  If at anytime the account would like to have the credit limit increased, or due to the amount of the credit exposure to Pro Cooperative, Pro Cooperative, in their discretion, may ask for any combination of the following:

  1. A new credit application
  2. A financial statement
  3. Security interest in certain assets

Credit transactions are and shall be construed as Iowa contracts subject to the laws of the State of Iowa.
All transactions on and after this date will be subject to terms and conditions of this credit policy.
Customer accounts will be reviewed and monitored for compliance of the Credit Policy set forth by the Board of Directors of Pro Cooperative.
 

Board of Directors,
PRO Cooperative