Consumer Loan Application

Important information about procedures for opening a new account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

Applicant or Co-Signer Information




Additional Information

Other Income

Co-Applicant Information


Additional Information

Other Income

Your cooperative is making every effort to help you in getting your money’s worth when it comes to heating and air conditioning systems and energy efficiency.  We are offering loans for the installation of electric heat pumps and related energy efficiency measures. New construction does not qualify. Loans are available at very competitive rates and terms. Installation of a Load Management Switch is REQUIRED after all qualifying heat pumps are installed.

Loan Program

  1. Up to $20,000 is available for Air or Water Source Heat Pumps, Energy Efficient Lighting, Energy Star Doors, Energy Star Windows, High Efficiency Water Heaters and additional weatherization measures.
     To qualify, a heat pump must be a complete system and have a SEER rating of at least 14.0 and an HSPF of 8.2. All   
      loans for heat pumps require a $100 blower door test at borrower’s expense. Heat pumps must be sized according to North Arkansas Electric design requirements determined at the time of the energy audit.
  2. Applications for additional funds above $20,000 may be presented and considered for approval by board committee which meets monthly.

Dealers/Contractors
You may select the dealer of your choice, but heat pump dealers must be licensed with the State of Arkansas.  NAEC will provide a list of these dealers upon request.  If you decide to take bids, it is not necessary for you to accept the lowest bid in order to qualify for a loan.   

Application
All requested information must be completed in full.  This will include the amount you want to borrow.  If married, please complete both the applicant and co-applicant portions.  All loans are considered joint.  If the application is not signed, it will be returned to you for completion No work that is to be paid for by loan funds should be done before the loan is approved.  Please include a copy of your warranty deed showing you as the owner of the property.  A lien will be filed against the equipment that we are financing.  We cannot process the application if you do not provide this information. The application will be submitted to our loan committee for consideration.  If and when your loan is approved, you will be mailed two letters informing you of approval, one of which you will need to give to your dealer.

Processing Loan Documents
When your work is completed, please submit all invoices to our office within 24 hours, and the loan contract will be prepared for your signature.  After closing, a check will be made out to you and you are responsible for paying any dealers and or contractors. Please allow two weeks for payment. No payments will be made directly to any dealer or contractor from NAEC. A fee of $50.00 will be charged to you for filing UCC forms with the Secretary of State and within the County when you close the loan.

NOTE:  Cost of equipment and installation is to be negotiated between you and your dealer/contractor.  It will be your responsibility for getting the invoices to us for processing.                       

Should you decide to refinance your loan with a financial institution, or borrow home improvement monies from them, North Arkansas Electric Cooperative will not be able to subordinate our lien to theirs.  If you qualify for their loan, you will have to pay our loan in full to borrow more money from them.  This loan is made for your benefit, and may not be assumed by any other party.

Current Loans/Debts

Terms & Conditions

(lf joint application, read singular pronouns in the plural.) You warrant the truth of the information contained in this application and you realize it will be relied upon by Lender in deciding whether or not to grant the credit which is applied for. You warrant that the financial obligations you have disclosed in relation to this application are totally complete and that you have no other outstanding financial obligations of any kind, including any guarantor or co-signer liability. If you have left any spaces in this application blank, Lender may assume the information required is answered by you in the negative. You hereby authorize Lender and its employees and agents to investigate and verify any information provided to Lender by you. You agree and recognize that it is your sole and exclusive responsibility to determine any and all aspects of federal tax considerations related to consumer loan interest deductibility and acknowledge that Lender has not provided any tax advice whatsoever to you. You authorize Lender to make any credit, employment or investigative inquiry that Lender determines is appropriate for the extension of credit or the collection of amounts you owe. Lender can furnish information concerning your loan to consumer reporting agencies and others who may properly receive that information. If this application is approved and Lender is required to report the amount of interest paid on the loan to the Internal Revenue Service, the Applicant understands that Lender will do so using the Applicant's Social Security Number shown above (tax identification number). The Applicant understands that if the Applicant's Social Security Number is incorrect the Applicant may be subject to Internal Revenue Service penalties. You understand this application will be kept by Lender whether or not your credit request is approved.