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TheFirst Step

TheFirst Step program was developed to assist customers who need a small, short-term loan and second chance checking
account. The products are designed for customers to learn more about financial education, enhance credit and ultimately work
with a financial institution for all their financial needs.

TheFirst Step Checking 

-$15 deposit required to open
-No minimum balance to maintain
-$3 maintenance fee per statement cycle
-Debit or ATM card
-No checks allowed
-Free Online Banking and E-Statements
-Free Telephone Banking
-Review at consumers request to upgrade checking account after 6 month of opening
-Subject to approval

A financial step in the right direction, bringing endless opportunities

TheFirst Step Loan

$500 minimum to $1,500 maximum

-Minimum credit score requirement of 550
-Term: 9 to 36 months
-Debt to Income Ratio: <45%
-Proof of Income: Last 2 consecutive pay stubs (verified)
-Proof of Residency: Utility bill, rent or lease agreement, or other documentation
-State Issued I.D’s: Driver’s License, Social Security card, and / or Military I.D
-Financial Counseling Education: Approved Financial Counseling Partners
-Must complete counseling within 5 business days of application.  Bring certificate / letter back to the bank as proof of completion from financial counseling partner
-25% of loan proceeds must be placed into a First Savings Account with a hold
-Direct deposit for payroll and auto draft is available for payment on loan

-Apply in-branch only
-Fees: $15 to be financed on top of loan amount
 -Interest Rate: 8%
 -APR: Based on monthly amortization schedule starting at 9 to 36 months
-Limited to 1 ‘TheFirst Step' Loan at a time (you can apply again if paid as agreed)
-No more than four (4) charged-off accounts and/or charge offs cannot exceed $5,000.
-If an account has been charged-off but reported paid or has a zero balance, that account would not be counted as an outstanding charged-off account
-Judgments listed in the public record category on the credit bureau with an outstanding balance would be considered a charged-off account


As a result of internal accounting changes, The First Bank. may reclassify your account balance as defined by Federal Reserve Regulation D.  This will not impact your account or FDIC insurance.