Rate Lock
At the time of application, we lock your interest rate for 60 days and set money aside so that availability of funds for your loan is certain. If we do not receive the properly completed application back within 60 days, and our interest rates have increased during that period, your application will be cancelled. If that happens, you will need to start the borrowing process over from the beginning with a new worksheet/application request.
Because we set your funds aside at the time of application, please do not send in an application request until you are certain that the project is moving forward, have examined your funding alternatives, and have made the decision to borrow from BCPL.