XML 27 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 8 - Credit Agreement
9 Months Ended
Sep. 30, 2017
Notes  
Note 8 - Credit Agreement

Note 8 – Credit Agreement

 

Effective September 11, 2009, the Company entered into a credit facility with Wells Fargo Preferred Capital, Inc.  The credit agreement provides for borrowings of up to $100.0 million or 70% of the Company's net finance receivables (as defined in the credit agreement), whichever is less and has a maturity date of September 11, 2019.  Available borrowings under the credit agreement were $100.0 million at September 30, 2017 and December 31, 2016, at an interest rate of 4.32% and 4.00%, respectively.  The credit agreement contains covenants customary for financing transactions of this type.  At September 30, 2017, the Company was in compliance with all covenants.