Say Goodbye to Lender Fees at Closing


Contact your local FCI office

Looking for a lender who will lower your cost of borrowing money? Don’t just search for low interest rates; avoid upfront fees that impact how much you pay for a loan. As a farmer-owned cooperative, Farm Credit Illinois understands that every dollar counts – so we said goodbye to lender fees at closings.

Effective Oct. 1, 2020, FCI agricultural loan* borrowers are not charged the following:

  • Origination fees – FCI members do not pay for processing or underwriting.
  • Traditional loan appraisals – FCI’s in-house appraisal team delivers complimentary services.
  • UCC filings – FCI covers the cost of submitting UCC financing statements with the state.

By waiving these fees, cooperative member-borrowers save up to 1.5% of the loan amount. And by coupling these savings with the already low upfront interest rates, you spend less on FCI loans.

Low Upfront Interest Rates

As a cooperative, FCI embraces the philosophy of providing competitive upfront interest rates. FCI rates consistently rank in the lowest 10% of the entire Farm Credit System and are competitive with other financial institutions throughout central and southern Illinois.

Fee-free Repricings

When financial markets present opportunities, you can reprice most FCI loans for free once per year. In the first six months of 2020, FCI converted loans to lower interest rates at no cost for more than 3,000 members – saving them a combined $8.4 million annually.

Cash Patronage Delivered

FCI continues delivering cooperative value through an annual cash patronage distribution. In 2020, FCI delivered $28 million of patronage to nearly 8,000 borrowers.

With low upfront interest rates and no lender fees at closing – plus free repricing options – Farm Credit Illinois members spend less on agricultural loans. And when cash patronage is returned the following year, the low cost of borrowing money from FCI delivers a significant cooperative advantage.

Say goodbye to lender fees at closing and contact your local FCI office today. 

Contact your local FCI office

*does not apply to leases or AgDirect equipment or Rural 1st country life loans




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