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Here you can find answers to some of the questions most often asked about the Funding Corporation and the Farm Credit system as a whole. If you can't find the answer you're looking for, please feel free to contact us.
Apple to add 0% interest Apple Card payment plans for iPad, Mac, AirPods and more. Apple is readying to launch new Apple Card monthly payment plans, similar to what it introduced at the end of. Apple is offering interest-free financing on new iPad, Mac and AirPod purchases for those enrolled in its branded credit card program. And you'll get 3% cashback up-front. But here's the catch.
What is the Farm Credit System?
- Pay at your own pace. When you buy with Affirm, you always know exactly what you’ll owe and when you’ll be done paying. There are no hidden fees—not even late fees. Introduce your friends to a better way to pay by referring them to Affirm.
- Apple Card Monthly Installments (ACMI) is a 0% APR payment option available to select at checkout for certain Apple products purchased at Apple Store locations, apple.com, the Apple Store app, or by calling 1-800-MY-APPLE, and is subject to credit approval and credit limit. See above for more information about eligible products.
The Farm Credit System is a nationwide network of borrower-owned lending institutions and specialized service organizations. Established by Congress in 1916 as the authority for certain predecessor entities, the System is the oldest of the Government-sponsored enterprises. Throughout its long history, the fundamental purpose of the System has remained the same: To provide American agriculture with sound and dependable credit at competitive interest rates. Currently, there are three Farm Credit Banks and one Agricultural Credit Bank providing funds and support services to 67 locally owned Farm Credit Associations and numerous cooperatives nationwide. Approximately 43 percent of all U.S. farm business debt is funded by the Farm Credit System. (Source: USDA Economic Research Service, February 2021).
What is the Funding Corporation?
The System Banks utilize a fiscal agent, the Federal Farm Credit Banks Funding Corporation, to issue, market, and handle the Farm Credit Debt Securities. The Funding Corporation, established by Congress and owned by the System Banks, is located in the greater New York City area. The Funding Corporation currently utilizes a selling group of 38 banks and securities dealers that may offer Farm Credit Debt Securities. The Funding Corporation selling group distributes these Farm Credit Debt Securities on a worldwide basis to all types of investors, including commercial banks, states, municipalities, pension and money-market funds, insurance companies, investment advisers, corporations, foreign banks and governments, and other investors. The Funding Corporation is responsible for establishing, subject to Farm Credit Administration approval, the amounts, maturities, rates of interest, terms, and conditions of participation by the System Banks in each issue of Farm Credit Debt Securities. The conditions of participation by the System Banks in each issue of Farm Credit Debt Securities are prescribed in an agreement between the Funding Corporation and the System Banks. The Funding Corporation also provides the Banks consulting, accounting and financial reporting services. As the System's financial spokesperson, the Funding Corporation is responsible for financial disclosure and the release of public information concerning the financial condition and performance of the System as a whole.
What is Farmer Mac?
As provided in the Farm Credit Act, the Federal Agricultural Mortgage Corporation (Farmer Mac) was established to attract new capital for the financing of agricultural real estate and to provide liquidity to agricultural lenders. The board of directors of Farmer Mac has 15 members, five of whom are elected from the System. Farmer Mac is regulated by the Farm Credit Administration and is designated by statute as a System entity. However, the accounts of Farmer Mac are not included in the combined financial statements of the System. Farmer Mac is not liable for any debt or obligation of any other System institution, and no System institution other than Farmer Mac is liable for any debt or obligation of Farmer Mac.
What is the credit rating of the Farm Credit Debt Securities?
Moody's Investors Service has assigned a rating of Aaa with a stable outlook to the long-term debt of the System and a rating of P-1 to the short-term debt of the System. Standard & Poor's Ratings Service has assigned a rating of AA+ with a stable outlook to the long-term debt of the System and a rating of A-1+ to the short-term debt of the System. Fitch Ratings has assigned a rating of AAA to the long-term debt of the System with a stable outlook and F1+ to the short-term debt of the System. The Funding Corporation understands a number of factors contributed to these ratings, including: the Farm Credit System's status as a Government-sponsored enterprise, which results from its public mission and ties to the federal government; the traditionally strong governmental support of the agricultural sector; and the System's strong financial performance in recent years, including favorable earnings and strong capital ratios.
Who are the System Banks?
The nation is served by four System Banks - AgFirst FCB in Columbia, SC; AgriBank, FCB in St. Paul, MN; CoBank, ACB in Denver, CO; and FCB of Texas in Austin, TX.
What is the Insurance Fund?
The System has an insurance fund to insure the timely payment of principal and interest on Farm Credit Debt Securities, to the extent funds are available. Also, the provisions of the Farm Credit Act providing for joint and several liability of the System Banks cannot be invoked until the amounts in the Farm Credit Insurance Fund have been exhausted. However, because of other mandatory and permissive uses of the Insurance Fund specified in the Farm Credit Act, there is no assurance that there will be sufficient funds available in the Insurance Fund.
The Farm Credit System Insurance Corporation administers the Insurance Fund. The Insurance Corporation is a Government-controlled corporation that was established in the late 1980s. The Insurance Corporation is administered by a board of directors consisting of the Farm Credit Administration Board.
To achieve or maintain the Insurance Fund at the statutorily defined 'secure base amount' of 2% of aggregate insured debt obligations (or such other percentage as the Insurance Corporation determines is actuarially sound), the Insurance Corporation has the authority to assess premiums on the System Banks. When the amount of the Insurance Fund exceeds the secure base amount, the Insurance Corporation is required to reduce the premiums, but it must ensure that reduced premiums are sufficient to maintain the level of the Insurance Fund at the secure base amount.
What types of Farm Credit Debt Securities does the System issue?
The System, unlike commercial banks and other depository institutions, obtains funds for its lending operations primarily from the sale of Farm Credit Debt Securities. The System Banks, through the Funding Corporation, currently offer the following types of Farm Credit Debt Securities:
For a discussion of various risks, tax and other considerations, as well as terms and conditions related to each of these types of Farm Credit Debt Securities, review the appropriate offering circular.
Does the U.S. Government guarantee Farm Credit Debt Securities?
No. Farm Credit Debt Securities are the general unsecured joint and several obligations of the System Banks only. In the event of a default by a System Bank on an insured debt obligation for which that System Bank is primarily liable, the Farm Credit System Insurance Corporation must expend amounts in the Farm Credit Insurance Fund to the extent necessary to insure the timely payment of principal of and interest on the debt obligation. The provisions of the Farm Credit Act providing for joint and several liability of the System Banks on the debt obligation cannot be invoked until the amounts in the Insurance Fund have been exhausted.
However, because of other mandatory and permissive uses of the Insurance Fund specified in the Farm Credit Act, there is no assurance that there will be sufficient funds available in the Insurance Fund.
Where can I buy Federal Farm Credit Banks Consolidated Systemwide Debt Securities?
Most major banks and securities dealers have access to Farm Credit Debt Securities, which are sold in primary and secondary capital markets globally. The Funding Corporation works directly with certain banks and securities dealers including minority, women, disabled, and veteran owned firms to issue Farm Credit Debt Securities.
Where can I find the status of my Farm Credit bonds and notes?
Information on the status of specific securities can be found using our Debt Securities Search.
What is the tax status of the Farm Credit Debt Securities?
Under the Farm Credit Act, Farm Credit Debt Securities and the interest thereon are exempt from state, local and municipal income taxes. Provisions of several statutes that are analogous to the relevant tax exemption provisions of the Farm Credit Act have been construed by certain state courts as not exempting securities similar to the Farm Credit Debt Securities or interest thereon from nondiscriminatory franchise taxes or other nonproperty taxes imposed on corporations. Interest on the Farm Credit Debt Securities is not exempt from federal income taxation. In addition, gain from the sale or disposition of Farm Credit Debt Securities or their transfer by inheritance, gift, or other means is not exempt from federal taxation, and generally is not exempt from state, local or municipal taxation. Additional information regarding the tax consequences of purchasing, holding and disposing of the Farm Credit Debt Securities is contained in the applicable offering circular. Holders and persons considering the purchase of the Farm Credit Debt Securities should consult with their own tax advisors regarding the tax consequences of holding Farm Credit Debt Securities in their particular situation.
Here at Macs4U, we make it easy for you to buy a computer!
Apart from regular Credit and Debit cards, we also offer several financing options. We put the most common questions and general information about the financing process in this financing FAQ.
We have partnered with Affirm, PayPal Credit® and Amazon Pay to offer flexible payment plans ranging from 6 to 36 months. Simply press either of the financing options during checkout.
A specialist in approving financing on the spot even if your credit score is not perfect. No lengthy forms - just a quick online application*
PayPal Credit® offers a six-month interest free option for most accounts
You can now use your Amazon Prime Store Card or Amazon.com Store Card.
When you check out using Amazon Pay, you may now have the option to select 6 equal monthly payments for purchases of $150 or more.
Please note that Macs4u.com products are not sold on Amazon's website
Yes! Here at Macs4u we offer financing options using Affirm*, PayPal Credit®, Amazon Pay and Layaway plans. You can purchase a refurbished MacBook Pro for as low as $84/month!
Affirm Financing: It’s easy to check if you qualify for Affirm financing. Select the computer you like, press the “Learn More” button on the Affirm info and start the pre-qualification by press the “See if you qualify” button This only takes a moment and you get a decision real-time
PayPal Credit®: It’s easy. Simply select the computer you like to purchase and press the “Add to Cart” button. On the next page, press the “PayPal Credit” button and PayPal will guide you through a quick and easy questionnaire… You can also apply here: PayPal Credit
Amazon Pay: For Amazon Pay, it’s quick when you have an existing Amazon Prime Store Card or Amazon.com Store Card. You will automatically have the option to select 6 Equal Monthly Payments as a financing option on purchases of $150 or more when checking out using Amazon Pay. This financing option will be available through December 31, 2020. Simply select the computer you like to purchase and press the “Add to Cart” button. On the next page, press the “Amazon Pay” button. The financing option will be automatically activated within the Amazon Pay checkout.
Select the product you wish to purchase and add to the shopping cart. During the checkout process you will be able to select Affirm, PayPal Credit® or Amazon Pay and then following the info provided. Your purchase comes with an exclusive 1-year warranty!
All of our financing partners are specialists in approving financing on the spot even if your credit score is not perfect. Most of the time, the decision is provided in real-time. No lengthy forms – just a quick online application.
For Affirm, yes, you will need a phone that is registered to your name as a text will be sent to you as part of the validation process.
On Affirm, you can finance up to $17,500 instantly (depending on eligibility for loan). Check out the available refurbished iMacs you can finance on us with Affirm.
Affirm, PayPal Credit® and Amazon Pay all run of what is known in the industry as a soft loan check. This check will not get your current credit score down as it is a soft check. Only once you decide to accept their loan offer, then it will get registered in your financial record.
We choose Affirm for consumer financing as they offer financing even if your credit is not stellar. They understand that a perfect credit score takes years to accomplish. Before you actually commit to the loan, they will run a soft check (this will not get your current credit score down further as it is a soft check).
Mac Mini Interest Free Credit
If you apply for financing with either Affirm, PayPal Credit® or Amazon Pay, we do not have access to any of your financial information, only the lender will have this information. More details on the attached links:
Affirm : Click here
Mac Credit Card
PayPal Credit® :Click here
Amazon Pay : Click here
No hidden charges for your transactions. The interest of your transaction will be shown during checkout. You don’t have to worry about prepayment fees, etc.. Depending on what company you choose you may have to deal with late fees, or out of the ordinary service fees if the loan is not repaid as outlined in the agreement.
As a convenience to our customers, we offer Layaway & Multi-Card Payments as well. Please contact our Sales department at 800 496 7920 during business hours to discuss this manual payment option.
For our Layaway terms and conditions Click here
Please note: The information is based as of May 2020 and program offerings by our partners may change over time. Check out our special deals page to see available MacBooks, iMac and Apple accessories on sale!
Do Apple Do Interest Free Credit
* Your rate will be 10–30% APR based on credit, and is subject to an eligibility check. Payment options through Affirm are provided by these lending partners: affirm.com/lenders. Options depend on your purchase amount, and a down payment may be required.