A Line of Credit loan is similar to a credit card. This is an opened ended credit product and does not have a set maturity date. It allows you to get approved for a larger amount but only incur cost on the funds you need. This gives you the flexibility to access additional funds when needed, up to your credit limit.
The typical interest is charged at 18% APR, with an account protection fee billed on your billing cycle dates. However, if you pay off your balance before your billing cycle date, you will avoid being charged this fee. In the event you become unemployed, the period of time you are unemployed, you will not be charged the account protection fee or interest from the date that you provide written confirmation of your lay-off from the employer or the Governmental unemployment office. You will receive regular billing statements reflecting the amounts you owe, monthly or every other week.
Line of Credit makes a specified amount of money available if and when you need it.
- Quick, easy application process, apply online.
- With timely payments, additional credit limits can be applied for.