Personal Line of Credit FAQs
1. What is a Personal Line of Credit?
A Personal Line of Credit is an account that is accessible via direct deposit, balance transfers and convenience checks.
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2. Is this a home equity loan or a credit card?
No collateral is required. This is not a credit card account. This account is accessible via convenience checks, automatic deposit into checking account or directly to your creditors to pay off outstanding balances. No application fee, annual fee, or closing costs are associated with this account. You may borrow additional funds from the account from time to time.
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3. Do I need to put up collateral?
No collateral is needed.
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4. How do I apply?
You can apply by clicking here or calling 866-429-3160.
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5. How long does it take to get a decision?
The decision can take as little as 15 minutes with funds being distributed in as little as 2-3 days.
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6. Are there any application fees or closing cost fees?
No application fee, no closing costs and no annual fees.
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7. Will I get the loan amount I apply for?
Upon approval, you will receive the loan amount that you qualified for.
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8. Can I add a Co-applicant to this account?
Yes, we make every attempt to create a line of credit personalized to your creditworthiness, including offering the ability to add a co-applicant.
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9. What is my Annual Percentage Rate?
Annual Percentage Rates are based on your credit history/credit approval.
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10. How do I use the loan?
You can use the loan for virtually anything. Consolidate balances that have high interest rates, do home improvements, have extra cash, or go on that dream vacation.
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11. Can you transfer the funds directly into my checking account? And/or to process balance transfers?
Once approved for a Personal Line of Credit, funds can be directly deposited into your checking account and/or request a balance transfer.
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12. Is there a fee for prepayment of the loan?
No prepayment fees.
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13. Can I pay more than my monthly minimum payment?
Yes, you may make more than your minimum payment or make additional payments. However, each month your minimum payment must be received on time to avoid a late charge.
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