A Line of Credit (LOC) is a loan that you can draw funds off of when you need it, up to the maximum amount. It is a revolving loan, like a credit card, which means that as you pay off on the loan the funds are available for use again. (No longer offered as of 05/01/2018)
- Payment Amount: 4% of the outstanding balance or $25.00, whichever is greater.
- Interest Rate: 15%
- Pre-Payment Penalties: None, this is revolving so as you pay it off it stays open and active.