Line of Credit
You know what would be perfect? Immediate access to funds that are just waiting for you whenever you need them. That's exactly what you get with our line of credit.
Unlike a traditional loan, you only pay interest on what you use, not the full, approved amount. Best of all, there's no need to re-apply each time you need the funds. They're always there for you.
- Summary
- Get pre-approved for a line of credit
- Only pay interest on what is used
- Local decision-making
- Fast, easy application process
- No need to re-apply to re-use line
- Flexible repayment options
- Alternative to building up credit card debt
- Credit Life Protection
This optional coverage can be elected for all Advantage Plus loans to provide security when it would be needed most. If the covered borrower passes on, the loan balance would be paid in full. This prevents spouses, children, heirs, and other remaining borrowers from being saddled with more debt during an already difficult time.
Credit Life Protection can be elected for the primary borrower, the secondary borrower, or both. It can be added to the loan balance so there is no separate payment to be made. This protection is a form of term life insurance and ends at the time the loan is paid off.
Features & Benefits:
- No health questions to answer if protection is elected within 30 days of the loan
- All members pay same low rate regardless of sex, health, or occupation
- Covers up to $50,000 and 15 years
- Borrower or co-borrower must be under 70 years of age
- No employment requirements for borrower or co-borrower
- Protection can be cancelled at any time
- Conditions existing within six months prior to electing coverage are not covered until 6 months after the coverage was elected
This list is not intended to be all-inclusive of either the benefits or restrictions. For more information, contact the credit union.
Cost:
- Single rate: $0.86 per $1,000 balance per month
- Joint rate: $1.42 per $1,000 balance per month
