Line-of Credit Loan
is a Line-of-Credit loan?
Line-of-Credit loan is a signature loan. Once approved,
members may request an advance against their LOC loan at any time in
increments of $100, up to their approved credit limit. These
advances do not require credit committee approval so there is no
waiting for your loan.
should I get a Line-of-Credit loan?
and Easy – A faster and easier way to borrow money from the
credit union. It’s just as fast and just as easy as a share
withdrawal. Members may request advances against their approved
Line-of-Credit loan by completing a cash advance form. We will cut
the check immediately or deposit the funds into your account at
the credit union. If you prefer, you can cut your own check
through the Touch Tone Teller service. It doesn’t get any faster
or easier than that.
Protection at NO CHARGE – The LOC loan can be used as
overdraft protection for your checking account. This service is
FREE! There is no charge to use the overdraft protection and this
can prevent return checks and NSF charges.
Rate and Easy Payments – This loan has the same low rate as
our signature loan at 13%. The payments can be deducted directly
from your payroll check.
/ TTT access – 24 hours day, 7 days a week you can have
access to your LOC funds. Members can use the TTT to transfer
money from their LOC loan to their savings account. This money can
be withdrawn at an ATM machine. The money can also be transferred
to your checking account. This will allow the money to access
their LOC funds by writing a check. This gives the member
unlimited access to their LOC money.
MORE WAITING – Once your LOC loan has been approved, you do
not have to complete a loan application or credit application. No
more waiting for the credit committee to approve your loan. You do
not have to wait for a check to be mailed. Funds can be
transferred to your checking account and you can write a check or
transfer the funds to your savings account and withdraw with your
our Loan Department for further details.