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Line of Credit
How it works
Your Line of Credit is like having money on standby.
- You have a maximum credit limit available
- Only pay fees for the money you use
- Advance funds as needed without reapplying
- Repay at your own pace
Once your line is open, it's easy to advance funds:
Log in to your account
See how much is available and tap ‘Access funds.’
Choose your amount
Advance any amount over $20 (up to your limit).
Get same-day funds*
Money goes directly to your bank account, ready to use when you need it!
Terms to know
Billing cycle
The period between your statements — either every two weeks or once a month, based on when you get paid.
Statement
A summary of what you owe for the billing cycle, including fees.
Minimum payment
The amount you're required to pay each billing cycle. You can always pay more to reduce your balance faster.
Understanding the fees
Two fees apply when you use your line:
1
Advance Fee
What it is:
A one-time 10% fee taken out when you request funds.
What it looks like:
If you advance $1,000, you’ll receive $900 — but your balance due is still $1,000.
2
Statement Fee
What it is:
A flat fee charged each billing cycle, based on your balance and how often you get paid.
What it looks like:
Check the fee chart. If your balance is $1,000, your Statement Fee would be:
- Biweekly billing cycle: $69
- Monthly billing cycle: $138
Understanding your payments
Each billing cycle, you’ll have a minimum payment due, which includes the Statement Fee plus the Principal Payment.
The Principal Payment is a small percentage of your balance (2.5% biweekly billing, 5% monthly billing) that goes toward paying off what you borrowed.
Tip: You can always pay more than the minimum payment amount to reduce your outstanding balance faster.
Let’s break it down...
Biweekly billing cycle
Meet Ashley
- She has a $1,500 Line of Credit and is paid biweekly.
- She advances $1,000, leaving $500 available in her line.
- Ashley receives $900 (the advance amount minus the Advance Fee).
Minimum payment on $1,000 balance:
Statement Fee
$69
+
Principal Payment (2.5%)
$25
=
Minimum payment due
$94
Monthly billing cycle
Meet Mateo
- He has a $1,500 Line of Credit and is paid monthly.
- He advances $1,000, leaving $500 available in his line.
- Mateo receives $900 (the advance amount minus the Advance Fee).
Minimum payment on $1,000 balance:
Statement Fee
$138
+
Principal Payment (5%)
$50
=
Minimum payment due
$188
Smart ways to use a Line of Credit
Manage everyday life
Fuel up your car, avoid a late fee, pay rent — whatever the day brings.
Tackle important tasks
Handle car repairs, home projects, or medical costs as they come up.
Pay it down, use it again
Every payment frees up more available funds — no need to reapply.
Stay in control
Check your balance and get an advance whenever it works best for you.
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