Revolving Line of Credit
- Borrowers get approved for a line of credit account and receive an initial cash drawdown from their available credit when approved for the loan
- Customers make payments each billing cycle that are comprised of principal, interest, and fees (including a fee to participate in the credit plan); after certain number of ontime payments, customers can request credit limit increases and additional drawdowns (more cash)
- Payment amounts per billing cycle are somewhat static but can be variable depending on additional drawdowns causing changes in balances, etc.
- “Open-end” or “revolving” are interchangeable terms used to describe the fact that there is no discrete point in time where the loan is “due” or “ends”; the borrower can keep the account open and get additional credit limit increases and drawdowns into perpetuity
- Our lines are offered at 35.99% APR (17.99% APR in WI)
- Operates similarly to a credit card but without the plastic
This Educational Series is for informational purposes only and should not be relied upon as financial, legal, or other advice. NHCASH.COM, LLC does not provide credit repair counseling or services. Sources consulted when writing this blog are listed for reference; content at hyperlinks is property and responsibility of rightful owners and is subject to change without notice.