With a line of credit, you apply only once and can draw up to your available credit limit, repaying principal, interest and fees based on how much you’ve drawn.
When you need more funds, you can draw up to your available credit limit without reapplying.
Apply in less than 5 minutes.
Receive an instant lending decision.* Possible decisions include Approved, Need More Information and Declined. If more information is needed, you may need to send in additional documentation like proof of income.
If approved, receive a credit limit and draw money from your line of credit — you can draw as many times as you want, whenever you want, up to your available credit limit (minimum $50 draw).
Request a draw before 1:30 p.m. CT Monday – Friday, and you will generally receive funds that same business day.
Repay gradually over time or in full. Every billing cycle, you will have a minimum payment. You can pay more with no penalty in order to repay more quickly.
Increase your available credit as you repay, freeing up funds to draw, up to your credit limit.
Draw from your available credit whenever you need funds.
With a line of credit, interest is calculated based on outstanding principal, while minimum payments are calculated based on outstanding principal, interest and fees. These numbers can change from payment to payment. That means your minimum payment will usually change from one payment period to the next.
Below, you can see an example of what it might cost to draw $600 once from a $1,000 line of credit and make different kinds of repayments.
If you make only your minimum payment bi-weekly, your repayment will look like this:
If you were to repay more than the minimum each billing cycle, the time it would take to pay off your balance would go down, as would your repayment total. If you made three bi-weekly payments of $200 and one payment of $207.22, your repayment would look like this:
With an actual line of credit, your repayment might look different than the examples above. For instance, you could draw more money in the middle of a billing period, increasing your total repayment. Or you might repay a large sum all at once, reducing the cost and length of your repayment period.
The line of credit agreement will be governed by the applicable laws of your state. Unresolved questions or complaints should be directed to your state's regulatory agency.
