Line of Credit
Great to use as an emergency expense tool
Definition:
A line of credit (LOC ) is a preset borrowing limit that can be used at any time.
The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit.
The member can access funds from the line of credit at any time if they do not exceed the maximum amount (credit limit). Money can be borrowed as needed, paid back and borrowed again.
A line of credit works much like a credit card account except without a plastic card. The interest rate for a LOC is also less then a typical credit card.
At times, we may provide links to sites outside the control of our Credit Union. We do not make any representations concerning the linked sites’ contents or availability. You should review each site’s privacy and information security policies carefully before you enter confidential information. Deposit and loan products offered by Journey Credit Union. This credit union is federally insured by the National Credit Union Administration. The standard insurance amount is $250,000 per depositor.
At times, we may provide links to sites outside the control of our Credit Union. We do not make any representations concerning the linked sites’ contents or availability. You should review each site’s privacy and information security policies carefully before you enter confidential information. Deposit and loan products offered by Journey Credit Union. This credit union is federally insured by the National Credit Union Administration. The standard insurance amount is $250,000 per depositor.
Equal Housing Lender.
Equal Housing Lender.
