Overdraft Line of Credit
This loan product is designed to provide overdraft protection to a member's checking account. This loan is a revolving line of credit.
- Loan is tied to member's share draft account to eliminate overdraft fees
- Loan Limits: Minimum - $250.00; Maximum - Not to exceed 2x monthly gross income
- Interest Rate: Variable Rate, based on borrower's credit score
- Application fee: NONE
- Monthly payment: Monthly Automatic Transfer from the checking on the 5th of the month, the greater of 3% of the loan balance or $15.00
- Early Payoff Penalty: None