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Lines of credit are often called "open-end credit" or "revolving credit". This means you can borrow money under your line of credit, pay it back, and then reborrow under your line of credit. A line of credit uses terms you may be familiar with if you've used a credit card. For example, based on your qualifications, you will be given a credit limit, which is the total amount of funds that can be borrowed at any one time. When you borrow money (known as a "draw"), you reduce your available credit, which is your credit limit minus the amount you owe the lender.
A Cash Central Line of Credit is more flexible than many of our other products, such as a payday loan or our Installment Loan. With those products, you borrow a lump sum and pay it back. If you need to borrow more, you have to reapply for a brand new loan. With a Cash Central Line of Credit*, get approved once, make your payments on time, and you can draw the amount of money you need (up to your credit limit) when you need it. No matter what draw amount you choose (whether large or small) your funds will be deposited into your checking account the next business banking day**.
Costs and rates for a Line of Credit will vary based off of the amount drawn and amount of time outstanding. Credit limits vary from $500 to $5,000 with annual interest rates ranging from 150% to 264%. There is no charge for opening a Cash Central Line of Credit, and you'll only pay for what you actually borrow. Unlike many credit cards, your Line of Credit has no grace period, which means your advances begin accruing interest on the day you get the advance.
Your Line of Credit allows you to pay back your funds using minimum payments, partial payments or a payment in full.
*Line of Credit available in the following states only: Kansas
**If funding request submitted by 7:45 PM Eastern.