Reddi-Credit
Frequently Asked Questions
What is the difference between a personal installment loan
and a personal line of credit?
A personal installment loan is ideal when you know how much money you need
upfront and you don’t anticipate needing additional financing in the
near future. With a personal installment loan, you receive the entire loan
amount upfront.
A personal line of credit is ideal when you are not sure how much you need
or when you will need it. With a personal line of credit, you borrow only
the funds you need at the time you need them without having to reapply during
the term of the line of credit.
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How much can I borrow?
Your line of credit limit is determined based on your income and ability
to repay. The minimum line amount is $10,001 and the maximum line amount
is $100,000.
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Do I have to pledge any collateral?
No, personal lines of credit are unsecured.
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How can I access my personal line of credit?
You will be provided a supply of checks connected to your Reddi-Credit
Line for easy access to your line.
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Is there an annual fee?
A fee of $50.00 is assessed annually.
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Is there a prepayment or early closure fee?
No, you may close your line at any time without penalty.
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