ReadyLine of Credit Estimated Payment Examples
Installment Cash Advance Example
Carol has a ReadyLine of Credit with a credit limit of $6,500 and a rate of 9.99%. Her son just turned 16 and she would like to purchase a used car for $6,000 (installment).1 Carolís estimated monthly payment would be $152.15.*
Revolving Cash Advance Example
Sam has a ReadyLine of Credit with a credit limit of $1,800 and a rate of 15.99%. He has two credit cards totaling $1,200 and would like to consolidate this debt into one payment (revolving).1 Samís estimated monthly minimum payment would be $36.00.*
Revolving & Installment Cash Advance - Combined Example
John has a ReadyLine of Credit with a credit limit of $5,000 and a rate of 13.99%. On Monday, John spent $500 for new car tires (revolving). Later that day John also had to spend another $2,100 on repairing his air conditioner (installment).1 Johnís estimated monthly payment would be $72.38.*
See example of a statement.
- Any cash advance of $2,000 or more is referred to as an "Installment Draw" in the ReadyLine of Credit Agreement. Each Installment Draw has a required minimum monthly payment, which is calculated based on the monthly payment amount required to pay off the Installment Draw in 48 months at the interest rate in effect at the time of the Installment Draw (Minimum Installment Draw Payment). The Minimum Installment Draw Payment remains the same for 48 months. The applicable periodic interest rate is variable. If the interest rate increases during the repayment period, the Installment Draw will not be repaid within the 48-month period. In that event, the remaining balance will be repaid in accordance with the terms applicable to cash advances of less than $2,000. If the interest rate decreases during the repayment period, the Installment Draw will be repaid sooner than the 48-month period.
- The total estimated payment is an estimate based upon one of the interest rates available today. Your interest rate is based on your creditworthiness when you open your account and will be provided to you upon approval. You will not know the exact monthly payment amount until you receive your monthly billing statement.
This calculator is for information, education, and entertainment purposes only. This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. It is your responsibility to evaluate the merits and risks associated with relying on any information provided.
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