RCR is a revolving line of credit that can be tied to your checking account. Advances are transferred in $100 increments as needed if your checking account has insufficient funds to cover incoming checks, debit card or ACH transactions.
RCR requires a loan application to be completed and signed by all account owners on the checking account. The lender will make a credit decision upon review of the application and credit report.
- Interest is accrued on all charges (interest rate subject to change)
- No minimum interest charge
- No annual fee
- Monthly payments are 4.170% of the loan account balance on the last day of the billing cycle.
- Monthly payments are automatically debited from the checking account 21 days after the statement is cycled.
- If less than $100 is available in the line of credit, the remaining available credit will be transferred.
- If the amount needed is more than is available in RCR, the remaining amount will still be transferred to the checking account, and the item will be insufficient.