A Kwik Cash Line of Credit is a type of borrowing option offered by some financial institutions, including MMCCU. It provides individuals with access to a predetermined line of credit that they can draw from as needed. It is often referred to as a revolving line of credit because, as you repay the borrowed funds, the available credit replenishes, allowing you to borrow again.
Here are some key features of a Kwik Cash Line of Credit:
- Line of Credit: A line of credit is a predetermined amount of money that a lender makes available to a borrower. In the case of Kwik Cash, it is a pre-approved credit limit that you can access whenever you need funds. You can withdraw funds up to the approved limit and repay them over time.
- Flexibility: Kwik Cash Lines of Credit offer flexibility in terms of borrowing. You can use the funds for various purposes, such as covering unexpected expenses, managing cash flow gaps, or consolidating higher-interest debt. It provides you with ongoing access to funds without needing to reapply for a new loan each time.
- Repayment Options: With a Kwik Cash Line of Credit, you are required to make minimum monthly payments based on the outstanding balance. The repayment terms and interest rates vary depending on the financial institution offering the line of credit. Typically, interest is charged only on the amount you have borrowed, not on the entire credit limit.
- Easy Access: Kwik Cash Lines of Credit often come with convenient access options. You may be provided with a checkbook, a debit card, or online access to transfer funds directly to your checking account. This allows you to access the funds quickly and easily whenever you need them.
- Interest Charges: Similar to other types of loans, interest is charged on the amount you borrow from your Kwik Cash Line of Credit. The interest rates can be variable or fixed, depending on the terms of the line of credit. It’s important to review and understand the interest rates and any associated fees before using the line of credit.
It’s important to note that the specific terms and conditions of a Kwik Cash Line of Credit may vary depending on the financial institution offering it. Contact MMCCU to learn more regarding the specific details, including interest rates, repayment terms, and any fees associated with the line of credit. We’re here to help!
More information on MMCCU’s Kwik Cash Line of Credit can be found here.
