ReadyLine of Credit
Flexibility to finance whatever you need
Get the funds, when you need them, to make a major purchase or to simply improve cash flow, with a Commerce Bank ReadyLine of Credit:
- A revolving line of credit that provides reusable and quick access to funds so you’re ready when unexpected expenses hit.
- No collateral required.
- As payments are made, the amount available on your credit line increases (up to your credit limit), giving you access to more funds.
- No account opening, transaction or cash advance fees
- 11.99%-21.99% Annual Percentage Rate (APR), variable1 – View Important Disclosure2 [PDF]
- Estimate Your Payment
- ReadyLine of Credit FAQs
With the ReadyLine of Credit, the size of each cash advance determines the manner in which it is repaid.
- Each cash advance of $2,000 or greater has equal monthly payments calculated over 48 months, making it easier to budget each month3 (not available on lines of less than $2,000).
- Each cash advance of less than $2,000 is part of a revolving balance with a monthly minimum payment, similar to a credit card.
- Unsecured revolving line of credit
- Installment payment feature on advances $2,000 or greater
- Flexibility for future cash advances
- $500 to $15,000
APR & Payment
- 11.99%-21.99% APR, variable1 View Important Disclosure[PDF]
- Estimate Your Payment
- Actual APR provided to you upon loan approval
Installment & Revolving Cash Advances
- Each cash advance of $2,000 or greater has equal monthly installment payments calculated over 48 months2
- Each cash advance of less than $2,000 is part of a revolving balance with a minimum monthly payment, similar to a credit card
- See how it works.
Access to Funds
- Convenience checks
- Cash advances at a Commerce Bank branch
- Transfer funds to your checking account in Online Banking
- No account opening fees
- No transaction fees
- No cash advance fees
- Late payment and returned payment fees do apply
Options for Making Payments
- Auto debit from a Commerce account
- Transfer funds in Online Banking
- 24-Hour Account Information Line
Based on your creditworthiness when you open your account. After that, your APR will vary with the market based on the Prime Rate. The Prime Rate used to determine the APR on your account is the U.S. Prime Rate published in The Wall Street Journal in its column called "Money Rates" on the last business day of each month. As of September 28, 2018, the APR can range from 11.99%-21.99%. There is no ceiling on the applicable APR.
Not available on lines of less than $2,000. Any Cash Advance of $2,000 or more (an "Installment Draw") has a required minimum monthly payment ("Minimum Installment Draw Payment"). The Minimum Installment Draw Payment is calculated over 48 months at the interest rate in effect at the time of the Installment Draw.
The Minimum Installment Draw Payment remains the same for the first 47 months. The applicable periodic interest rate is a variable rate. Your final payment may vary and will be for all outstanding principal and all accrued interest not yet paid.
Cash Advances of less than $2,000 do not have a required installment repayment amount calculated over a term of 48 months. These cash advances are part of a Revolving Balance, which is repaid in accordance with monthly minimum payment requirements described in the ReadyLine of Credit Agreement.
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