ReadyLine of Credit FAQs
What is a ReadyLine of Credit?
How can I apply for a ReadyLine of Credit?
Can I apply for a ReadyLine of Credit without taking an immediate cash advance?
Will I receive written notification after I apply?
If declined, you will receive a letter in the mail within approximately 5 business days.
How quickly can I access my approved ReadyLine of Credit?
You can access your Line of Credit the same day, by coming into a Commerce branch;
Wait until you receive your account opening packet with your convenience checks, typically 7 to 10 business days from the date your ReadyLine is approved;
Transfer funds via Online Banking beginning 11 business days from the date your ReadyLine of Credit is approved.
What will my Annual Percentage Rate (APR) be?
How are the payments on the ReadyLine of Credit calculated?
Can I select my payment date?
Can I set the number of installment payments for less than 48 months?
Can I designate what portion of my payment goes to the installment portion or to the revolving balance?
You can pay off the entire balance early without any penalty.
What happens to the installment portion if the variable rate changes?
If I decide that I need to borrow more after my ReadyLine of Credit is approved, can my credit limit be increased?
Unfortunately, we cannot increase your credit limit at that time. However, you can apply at any time for an additional ReadyLine of Credit.
Total combined maximum credit limit allowed per customer is $15,000.
How are my payments applied?
1. Interest and principal due on each monthly installment payment,
2. Interest and fees due on the revolving balance portion of your account,
3. Remaining portion of the revolving balance,
4. Then to the installment principal balance
See example of a statement.
As my revolving balance and installment portion are paid down, can I reuse my ReadyLine of Credit?
To send an email that contains confidential information, please visit the Secure Message Center where there are additional instructions about whether to use Secure Email or Online Banking messaging.
To view or print a PDF file, Adobe® Reader® 9.5 or above is recommended. Download the latest version.