Line of Credit
Gain the added security of overdraft protection and the convenience of additional funds with a Rockford Line of Credit. Money is deposited into your checking account at your request or whenever your checking account is overdrawn, up to your available credit limit. Contact an Account Executive to learn more.
|Annual Percentage Rate (APR) for Purchases and Cash Advances||13.45% Annual Percentage Rate may vary. The rate is in effect as of January 17, 2018.|
|Variable Rate Information||Your rate may vary. The rate will be 8.95% spread above the base rate* of Rockford Bank and Trust Company, adjusted monthly.|
|Grace Period for Repayment of Balance for Purchases||None|
|Method of Computing Balances for Purchases||Average Daily Balances Including New Advances|
|Transaction Fee for Cash Advances||None|
*Base Rate equals prime rate as published in The Wall Street Journal.
Rockford Line of Credit is a revolving line of credit attached to a Rockford Bank & Trust checking account. Advances in multiples of $100.00, up to the credit limit, are deposited into the checking account at the request of the borrower or whenever the checking account is overdrawn. The minimum payment is 5% of the outstanding loan balance or at least $15.00. The borrower will receive an itemization of the Rockford Line of Credit activity with the checking account statement. If the borrower does not pay at least the minimum payment by the fifteenth day after the statement date, the minimum payment will be withdrawn from the checking account.