| EZ Line of Credit | Interest Rate | APR |
|---|---|---|
| EZ Line of Credit | 11.74% | 11.74% |
Rates effective as of December 1, 2021, and subject to change without notice. Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for our displayed lowest rates. Subject to credit approval.
A line of credit is money you have at the ready when you need it. You will be approved to draw up to a certain amount on the line of credit, and then you pay interest on what you borrow. If it turns out you don’t need to use the money, you are not charged interest. So you borrow the money by transferring it to your Elements checking account, pay it back, and then borrow it again if and when you need it.
Yes, you really can! You can use your Elements EZ Line of Credit to finance unexpected expenses, such as:
You can access funds simply and easily by transferring funds from your EZ Line of Credit to your Elements checking account within Online Banking.
You can access as much or a little as you need from your Line of Credit, whenever you need it, up to the credit limit established at closing. Much like a credit card that allows you to borrow against your spending limit as often as needed, the EZ Line of Credit gives you the flexibility to borrow against your credit line, repay, and repeat.
There are benefits and trade-offs to all loans, especially when it comes to paying for unexpected expenses. Compare different types of loan products in the chart below to determine which is best for your needs. As always, your support team at Elements is ready to help you find the product that is best for you—just give us a call at 1-.
| EZ Line of Credit | Personal Unsecured Signature Loan | Home Equity Line of Credit | Platinum Visa Credit Card | |
|---|---|---|---|---|
| What It Is |
Borrow money without using collateral Revolving credit line -- use, repay, repeat |
Borrow money without using collateral Loan for a set amount |
Borrow funds using the equity in your home Revolving credit line for the 10-year draw—use, repay, repeat |
Borrow money without using collateral |
| Key Benefits |
Not tied to collateral Convenient |
Fixed monthly payments |
Lowest interest rate |
$200 Cash Bonus1 |
| APR |
11.74% |
4-year fixed: 9.49% |
Intro APR for 6 months: 0.99% Variable APR after 6 month intro period: As low as 3.75% |
Intro APR for 6 months: 0% Variable APR after 6-month intro period: 8.99% |
| A Good Option for a Major or Unexpected Purchase If You |
Don’t own your home Want flexibility to use funds whenever you need them Have the means to pay of your balance in 6-12 months |
Don't own your home Want predictable monthly payments that stay the same |
Own your home Want the flexibility of using funds whenever you need them Want a lower payment |
Don't own your home Have the means to pay off your balance right away |
| Can Use It For |
Anything! Expenses such as: - Unexpected emergencies - Home repairs - Medical bills - Debt consolidation |
Consolidating loans Paying off credit cards |
Anything! Purchases such as: - Unexpected emergencies |
Anything! Best for smaller, everyday purchases |
| No Prepayment Penalties | ||||
| No Annual Fee | ||||
| Available Amounts |
$500 - $2,500 |
Borrow up to $25,000, based on credit rating |
Whatever your available equity is in your home |
Borrow up to $25,000 based on credit rating |
An Elements EZ Line of Credit can serve as money set aside for unexpected expenses, such as an overdraft. Money automatically transfers from your EZ Line of Credit to match the exact amount of your checking account overdraft. Once the money is transferred away from the EZ Line of Credit, you have a monthly payment of 3% of the outstanding balance. Your credit line can be between $500 and $2,500, and your overdraft coverage would be up to the limit you have established. You don’t pay interest on a line of credit until or if you take money from it, so this can act as a good safety net for those unexpected expenses.
The cost per transfer is $5 plus 3% interest on your Line of Credit balance.
To get started, open an EZ Line of Credit and then contact Elements at 1- to connect the line of credit with your checking account to establish overdraft protection.
There are no closing costs, prepayment penalties, or an annual fee associated with an EZ Line of Credit.
We do offer consolidation loans to consolidate bills and pay off other debts. An EZ Line of Credit (see information on this page) can be used for that purpose. Other options available to most members include other Personal Loans, Home Equity Loans, or even a first mortgage refinance with a debt consolidation option.
Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.
We pride ourselves in being a trusted source for financial education. We come to your workplace to answer questions and can provide you with one-on-one assistance as you navigate the changes that come with each of life's stages.
Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally2. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.
Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.
