Want to have the buying power of a credit card coupled with the advantages of physical cash? Then a Preferred Line of Credit might just be what you need! A Preferred Line of Credit (PLOC) is similar to an open-ended credit card, which uses physical cash instead of a card. During the application process, you work with a loan officer to establish a line limit, which is the maximum that you can borrow. You can then request a draw on this line, called an “advance.” Once your Preferred Line is established, you can then see how fast and convenient it is to get cash whenever you need it.
Payments on a Preferred Line are due at the end of each month. If you have a balance at the end of one month, then you will have a payment due by the end of the next month. Any loan activity and your monthly payment amount will be shown on your monthly statement, which is made available after the first of each month.