Open-Ended Loans

Preferred Line of Credit

For all your financial needs
Preferred Line Of Credit

How it works

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. 

Preferred Line of Credit
As low as 8.90% APR*
*APR (Annual Percentage Rate) is based on your credit score. If your credit score is lower, then your APR could be higher. All rates are subject to change without notice. Not all applicants will qualify.
Useful information

Frequently asked questions

The minimum monthly payment is 2% of the outstanding loan balance of the Preferred Line. You are welcome to pay any amount over the minimum payment you like without penalty. Daily interest is accrued, so your Preferred Line payoff amount increases each day that there is a balance.

No, a minimum monthly payment is due for every month that the Preferred Line has a balance.

If you make a payment beyond the 5 day grace period outlined in your loan agreement, then you will be charged a late fee of $25. If your Preferred Line becomes delinquent, or if your credit score drops drastically, then it may be suspended, meaning you will no longer be eligible to take additional advances.

Yes, if you request and authorize this free service, then your account will make a recurring monthly payment.

You may request to increase your Preferred Line by contacting our Loan Department online, by phone 716-564-1173, or in person.