Introducing the
Louisiana Line of Credit
*Online-Only
Minute Loan Center’s Line of Credit is a new, exclusively online loan product for our valued customers in Louisiana.
Checking how much you qualify for,
will not affect your credit score.
Why should I consider a Line of Credit?
AVAILABILITY
A line of credit stays open as long as you need it.
FLEXIBILITY
Credit access is revolving. This means you can draw down and spend money as you have available credit.
EASY TO MANAGE
A line of credit has minimum payments, as opposed to other products which have fixed payments.
PROVIDES OPTIONS
A VIP member can always save money by paying down more than the minimum payment, just like a credit card.
Line of Credit is GREAT for:
- The safety and security of knowing you have quick access to funds.
- When you aren’t sure how much money you need.
- When you don’t want to owe more than you need to.
- When you do not know how long you will need the funds.
- Managing unpredictable or unexpected household expenses.
Line of Credit is simply a Better Option
PRODUCT
PAYDAY LOAN
TITLE LOAN
TERM
Open-ended
Stays open as long
as you need it. *
– Next payday.
Fixed Term
ACCESS TO CREDIT
Revolving
Draw and spend money as you have available credit. No additional underwriting needed.
Fixed Amount
Requires a pay‐off or re‐fi (Requiring underwriting approval) to access more funds.
Requires auto title as collateral. Requires payoff to access more credit.
REPAYMENT
Minimum Payments
Fixed Payments
Fixed Payments
Line of Credit FAQs
How Does My Credit Limit Work?
Our Line of Credit has an available credit limit up to $5,000. You can have access to and draw down funds up to your credit limit. You can take an advance for all of it, none of it, or draw down different amounts as you need it, without having to go through underwriting each time. Line of Credit is a fast, super‐convenient way to know you have access to funds when you need them!
What Is My Annual Percentage Rate (APR)?
Always check your contract, as each contract is personally customized. Interest is always disclosed in the contract. Based on your original underwriting, the APR can vary when you take out separate advances. However, each customer is different and you should check your contract for more details.
Can I Choose a Billing Period?
We strive to make this as convenient as possible for our customers. Customers can choose to schedule automatic payments on their statement due date. The billing cycle will be determined by the Primary Income Pay Cycle, which should match the customer’s pay dates, except for Weekly paid customers being moved to a Bi-Weekly schedule.
The Pay Date Option is designed to make it easier for our VIP Members to manage their budget and fulfill their obligation.
When is My First Billing Period?
The first billing period is based on the VIP Member’s pay date and could range between 5 to 19 days after the first advance draw.
How Can I Receive My Statements?
Our product provides a statement available to our customers on their account page or the customer can elect to receive their statements by mail for an additional fee.
Why Does My Minimum Payment Vary?
Unlike an installment loan, which has a fixed payment amount and a fixed term, the Line of Credit is open‐ ended, and like a credit card offers a minimum payment. These minimum payments can vary and while the formulation can be complex, it is designed to make sure minimum payments are affordable and help pay down the principle of the advance. Unlike some credit card and short-term products, every payment pays down the advance.
The Minimum Payment Amount is calculated based on the following formulas:
Monthly Customers
((Unpaid Fees + Unpaid Principal) * 0.13) + Unpaid Interest
All Other Cycles
((Unpaid Fees + Unpaid Principal) * 0.07) + Unpaid Interest
It really is a win, win.
Make it simple and easy!
Go online, click a few buttons to establish your credit limit, see your offers and terms, all without a hard credit check or impact on your credit score.
Build UP your credit with us!
Once you get funds and start making payments, those payments will help build your credit with us and with outside credit agencies.
Minute Loan Center
Itemization of Charges – Revolving Credit
Interest Rates and Interest Charges | |
|---|---|
Annual Percentage Rate (APR) for Advances | For balances up to $5,000, between 179.00% and 701.5625%, depending on your creditworthiness. |
Paying Interest | We will begin charging interest on advances on the transaction date. |
Fees | |
|---|---|
| Set-up and Maintenance Fees | |
Account Set-up Fee Annual Fee | $9.95 (one-time fee) $24.95 |
| Transaction Fees | |
| Advance Fee | Either 10% or $1 of each Advance, whichever is greater. |
| Penalty Fees | |
Late Payment | $30 |
| Other Fees | |
Credit Limit Increase Fee Paper Statement Delivery Fee | $4.95 each time we agree, at your request, to increase the credit limit. $9.95 for each paper statement we print and mail to you, if you cancel or |
Interest Charges for Advances
Your Account is subject to Interest Charges (periodic rate Finance Charges). The Interest Charges for Advances are based on the Annual Percentage Rate(s) and corresponding Daily Periodic Rate(s) we include in your Account Opening Disclosures. We figure the Interest Charges on your Account by applying the Daily Periodic Rate to the “Daily Balance” of unpaid Advances in your Account for each day in the Billing Cycle. To get the “Daily Balance,” we take the beginning balance of your Account each day, add any new Advances, and subtract any unpaid Interest Charges, Fees and Other Charges, and any payments or credits. This gives us the “Daily Balance.” Then, we multiply the Daily Balance for each day by the Daily Periodic Rate to obtain the “Daily Interest Charge” for the day, rounding the Daily Interest Charge to the nearest whole cent. At the end of each Billing Cycle, we add together the Daily Interest Charges for each day in the Billing Cycle to determine the total Interest Charges due for your Account during the Billing Cycle.
Our app gives you VIP access!
With all the additional features of being a VIP at your fingertips. Manage your account, get Coupons, Refer A Friend, Level Up Rewards… All conveniently included right there for you. Check it out!
