How does Redi-Credit Work?
AFFCU Redi-Credit is the most convenient and flexible way to get the funds you need, when you need them. Redi-Credit is a line of credit that connects directly to your savings account, checking account or use it as a stand-alone so that it is always ready to use when life’s little emergencies happen. The best part, you only pay interest on the amount you actually use.
- Flexibility: only pay interest on the money you use
- Savings: no annual fee, maintenance fee, or transfer fee
- Security: get protection from overdraft charges
“What isn’t to love about AFFCU? Great customer service, great products, and overall great experiences! Thank you for always being there to take care of my financial needs for over 30 years! I will continue to be a member for life!”Debra Prothro, member since 1983Your credit awaits
Get the flexible credit you need today without having to fill out a full loan application.Apply Now
Type Redi-Credit Line of Credit Rates
Variable APR* as low as Line of Credit 11.50%
* APR = Annual Percentage Rate effective on June 1, 2018 subject to change at any time without notice. APR based on evaluation of applicant’s credit. Your actual APR may vary.
- Minimum monthly payment due is equal to the greater of a) 3% of the outstanding balance or b) $10.
- The interest rate floor is 6.75%, plus the Wall Street Journal Prime Rate as published at Bank Rate as of the first day of June and December of each year, which is currently 4.75%.
Frequently Asked Questions
How much can I qualify for?
The minimum amount is $300. The maximum amount is $25,000.
Can I choose the amount of the advance or is it a set amount?
The minimum advance is $50.00, and you cannot exceed the limit of your loan.
How can I figure out what my payment is?
The payment is calculated at 3% of the outstanding balance.
What is the minimum monthly payment?
The minimum monthly payment is $10.
Is a payment required each month?
Yes, a payment is required is month.
What if I want to make a large payment, will I still have to make a monthly payment?
A minimum payment is due each month regardless of how large the previous payment made was.
What if I want to pay several months in advance?
Unfortunately, a minimum monthly payment is due. However, you can set up a bill payment or an automatic transfer to take the payments out of a designated account for the months you want to pay in advance.
How does the credit union come up with the rates for Redi-Credit?
The interest rate is a variable rate which is indexed to the Wall Street Journal Prime Rate plus 4%. It is published on Bankrate's website on the last day of June and December of each year.
Do I need to provide proof of income?
Proof of income is required if you are under 21 or if specified on your approval.
Can I get checks for my Redi-Credit loan?
Yes. You can order a book of 25 checks with any branch FSR or Member Contact Center staff.
For more information or if you have a question, please get in touch with us.Contact Us
- How much can I qualify for?