About the Line of Credit
A MoneyKey Line of Credit provides you with the benefits of a traditional loan, but allows you to have more control over your cash flow. Once approved, you can borrow any amount up to your available credit limit. When you pay down the principal balance of your Line of Credit, you can continue to access the remaining credit available up to your credit limit.
What is my Credit Limit?
Your credit limit is the amount of cash that you can access on your MoneyKey Line of Credit. For this Line of Credit, credit limit amounts range from $500 to $1,000.
How much will my Line of Credit cost?
Your MoneyKey Line of Credit accrues daily interest at a rate of 1.09315%. The corresponding annual percentage rate (APR) is 399%. Interest is only charged on the amount you use i.e. the outstanding principal balance. Interest is calculated based on the Daily Balance of your MoneyKey Line of Credit.
You will be charged an annual fee of $50 on the date of your first statement following your first withdrawal, and annually thereafter if there is an outstanding balance on your account.
How is the Daily Balance Calculated?
The Daily Balance of your MoneyKey Line of Credit is calculated by taking the opening balance of your Account each day, adding any new withdrawals, and subtracting any payments received or credits to your Account on that day.
What is my Minimum Payment?
Your Minimum Payment is the minimum amount due in each Billing Cycle. Your Minimum Payment will only consist of fees and/or interest accrued during each Billing Cycle. Depending on the date on which you opened your Line of Credit, your Minimum Payment may also include a principal repayment component (see below for details).
If you opened your Line of Credit prior to May 24, 2016
By only making the Minimum Payment on your next Due Date, you will not be reducing your Outstanding Principal Balance. In other words, if you only make your Minimum Payment and you have no Amount Past Due, you will only be paying the fees and interest charges shown on your Statement.
If you opened your Line of Credit on or after May 24, 2016
For customers who receive their income on a weekly, bi-weekly or semi-monthly basis, your Minimum Payment includes a 5% contribution toward your Outstanding Principal Balance. For customers who receive their income on a monthly basis, your Minimum Payment includes a 10% contribution toward your Outstanding Principal Balance. In other words, if you only make your Minimum Payment, have no Amount Past Due, and do not make any additional draws between now and your Due Date, your Outstanding Principal Balance will be reduced by 5% or 10%, depending on your income frequency.
MoneyKey encourages you to make additional payments over and above your Minimum Payment in order to pay down your principal balance thereby reducing your principal balancing owing, increasing your available credit and decreasing your interest charges. If you want to make additional payments or pay your Line of Credit down to a zero-dollar balance, you must contact us at least 24 hours prior to your due date.
Are there additional charges?
No. There are no additional fees beyond what has been disclosed here.
Can I cancel my Line of Credit?
You can rescind your Line of Credit at no cost within three (3) business days of the effective date of your initial draw by phone at 1-866-255-1668 or via email at email@example.com. If you do rescind your Line of Credit, you will be responsible for returning the entire principal balance back to us. If you do not return the entire principal balance to us, your Line of Credit will remain in full force and effect and you will accrue fees and interest on such outstanding principal balance.
Who funds the Line of Credit Loan?
Lines of Credit are funded by MoneyKey-MO, Inc., a consumer credit loan company licensed by the State of Missouri.
I have a few more questions
For additional questions, or if you would like to learn more about the MoneyKey Line of Credit, please call our Customer Care team at 1-866-255-1668, email us at firstname.lastname@example.org or check out the frequently asked questions (FAQs) for this product.