About the MoneyKey Online Line of Credit (Flex Loan) in Tennessee
The MoneyKey online 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. As 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. You only pay interest on the amount you use.
What is the Credit Limit in Tennessee?
In Tennessee, the credit limit ranges from $200 to $1,475 . The credit limit is the maximum amount of money that you can access on your MoneyKey online Line of Credit. Whether an individual will be approved, and the credit limit they will be approved for, is dependent on certain qualification criteria. Complete our online application form to find out if you qualify for a MoneyKey online Line of Credit.
How does the Line of Credit work in Tennessee?
When you draw money from your MoneyKey Line of Credit, you will be required to make a minimum payment for each billing cycle, calculated based on the amount you’ve withdrawn. The minimum payment is made up of two components: interest charges and a required principal payment.
The total interest charges you will pay on your MoneyKey Line of Credit is comprised of two different components:
|INTEREST CHARGE||DAILY RATE||ANNUAL PERCENTAGE RATE (APR)|
The above interest charges will be calculated based on the Average Daily Principal Balance (further explained below) of your MoneyKey Line of Credit for each billing cycle. Interest is only charged on the amount you use i.e. the outstanding principal balance.
The required principal payment is a mandatory contribution towards paying down your Outstanding Principal Balance, and is calculated for each billing cycle as follows:
|PAY FREQUENCY||REQUIRED PRINCIPAL PAYMENT|
|Weekly, bi-weekly and semi-monthly||2%|
Making payments towards your Outstanding Principal Balance is a responsible tool to help manage your finances. MoneyKey encourages you to make additional payments over and above your Minimum Payment to reduce your principal balance owing, increase your available credit and decrease your interest charges.
How is the Average Daily Principal Balance calculated?
Your Average Daily Principal Balance is calculated by adding up the outstanding principal balance on each day of your billing cycle and dividing it by the total number of days in the billing cycle.
Can I cancel my Line of Credit?
You can cancel a requested draw at no cost by notifying us and returning the entire amount of the draw back to us within three (3) business days of the draw. However, unless the entire amount of the draw is returned, your draw will continue to accrue interest in accordance with your Line of Credit agreement. Please contact us by phone at 1-866-255-1668 or via email at email@example.com if you would like to cancel your Line of Credit or a particular draw you requested.
Who funds the Line of Credit in Tennessee?
All MoneyKey Tennessee Lines of Credit are funded by MoneyKey – TN, Inc., a Flexible Credit company licensed by the State of Tennessee, Department of Financial Institutions. The Line of Credit will be governed by applicable laws of the State of Tennessee.
I have a few more questions about the Line of Credit in Tennessee.
For additional questions, or if you would like to learn more about the MoneyKey online Line of Credit in Tennessee, 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.