The money's right there, anytime you need it
Next week it could be car repairs. Next month it could be tuition costs. Next year it might be a new fridge, a smartphone or a family vacation. You can't predict every future expense, but you can be prepared. A Flex Equity Line of Credit is a low-cost loan you can tap into anytime at all to pay for whatever comes next.
Flex Equity Line of Credit
- Choose an intro rate for 12-months at 5.99% APR* or 36-months at 6.99% APR*.
- Credit limit based on your home's equity
- Fast access to funds via eBanking, phone banking or WCCU branches
- Interest is charged only on the amount actually borrowed
- No origination or closing fees
And this line of credit comes with a twist!
Most credit lines come with a variable rate. That's also the case with WCCU's Flex Equity Line of Credit. But here's where we're different:
- If you like the current interest rate, you can request a cash advance and then lock in that rate on that portion of your loan
- In fact, you can lock in two fixed-rate advances at any one time
- By locking in rates, you gain the benefit of stable monthly payments and can potentially save money in long-term interest charges
We'll help you make the most of this line of credit.
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FAQs
A Home Equity Loan provides you with a specific amount of money and has a fixed rate and a fixed term. The monthly payments include principal and interest.
A Home Equity Line of Credit gives you access to money when you need it. It has a variable rate that will adjust with the Prime Rate. Monthly payments are interest only but you can paydown on the principal at any time.
Our Flex Equity Line of Credit offers the best of both worlds! It is a Home Equity Line of Credit where you can access money anytime you need it but also, offers you the ability to lock into 2 fixed rate advances at any time!
Westerly Community Credit Union is a full-service credit union with Rhode Island branches in Westerly, Richmond, Wakefield, and Coventry.
