Lines of Credit
Get money when you need it at an interest rate you can afford with our Personal Line of Credit - used by many of our customers for checking account overdraft protection.
It costs you nothing until you use it, just the interest on your outstanding loan balance -- and there are no overdraft transfer fees, so it's perfect for your checking account overdraft protection.
Compared to credit card account and other banks' loan programs, our Personal Line of Credit has lower interest rates and lower monthly payments.
Some personal credit lines have fixed interest rates that Pacific Trust thinks are relatively high for today's marketplace. And, they may have very high minimum monthly payment requirements.
How much better can it be?
Our Personal Line of Credit has a variable interest rate that adjusts monthly to the major bank Prime Rate plus a Margin of 5%.*
The current Personal Line of Credit interest rate (Annual Percentage Rate, or A.P.R.) for April 2008 is 10.25%, based on the 5.25% Prime Rate in effect on 4/1/2008.
Your interest rate could go even lower. Further rate cuts appear likely. The Prime rate index value on the 1st day of each month is used to set the following month's Personal Line of Credit loan rate.
The Prime Rate as reported for May 1, 2008 was 5.00%. This means that effective June 1, 2008, the Personal Line of Credit A.P.R. will decline by 0.25% to just 10.00%.
Unlike many other bank's variable-rate loan programs, there is no interest rate floor - if Prime drops, your loan rate will follow down as well. Of course your rate could go up if Prime increases. The maximum life-of-loan interest rate is 18.0%.
The minimum monthly payment for this loan program is just 1.50% of the current outstanding loan balance, or $25.00, whichever is greater. It does not fluctuate with changes in the interest rate.
For example, with a $5,000 credit limit and $2,000 outstanding balance, our Personal Line of Credit minimum payment would be just $30.00! You'll get a statement reflecting each month's minimum payment.
Apply Now
Even if you don't plan on using the funds right away, now is the time to apply for your Personal Line of Credit. Then the funds will be immediately available, up to your credit limit, when you need it, whatever the reason.
You can access your Personal Line of Credit with HomeAccess Online Banking, Touch-Tone Teller, in our branch offices, or by overdraft from your checking account with your MasterMoney debit card or by writing a check.
Do you have an older line of credit and want to switch to our new terms? For borrowers with loans in good standing, we'll be happy to change your loan's terms to our Personal Line of Credit. You can even ask us for an increase to your loan's credit limit.
It's easy to apply for a Personal Line of Credit, or to request a change to our new terms. Loan applications are available on the Internet, at our branch offices or by calling us at (877) 441-BANK.
* The 5% Margin applies to borrowers with satisfactory credit. Not all borrowers will qualify for this loan program or requested credit limits. Other terms may also be offered, and are subject to change without notice.
For information about other Pacific Trust Bank loan programs,  .
Call us toll free at (877) 441-BANK or visit us to apply or receive more information, or you can  .
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