A VELOC (Visa Equity Line of Credit) is a line-of-credit loan with a variable rate that is attached to a VISA Platinum credit card. It is secured against the equity in the home and provides a credit line so members can take advances using their EquiFlex Visa Platinum card whenever they wish. Qualified members have the flexibility and security of knowing additional financing is available quickly and affordably for a variety of reasons.
Features:
Variable rate (based on Wall Street Journal prime rate + 1%)*
Annual Percentage Rate adjusted quarterly; cannot increase more than 5% or decrease more than 2%. Floor is 5% and ceiling is 21%
Only cost to member is appraisal (if required) and an annual fee of $25.00 after first year
Interest charged only on unpaid balance
Extra payments can be made
*Rates are subject to change without notice and are based on actual credit experience.
