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Business Online Banking ACH files must be received by Thursday, February 14 in order to settle before the upcoming federal holiday (Washington’s Birthday). ACH files received on Friday, February 15 will not settle until Tuesday, February 19.

Personal Consumer Loans

What is the difference between a loan and a line of credit?

Category: Personal   Service: Consumer Loans | Updated: April 29th, 2014

Answer:

  • When a borrower takes a loan, he or she receives a one-time lump sum disbursement, which is paid back in equal installments over the term of the loan (close-ended credit).
  • When a borrower has a line of credit, he or she can access funds on an ongoing basis. Repayment is based on the balance outstanding (revolving credit).

Learn more about Consumer Loans

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