Thursday, November 22

Business Online Banking ACH files must be received by Tuesday, November 20 in order to settle before the upcoming federal holiday (Thanksgiving Day). ACH files received on Wednesday, November 21 will not settle until Friday, November 23.

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).

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