| EZ Line of Credit | Interest Rate | APR |
|---|---|---|
| EZ Line of Credit | 11.74% | 11.74% |
Rates effective as of April 1, 2023, and subject to change without notice. Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for our displayed lowest rates. Subject to credit approval.
A line of credit is money you have at the ready when you need it. You will be approved to draw up to a certain amount on the line of credit, and then you pay interest on what you borrow. If it turns out you don’t need to use the money, you are not charged interest. So you borrow the money by transferring it to your Elements checking account, pay it back, and then borrow it again if and when you need it.
Yes, you really can! You can use your Elements EZ Line of Credit to finance unexpected expenses, such as:
You can access funds simply and easily by transferring funds from your EZ Line of Credit to your Elements checking account within Online Banking.
You can access as much or a little as you need from your Line of Credit, whenever you need it, up to the credit limit established at closing. Much like a credit card that allows you to borrow against your spending limit as often as needed, the EZ Line of Credit gives you the flexibility to borrow against your credit line, repay, and repeat.
There are benefits and trade-offs to all loans, especially when it comes to paying for unexpected expenses. Compare different types of loan products in the chart below to determine which is best for your needs. As always, your support team at Elements is ready to help you find the product that is best for you—just give us a call at 1-317-542-5055.
Borrow funds using your Elements Certificate as collateral Loan for a set amount Borrow money without using collateral Loan for a set amount Borrow funds using the equity in your home Revolving credit line for the 10-year draw—use, repay, repeat Borrow money without using collateral Lower interest rate than many conventional loans Fixed monthly payments Lowest interest rate $200 Cash Bonus1 2% above your certificate's earning rate 4-year fixed: 9.84% Intro APR for 6 months: 3.99% Variable APR after 6-month intro period: As low as 8.00% Intro APR for 6 months: 0% Variable APR after 6-month intro period: 13.74% Own an Elements Certificate Want to establish credit Want predictable monthly payments that stay the same Don't own your home Want predictable monthly payments that stay the same Own your home Want the flexibility of using funds whenever you need them Want a lower payment Don't own your home Have the means to pay off your balance right away Anything! Consolidating loans Paying off credit cards Anything! Purchases such as: - Unexpected emergencies Anything! Best for smaller, everyday purchases Up to the full amount of your certificate Borrow up to $25,000, based on credit rating Whatever your available equity is in your home Borrow up to $25,000 based on credit rating
Certificate Loan
Personal Unsecured Signature Loan
Home Equity Line of Credit
Platinum Visa Credit Card
What It Is
Key Benefits
APR
A Good Option for a Major or Unexpected Purchase If You
Can Use It For
- Home improvements
- College
- That big vacation
- A new car
- A second home
- Debt Consolidation
No Prepayment Penalties
No Annual Fee
Available Amounts
An Elements EZ Line of Credit can serve as money set aside for unexpected expenses, such as an overdraft. Money automatically transfers from your EZ Line of Credit to match the exact amount of your checking account overdraft. Once the money is transferred away from the EZ Line of Credit, you have a monthly payment of 3% of the outstanding balance. Your credit line can be between $500 and $2,500, and your overdraft coverage would be up to the limit you have established. You don’t pay interest on a line of credit until or if you take money from it, so this can act as a good safety net for those unexpected expenses.
The cost per transfer is $5 plus 3% interest on your Line of Credit balance.
To get started, contact Elements at 1-800-621-2105 to apply and connect the line of credit with your checking account to establish overdraft protection.
There are no closing costs, prepayment penalties, or an annual fee associated with an EZ Line of Credit.
We do offer consolidation loans to consolidate bills and pay off other debts. An EZ Line of Credit (see information on this page) can be used for that purpose. Other options available to most members include other Personal Loans, Home Equity Loans, or even a first mortgage refinance with a debt consolidation option.
Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.
We pride ourselves in being a trusted source for financial education. We come to your workplace to answer questions and can provide you with one-on-one assistance as you navigate the changes that come with each of life's stages.
Headquartered in Indianapolis since 1930, we rank among the top 4% of credit unions nationally2. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.
Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.
