With a Line of Credit through CreditFresh, you may be eligible for the Credit Evolution Program. The program may lower your cost of credit and/or increase your credit limit5. Details regarding the program can be found in your online account, if applicable.
If you have an Outstanding Balance, you’ll have to make Minimum Payments. Each Minimum Payment includes:
Minimum Payments can be due on a bi-weekly, semi-monthly or monthly basis, depending on your income frequency. The exact amount of each Minimum Payment will vary depending on the activity on your account. Refer to your periodic statements, which are sent before each due date, for specific details.
Each Minimum Payment includes a Billing Cycle Charge, which is calculated based on your Average Daily Principal Balance for each Billing Cycle. The Average Daily Principal Balance is determined by adding the daily principal balance for each day in the billing cycle, and dividing that sum by the total number of days in that billing cycle. See below for an example of a Billing Cycle Charge table.
A portion of each Minimum Payment goes towards your principal balance. The Mandatory Principal Contribution will vary depending on your income frequency. Refer to your Line of Credit Agreement, or any amendments, for more details.
There are no penalties for making extra payments above your Minimum Payments. In fact, it will help reduce your principal balance and also decrease the amount of Billing Cycle Charges over time, subject to your individual account activity. You can make additional payments by logging into your online account or by contacting us during our operational hours.
To demonstrate what is included in each Minimum Payment, let’s look at the following examples for monthly and non-monthly income frequencies. We assume in these examples that there is an outstanding principal balance of $1,500 for three billing cycles.
Monthly Income Frequency (each Minimum Payment is about 30 days apart):
| Billing Cycle Example | Average Daily Principal Balance | Mandatory Principal Contribution (A) | Billing Cycle Charge – Table 1 (B) | Minimum Payment Due (A+B) | Remaining Principal Balance |
| 1 | $1,500.00 | $30.00 | $184.00 | $214.00 | $1,470.00 |
| 2 | $1,470.00 | $29.40 | $184.00 | $213.40 | $1,440.60 |
| 3 | $1,440.60 | $28.81 | $184.00 | $212.81 | $1,411.79 |
Non-Monthly Income Frequency (each Minimum Payment is about 14 days apart):
| Billing Cycle Example | Average Daily Principal Balance | Mandatory Principal Contribution (A) | Billing Cycle Charge – Table 1 (B) | Minimum Payment Due (A+B) | Remaining Principal Balance |
| 1 | $1,500.00 | $15.00 | $85.00 | $100.00 | $1,485.00 |
| 2 | $1,485.00 | $14.85 | $85.00 | $99.85 | $1,470.15 |
| 3 | $1,470.15 | $14.70 | $85.00 | $99.70 | $1,455.45 |
Disclaimer: These examples assume a draw is made at the start of a billing cycle, only Minimum Payments are made and no additional draws are requested on the Line of Credit. This example is for illustrative and informational purposes only. The actual Minimum Payment(s) due on your Line of Credit may vary based on individual circumstances and will depend on your individual account activity.
Your Line of Credit Agreement, or any amendments, will indicate the specific Billing Cycle Charges applicable to your Line of Credit, which can be found in your online account. See below for an example of a Billing Cycle Charge table. Note that Billing Cycle Charges may vary based on your individual qualifications*.
| If the "Average Daily Principal Balance" appearing on your periodic statement is: | If you are paid weekly, bi-weekly or semi-monthly, your Billing Cycle Charge will be: | If you are paid monthly, your Billing Cycle Charge will be: |
| $0.01 - $10.00 | $5.00 | $10.00 |
| $10.01 - $250.00 | $15.00 | $30.00 |
| $250.01 - $500.00 | $30.00 | $60.00 |
| $500.01 - $750.00 | $38.00 | $80.00 |
| $750.01 - $1,000.00 | $55.00 | $119.00 |
| $1,000.01 - $1,250.00 | $70.00 | $151.00 |
| $1,250.01 - $1,500.00 | $85.00 | $184.00 |
| $1,500.01 - $1,750.00 | $100.00 | $216.00 |
| $1,750.01 - $2,000.00 | $115.00 | $249.00 |
| $2,000.01 - $2,250.00 | $130.00 | $281.00 |
| $2,250.01 - $2,500.00 | $144.00 | $300.00 |
| $2,500.01 - $2,750.00 | $160.00 | $337.00 |
| $2,750.01 - $3,000.00 | $172.00 | $362.00 |
| $3,000.01 - $3,250.00 | $186.00 | $400.00 |
| $3,250.01 - $3,500.00 | $200.00 | $433.00 |
| $3,500.01 - $3,750.00 | $214.00 | $463.00 |
| $3,750.01 - $4,000.00 | $228.00 | $494.00 |
| $4,000.01 - $4,250.00 | $242.00 | $524.00 |
| $4,250.01 - $4,500.00 | $256.00 | $554.00 |
| $4,500.01 - $4,750.00 | $270.00 | $585.00 |
| $4,750.01 - $5,000.00 | $283.00 | $613.00 |
*You will receive a notice explaining how your credit score may impact the cost of your Line of Credit.