Checking your eligibility has no impact on your credit score4.
Advance or Cash Advance or Draw: refers to funds requested from your Available Credit and disbursed to your Bank Account via electronic funds transfer, subject to conditions.
Annual Percentage Rate (APR): the cost of credit, expressed as an annual percentage rate. For the FreshLine Line of Credit, APR means the rate used to calculate interest for your Line of Credit. Review the FreshLine Line of Credit Cost of Credit page for more information. Note: not all products offered through CreditFresh have a disclosed APR. Please see your Line of Credit Agreement for details applicable to your specific product.
Available Credit: the amount of credit you have available for withdrawal on your Line of Credit, subject to conditions.
Average Daily Principal Balance (ADPB): the balance used to calculate Interest or Billing Cycle Charges on your Line of Credit, calculated by: (a) adding the daily principal balance for each day in the Billing Cycle; and (b) dividing the sum by the total number of days in the Billing Cycle.
Bank Account: a personal deposit account you own at any deposit-taking institution that can accept ACH credits or debits (if applicable) for which you provide valid routing and account numbers.
Bank Lending Partner or Lender: for CreditFresh, a Bank Lending Partner or Lender is a state or federally regulated bank that is responsible for providing the Lines of Credit offered through our website. Click here for more information regarding CreditFresh’s Bank Lending Partners.
Billing Cycle: refers to the interval of time between your regular Periodic Statements as reflected on your Periodic Statement. Each Billing Cycle is either (a) approximately fourteen (14) days long, if you receive income on a non-monthly basis; or (b) approximately thirty (30) days long if you receive income on a monthly basis.
The first Billing Cycle may be shorter (or longer) than subsequent Billing Cycles, depending on the Effective Date of the Agreement and when you receive income, which means that your first Minimum Payment, if you have requested a Draw, may be smaller (or larger) than your next Minimum Payment. This assumes that no additional draws or payments are made in subsequent cycles.
Billing Cycle Charges: for Lines of Credit by CBW Bank and First Electronic Bank, you will be charged a Billing Cycle Charge based on the ADPB on your Periodic Statement for each Billing Cycle. For more details visit the Cost of Credit page for Lines of Credit by CBW Bank and First Electronic Bank. For information regarding your individual circumstances, please refer to your Line of Credit Agreement or any amendments thereto. Billing Cycle Charges do not apply to the FreshLine Line of Credit.
Cash Advance Fee: for the FreshLine Line of Credit, each time you request a draw, a 10% Cash Advance Fee is automatically taken from the money that is sent to you. Check out how this works on the FreshLine Cost of Credit page. A Cash Advance Fee does not apply to Lines of Credit by CBW Bank or First Electronic Bank.
Credit Bureau or Credit Reporting Agency: a company that collects, stores and shares information about your financial history including through credit reports and credit scores which can be used by lenders and other companies to make credit decisions. For credit products offered through CreditFresh, information may be obtained from alternative Credit Bureaus to assess creditworthiness. The use of such information does not impact your traditional credit score with a major Credit Bureau. CreditFresh and its bank Lending Partners may report your account activity, including repayment history, to alternative and major Credit Bureaus like TransUnion, which may impact your traditional credit score.
Credit Limit: the maximum amount of credit that can be accessed using your Line of Credit, subject to the conditions of your Line of Credit Agreement.
Effective Date (of the Agreement): refers to the date an application is approved, enabling you to access your account to request Advances.
Installment Loan: is a loan which provides you with a lump sum of money to be repaid in a series of installments over a fixed loan term. Installment Loans are not offered through CreditFresh.
Interest: for the FreshLine Line of Credit, it is the cost of borrowing money, reflected as a percentage. To learn more about the cost of credit of a FreshLine Line of Credit, click here. Lines of Credit by CBW Bank or First Electronic Bank are subject to Billing Cycle Charges.
Line of Credit: also referred to as revolving or open-end credit, is a type of credit product offered through CreditFresh that allows you to borrow, repay and borrow again, as needed, from your Available Credit.
Line of Credit Agreement: a legally-binding contract which details the terms and conditions of your Line of Credit.
Mandatory Principal Contribution: refers to the portion of a Minimum Payment that is applied directly to the Outstanding Principal Balance. Please review your Line of Credit Agreement for more information.
Minimum Payment: refers to the minimum amount required to be paid by the applicable due date for an account to remain in good standing. Minimum Payments include a Mandatory Principal Contribution and:
Non-Sufficient Funds (NSF) Fee: for the FreshLine Line of Credit, an NSF Fee may be charged if a Minimum Payment is returned unpaid. For more information, visit the FAQs. The NSF Fee does not apply to Lines of Credit by CBW Bank and First Electronic Bank.
Outstanding Balance: refers to the total amount owing on a Line of Credit.
Outstanding Principal Balance: refers to the amount of principal outstanding on a Line of Credit at a given point in time, excluding any interest or fees owed, as applicable.
Past Due: refers to the Line of Credit account status if a consumer fails to make Minimum Payments by their applicable due dates. Accounts remaining in Past Due status for an extended period of time are at risk of defaulting.
Periodic Statement or Statement: refers to a periodic billing statement provided on a monthly or non-monthly basis, that includes details such as withdrawals, payments and charges assessed for a particular Billing Cycle.
Principal Payment: refers to a payment that is applied to the Outstanding Principal Balance, reducing the amount of principal you owe. You can make payments toward your principal balance once you have satisfied any Past Due Balance owing (if applicable), and once any outstanding Minimum Payments have been satisfied.
Statement Date: refers to the date that a Periodic Statement is generated.