Ready Reserve
Select any of the following options to
learn more about ProGrowth's Ready Reserve Line of Credit.
What is the Ready Reserve Line of
Credit?
Ready Reserve is a revolving line of credit available
through your ProGrowth Bank Business checking
account. It offers the convenience
of small loans on demand, in addition to the security of overdraft
protection. Apply for credit up to $5,000.
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How Do I Use It?
Once the application has been approved for a Ready
Reserve Line of Credit, you may call, write or visit your ProGrowth Bank
and request funds to be transferred to your checking account (up to the
amount of your available approved credit). Or simply write a check
that exceeds the current balance in your account. Money will automatically
be transferred.
When you write a check to transfer funds from your Ready
Reserve Line of Credit to your checking account, you will receive a
"Notice of Loan Advance." Simply record the amount advanced in
your check register as a deposit.
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How Do I Repay It?
ProGrowth Bank offer a convenient line of credit with
an easy repayment schedule.
Automatic Repayments Monthly repayments are
automatically deducted from your checking account balance. Record your
automatic repayment in your check register as you would a check.
You will receive a monthly statement showing the amount
of your credit line, the amount of funds you have used, the finance
charge, and the amount of your Ready Reserve Line of Credit remaining.
Your finance charge will only be calculated for the amount of funds you
advanced and the number of days you used the funds. The finance charge* is
computed at the daily periodic rate of 0.0493% (equivalent Annual
Percentage Rate [APR] of 18.00%). At the end of the year, ProGrowth sends
you a statement of total finance charges.
You can keep your finance charge costs down by repaying
any or all of your Ready Reserve Line of Credit. The more you pay, the
more available credit you have for the next opportunity or emergency.
Paying Back More…Or All To pay back more than the
monthly automatic payment, simply write or send a check to the bank with
instructions to apply it to your Ready Reserve Line of Credit balance. Or
simply call your bank and transfer funds from checking to your Ready
Reserve Line of Credit balance.
NOTE: You cannot repay your Ready Reserve Line of Credit
simply by making a deposit to your account, or through an automated teller
machine (ATM). For anything other than the automatic repayment, you must
specify the amount you want to repay from your deposit on your Ready
Reserve Line of Credit.
*Finance charge is computed by applying the daily
periodic rate to the balance of the account at the end of each day. Those
daily charges are then added up to determine the monthly finance charge.
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