Thinking about applying for a line of credit with &Solved? Then you will find this information on repayment of the line of credit useful. The application process is simple and straightforward, free of hidden costs, and we guide you through all the steps.
Quick facts about taking a line of credit from &Solved
- You need to apply only once, and your funds are available for when you need them.
- You can borrow amounts starting at $3,000 going up to $30,000.
- The amount that you can borrow will depend on your credit profile.
- Repayments start with interest rates as low as 2.5% per month (terms and conditions apply).
- There are no hidden costs when you apply for a line of credit with us.
- We offer personalised rates based on your financial profile.
- The whole application process can be done online in a few minutes.
After the funds have been allocated and withdrawn, there is always some apprehension about the line of credit payment. The good news is that a line of credit has one of the lowest rates of interest as compared to other forms of loan alternatives and loans themselves. With an unsecured line of credit from &Solved, all costs are presented to you up front so that you know exactly what to expect with no surprises.
Our line of credit repayment follows an easy to understand structure which will help you plan accordingly. We give you the flexibility to repay the amount as quickly or as slowly as you desire. We also charge interest only on the amount that you withdraw and not the full amount that is kept in reserve. What you don’t touch, you don’t pay for.
When you visit our website, you can check your credit score without affecting your credit rating. Based on your credit score, you will fall into one of our borrowing categories. These categories include:
Depending on the category you belong to, you can check the amount you are eligible to apply for and at what interest rate. Our line of credit borrowing amounts ranges from $3,000-$5,000 for Bronze all the way to $3,000 to $30,000 for Diamond. The rates of interest are also available based on the category you belong to.
How to apply for a line of credit from &Solved
To be eligible to apply for a line of credit with &Solved, you need to be an Australian citizen or permanent resident who is at least 21 years of age and currently employed. Once you have checked which of the categories mentioned above you fall into and have decided how much you would like to borrow from us, here’s what you will need to do:
- Have your valid ID and your income information handy.
- Click on the Apply button at the top right corner of our website.
- You will be taken to a page which contains our application form.
- Fill in all the fields accurately, but feel free to contact us if you need any assistance.
- When the form is filled, click on the Send Application button at the bottom of the page after ticking the Privacy Statement and Identity Verification boxes.
- We will review your application.
- We will also verify your identity information, credit score.
- Within 24 business hours, you will hear from us with information on whether or not your application has been approved.
- If your application has been approved, you will be sent a contract and once all signed, we will open a line of credit for you.
- You can make withdrawals from your line of credit as and when you require.
- You will have to make a minimum withdrawal of $3,000 on your first withdrawal.
- After the first withdrawal, you can withdraw a minimum of $1,000 every time you need the funds.
- The maximum amount you can withdraw is what was pre-set when the line of credit was approved, or the total amount left in reserve after you have made withdrawals.
- When you make a withdrawal on your line of credit, the amount first gets transferred to your personal bank account within 24 hours. Once in your account, you can withdraw the amount as cash.
- Line of credit payments are made only on what you withdraw.
Get Started With A Line Of Credit Today