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Line of Credit Help

Frequently Asked Questions (FAQs):

How do I make a loan payment?
How is interest accured on my loan?
What information is needed for a loan application?
When is my loan payment due?
Will I receive a statement for my loan?







How do I make a loan payment?
We offer several convenient ways to make your loan payment:
  • Log into Online Banking or Mobile Banking to transfer a payment.
  • Mail a payment to us.
Make payments at a local branch through:
  • Cash Advance
  • Personal Check
  • Certified Check or Money Order
  • Cash
  • Contact Us to make a payment by phone.
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How is interest accured on my loan??
Our loans are calculated with simple interest.
  • Simple interest is the calculation of daily accrued interest on your principal loan balance.
    • Interest accrues from the date of your last payment through the date of the next received payment.
    • If a payment is received 29 days from the last payment, there will be 29 days of interest charged on the unpaid principal balance of the loan. The remainder of the loan payment is credited to principal and reduces the unpaid principal balance on the loan.
    For example, a $25,000 loan at a 7% interest rate would be calculated using the formula (Principal Balance x rate)/ 365 days:
    • $25,000 x 7% =$1,750
    • $1,750/365 days = $4.80 per day
    As the principal balance is paid down, the daily interest will decrease as well.

    Use the loan calculator to determine your approximate loan payment.

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    What information is needed for a loan application?
    For all loan requests you will be asked to provide personal information:
    • Name of each applicant
    • Physical Address (P.O. Box does not apply)
      • Length of time at address
      • Contact Phone Number
      • E-mail Address
      • Social Security number
      • Date of Birth
      • Income Information
        • Name of current Employer
        • Address and Phone Number of Employer
        • Length of Employment
        • Salary
        • Position Held
        • Other applicable income (Retirement, Pension, Disability, Court-Ordered Child Support)
        • Current mortgage or rent obligations
        • Name and phone number of nearest relative not living with you
        • Reason for loan application
        To apply now:
        • Complete an application online
        • Visit a local branch or
        • Contact Us
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        When is my payment due??
        Loan payment due dates are generally 30-45 days from the loan closing date. The payment due date is also notated in your loan documents and agreed upon before disbursement of your loan.

        Personal Access Line of Credit (PAL):
        • Due the last day of each month.
        • Payments are 2% of the balance or $10.00, whichever is greater.
        Home Equity Lines of Credit (HELOCs):
        • Due the 25th of each month.
        • Interest Only
          • Minimum payments are equal to the accrued interest on the outstanding balance during the advancing period.
          • Payments will adjust after the advance period ends to both principal and interest.
          • Percent Option
            • 1.5% of the unpaid balance or $100.00, whichever is greater
            Credit Cards:
            • Due the 23rd of each month
            • Payments are 2.5% of the balance
            Auto and other loans:
            • Due dates and payment amounts are specified at time of closing.
            Due dates and loan payment amounts can also be viewed through Online Banking, Mobile Banking or statements.

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            Will I receive a statement for my loan?
            Monthly statements will be issued at the beginning of each month if the loan account:
            • Is a line of credit (Personal Access Line or Home Equity Line of Credit) with a balance or activity
            • Is a construction loan.
            • Has a checking or a savings account with monthly debits or credits.
            • Has a Money Market.
            Quarterly statements will be issued for all other loan accounts.

            Current loan information will always be available through Online Banking or Mobile Banking.

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            Online Banking Enrollment

            Enrolling in Online Banking is simple and FREE:

            1. Enter your User ID
            2. Enter Phone Banking PIN as your Password
            3. Click on the LOG IN button

            If you don't know your Phone Banking PIN, please contact us at 843.797.8300 (Charleston) or 800.845.0432 (Nationwide).