Cost of Credit

In many cases, the terms of a loan can be complicated, hidden fees can crop up, and you’re suddenly faced with more debt to repay than you had initially anticipated. With a Line of Credit by CBW Bank through CreditFresh, you can expect full transparency, so you’ll know exactly how much your Line of Credit will cost with no unexpected or hidden charges.

Easy-to-Understand Pricing

With a Line of Credit through CreditFresh, it’s easy to know how much you will be charged each billing cycle. Here’s how your Minimum Payment is calculated:

Mandatory
Principal
Contribution

 + 

Billing
Cycle
Charge

 = 

Minimum
Payment

Mandatory Principal Contribution

A portion of each Minimum Payment goes directly to your principal balance to ensure you are always paying down your balance.

The Mandatory Principal Contribution is calculated as follows:

  • If you receive your income on a non-monthly basis: the greater of 3% of the Outstanding Principal Balance at the end of the billing cycle or $15 (if the Outstanding Principal Balance is less than $15, then the entire balance will be due)
  • If you receive your income on a monthly basis: the greater of 6% of the Outstanding Principal Balance at the end of the billing cycle or $30 (if the Outstanding Principal Balance is less than $30, then the entire balance will be due)
Billing Cycle Charge*
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 - $9.99 $5.00 $10.00
$10.00 - $249.99 $15.00 $30.00
$250.00 - $499.99 $30.00 $60.00
$500.00 - $749.99 $40.00 $80.00
$750.00 - $999.99 $55.00 $110.00
$1,000.00 - $1,249.99 $70.00 $140.00
$1,250.00 - $1,499.99 $85.00 $170.00
$1,500.00 - $1,749.99 $95.00 $190.00
$1,750.00 - $1,999.99 $105.00 $210.00
$2,000.00 - $2,249.99 $115.00 $230.00
$2,250.00 - $2,499.99 $120.00 $240.00
$2,500.00 - $2,749.99 $135.00 $270.00
$2,750.00 - $2,999.99 $145.00 $290.00
$3,000.00 - $3,249.99 $160.00 $320.00
$3,250.00 - $3,500.00 $175.00 $350.00

*If you are an existing customer, please refer to your Line of Credit Agreement for terms and conditions.

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