Private Banking Secured Line of Credit
Using collateral can mean better borrowing rates.
A Private Banking Secured Line of Credit from FNB provides a re-usable source of financing to help meet your financial objectives. You can utilize all or a portion of the total credit limit as you need it and only pay interest on the amount you use. By pledging personal assets like balances from a savings account, certificate of deposit, investment account or life insurance policy as a guarantee for repayment of the loan, we can often offer lower rates of interest or higher limits than with other forms of borrowing.
-
-
Flexibility to borrow over and over
-
Borrow up to $250,0004
-
Prime-Based Variable interest rate5
-
-
Enjoy Real Flexibility:
A Private Banking Secured Line of Credit from FNB gives you the flexibility to borrow up to your credit limit at any time.1 Whether you use your line for overdraft protection or just as a cushion for those unexpected expenses, a line of credit provides you the borrowing power you need to help meet life's financial demands.
How a Private Banking Secured Line of Credit works:
A Private Banking Secured Line of Credit allows you to borrow up as much as you need, at any time, up to a certain amount - unlike an installment loan that is for a specific dollar amount. As you repay your outstanding balance, the amount of available credit is replenished - meaning you can borrow against it again and again. With this type of loan, you only pay interest on the amount you use. By using your FNB Savings Account, Certificate of Deposit, Investment Account or Life Insurance Policy as collateral for the loan, we can generally offer higher limits and a lower rate than other forms of borrowing.2
The time period which you are allowed to borrow is call the "draw period" and is typically 7 years. The repayment period begins at the end of the draw period. Monthly payments during the draw period are interest only but become principal and interest during the repayment period.
Key Features:
- Secured with an FNB Savings Account, Certificate of Deposit, Investment Account, or Life Insurance Policy2
- Flexibility to borrow as needed - repay - and borrow again up to your credit limit 3
- Borrow up to $250,0004
- Variable interest rate tied to the U.S. Prime Rate
- Access your funds via check or online transfer
Great For:
- Providing overdraft protection for your checking account
- Covering unexpected expenses
- Providing liquidity to bridge the gap between when your bills are due and when you get paid
-
The Borrowing Process:
Our objective is to make the borrowing process simple and straightforward. To apply for an Interest Only Unsecured Installment Loan, you will want to have the following information available for your visit with a Private Banker.
Required Identification:
- A non-expired ID (driver’s license, state-issued ID, Military ID, passport, or Permanent Resident Card and visa)
Getting Prepared:
While you won't need this for your initial visit to start the application process, as we evaluate your application, we may ask you for additional pieces of information. You may be asked:
- To verify your income
- To provide bank statements
- To provide tax documents
With any account, you also get the latest in digital technology:
Mobile Banking
Online Banking & Bill Pay
-
Article
Build Savings
Buying things is fun. But splurging on too many things now could limit your ability to splurge later — or even to afford the neces...
-
Article
On Track?
Have you thought about your retirement plan contributions lately? If your contribution is automatically deducted from your paychec...
2 - Advance rates vary by type of collateral
3 - During the draw period
4 - Subject to credit and collateral evaluation; higher limits may be available for qualified borrowers
5 - U.S. Prime Rate as published in The Wall Street Journal