Guest 2l2l Posted May 28, 2004 Report Share Posted May 28, 2004 How soon after you set up your LOC are the funds available? I will probably need the money before the start of school for moving expenses, books, etc. Are there different policies at the banks regarding when the funds become available? Thanks for any input. Link to comment Share on other sites More sharing options...
Guest CaesarCornelius Posted May 28, 2004 Report Share Posted May 28, 2004 Hey When i got mine, I think it took them maybe a few days to approve everything, but it was available really fast (and I got it in July, before med started). CC Link to comment Share on other sites More sharing options...
Guest 2l2l Posted May 28, 2004 Report Share Posted May 28, 2004 Thanks CC. Which bank did you use for your LOC? Link to comment Share on other sites More sharing options...
Guest Edwarder Posted June 8, 2004 Report Share Posted June 8, 2004 If you borrow, say $100 000, how much do you end up paying back because of interest and fees? Thanks Link to comment Share on other sites More sharing options...
Guest Kirsteen Posted June 8, 2004 Report Share Posted June 8, 2004 Hi there, Do you mean, what would the monthly interest cost be while holding the line of credit? If so, then in terms of fees, you should not incur too many that are directly associated with the LOC, if any at all. That is, unless you are paying life insurance to cover the LOC. I don't currently have this, so I can't comment on how much those would be. In terms of interest, you will generally be charged monthly, and the exact amount will depend on two factors: 1) how much money you've taken from your LOC (you will only be charged interest on your outstanding balance); 2) the rate of interest for that month (although you will probably be permitted prime, it fluctuates). To give you an example of interest charges, if you have withdrawn a total of ~$50,000 from your LOC, then your monthly interest charges (based on the current prime interest rate) will be in the range of $100-150 per month. So, if you've withdrawn a total of $100,000 from your LOC, then you'll be paying $200-300 per month in interest at the current interest rates until you reduce your balance (and obviously, as the balance reduces, so will your interest payments). Cheers, Kirsteen Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted August 7, 2005 Report Share Posted August 7, 2005 Floating back to the top. Ian Link to comment Share on other sites More sharing options...
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