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Your Line of Credit

Your FundCash line of credit is a revolving secured line of credit offered by Presidential Bank. In order to establish your line of credit, you must pledge to Presidential Bank a security interest in the mutual funds and/or any other financial assets you provide as collateral.

The current market value and risk category of your collateral determines your credit limit which is the maximum total amount available. Your line of credit can be accessed online, with Presidential Bank Online Banking or by writing checks.

Your line of credit can have a set term or no term limitations. You can access your line anytime provided that there is sufficient market value in the assets that you have pledged as collateral. If you have selected a draw term, your monthly payment can be either an interest only payment or interest plus principal. If you have an open-ended term, your payments will be a portion of the principal and interest based on your “Daily Average Balance”. There is no "free ride" or interest-free period that would allow you to avoid a Finance Charge on your Credit Line advances. If you choose a draw period or term, you will no longer be able to obtain any credit advances under your Credit Line once the draw period has ended. The next phase of your Credit Line is the "Repayment Period". Unless your Credit Line is extended, during the Repayment Period you will repay your loan by making principal and interest payments for a period of exactly 8 years (96 months). Your Periodic Rate and the corresponding Annual Percentage Rate is a variable rate, based upon an independent index (the "Index"), which is the Prime Rate as published in the Eastern Edition of the Wall Street Journal. When a range of rates has been published, the highest of the rates will be used. For each billing cycle, we will use the most recent Index that was available to us on the last business day before the billing cycle began. The corresponding Annual Percentage Rate will be adjusted for each billing cycle, based upon this Index. The Index is not necessarily the lowest rate charged by us on our loans. Any increase in the Periodic Rate will be reflected in higher Minimum Payment amounts. Each adjustment to the Periodic Rate and to the corresponding Annual Percentage Rate resulting from changes in the Index will take effect on the first day of each respective billing period. In no event will the corresponding Annual Percentage Rate be more than the maximum rate allowed by applicable law. We will not charge Finance Charges on any undisbursed Loan proceeds.

If you have any additional questions or concerns, please contact us, or, call us at our toll free number 800-281-2771 between the hours of 9am to 5pm ET.

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