Line of Credit Loans

Line of credit loans let you provide an open line of credit for a member via a loan draft (check) or overdraft protection, for example, a Home Equity Line of Credit Loan.

Loan Drafts allows you to maintain up to twelve loan draft IDs for a single member. Using the Loans – Loan Drafts tab, you can set up a cross-reference between note number(s) and draft ID(s) for your members. A special indicator identifies the type of draft account. Incoming drafts are processed according to the cross-referenced member information. Overdraft Protection allows you to advance funds to a member via a specific share type.

The Draft Option check box must be selected in the Loan Options section on the Credit Union Profile – Loans tab to allow loan draft processing.