When you have a cash shortfall between paychecks, options like a Payday Loan or Deposit Advance may seem like a reasonable solution, until you look at the costs. For instance, did you know that the finance charge to borrow $100 ranges from $15 to $30 for two week loans? These finance charges are sometimes accompanied by interest rates ranging from 300% to 750% APR. For loans shorter than two weeks, the APR can be even higher1. 
 
As an alternative, BankFinancial offers LifeLine of Credit2. A valuable feature available to existing customers with a BankFinancial checking Account. LifeLine of Credit lets you breathe easier between paychecks and repayment options are easy and convenient. For those seeking  even more protection and have a strong credit history, SurePay® Line of Credit is another way we help you manage shortfalls.

How It Works
  • No Credit Score is obtained. The review is based solely upon your account history at BankFinancial.
  • We will conduct a three month review of your previous banking history.
Interest Rate3
36%

Minimum Monthly Payment
  • $25 or 10% of the outstanding balance; whichever is greater.
  • You can make principal payments at any time including through Online Banking.
  • Your checking account is automatically debited for monthly payments, or you can pay off the balance at any time.
Accessibility
  • Access your LifeLine Overdraft Protection by writing a check or by using your BankFinancial Debit Card.
  • Funds are automatically advanced into your checking account in $50 increments (up to your approved credit limit) when your checking account funds are depleted.
  • Funds can be transferred online at no charge.
Overdrafts
  • An overdraft protection sweep fee may be assessed against the associated deposit account.4
  • A fee for each item may be incurred if the checking account has an insufficient available balance and there is no remaining credit available in the line of credit.5 See Fee Schedule (PDF 95kB)
Limitations
• Not available to BankFinancial Associates
• Must be 18 years of age or older.
 

  1. Source: Payday Loan Information for Consumers  as of 5/23/2022.
  2. Subject to approval.
  3. APR is charged daily on the outstanding principal balance.
  4. $10 fee is charged to your designated checking account per transfer and is limited to one fee per day.
  5. For complete terms governing your account, please consult the Customer Agreement and Disclosure Statement, which can be found at www.bankfinancial.com/disclosures.
  6. The terms of the account, including fees or features, may change.