Lines of Credit

From Ready Cash to Home Equity Lines

First National Bank of Elk River offers two types of personal credit lines:

Ready Cash A flexible revolving line of credit linked directly to your First National Bank of Elk River checking account. Ready Cash features:

  • Line amounts from $300 to $2,500
  • No collateral required
  • Pay interest only on the amount you use
  • If your account balance dips below zero, your line of credit will automatically transfer funds to cover the negative balance (in $200 increments up to your credit limit)
  • Economical automatic monthly payment of either 5% of your outstanding balance or $25.00, whichever is greater
  • No penalties for early payoff
  • Reuse your revolving line; no need to apply for additional credit

Home Equity Line of Credit Leverage the equity in your home to pay off high interest debt, purchase a new vehicle, or fix up the house. Home Equity Line features:

  • Minimum – $5,000
  • Annual fee of $50
  • Potential tax deductibility*
  • Competitive interest rates
  • Variable interest rates
  • Flexible interest-only monthly payment**
  • No penalties for early payoff
  • Check-writing capabilities
  • Minimum advance of $500

Contact us with any questions you may have.

* Interest on home equity lines of credit may be deductible. Consult your tax advisor to be certain.

** A balloon payment may result.