With a line of credit from Vault by Bank of Orrick, you are in control. Here are three simple ways you can lower the total cost of your loan:
1. Only take out as much money as you need at any given time.
You are only charged interest based on the amount of credit you have drawn, not on your approved credit limit.
2. Make more than the minimum payment.
Even just a few extra dollars with each payment will lower the total amount of interest you end up paying.
3. Whenever possible, pay off your full balance.
With no outstanding balance, no interest charges will accrue. (And you can still access your full line of credit whenever you need it again.)