Proceeds are typically used for home improvements, to buy a car, college tuition or to pay off higher interest debt. You receive the entire amount of the loan upfront. You use the funds as needed, up to your revolving credit limit. Interest Rate Fixed for the entire term of the loan at closing. Interest Charges Interest is based on the entire balance, amortized and paid over the life of the loan.
Interest is charged only on the funds used.
There are no charges until you use it.