How to Borrow Under a Revolving Line of Credit Facility
- 1). Contact your bank to confirm that your credit facility has been activated. Home equity lines of credit are processed similarly to mortgages, and it can take a few months for your lender to process your credit application. However, if you set up an unsecured credit line, you often can access funds within 24 hours of submitting your application.
- 2). Ask the banker if you have to make a minimum draw. Some lenders allow you to access any sum of money, but others have minimum withdrawal requirements. If your bank imposes a minimum draw requirement, use other types of credit facilities, such as your credit card, for small purchases.
- 3). Go to your bank and present a teller with at least one form of government-issued identification, such as your passport. Inform the teller that you need to make a credit line withdrawal. Provide the teller with either your account number or Social Security number so the teller can locate the credit facility.
- 4). Complete a credit line withdrawal slip. You must print your name and the amount that you intend to withdraw on this slip. You also must sign the slip.
- 5). Wait for the teller to obtain authorization from the bank's lending department. Once the teller obtains approval, you can take back your ID and count your cash. Ask for a receipt and ensure that the cash you receive matches the amount listed on the receipt.
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