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To get a Personal Line of Credit or a Personal Loan with the APR shown above, you must have a credit score of 770 or above, reside in MA, RI, CT, NH, NJ, PA, NY, MD, DE, ME, VT or DC, have or open a Sovereign checking account and authorize automatic payment from that account. APRs on Personal Lines of Credit may vary monthly based on the latest U.S. Prime Rate as published in The Wall Street Journal as of the first business day of the month, plus a margin of 5.24% (now 8.49% APR with automatic payment). Maximum APR is 18%. Minimum APR is 7.49%. An annual fee, if any, will be charged to your Personal Line of Credit during its 5 year draw period. The amount of any annual fee will vary based on the type of deposit account relationship you have with Sovereign when the fee is assessed. The annual fee will be waived as long as you maintain a Premier or Team Member deposit account relationship. The annual fee will be $25 as long as you maintain a Preferred deposit account relationship. Otherwise, the annual fee will be $50. Personal Line of Credit account use is subject to the terms of the Personal Line of Credit Agreement, including terms that permit lines to be suspended, reduced or terminated in certain circumstances. Payment example on a Personal Loan of $10,000 at 10.49% APR for 60 months is $214.89. The minimum line/loan amount is $5,000 and the maximum line/loan amount is $25,000. |
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The interest rate on your Personal Line of Credit or Personal Loan will increase by 0.25% if automatic payment from the qualifying account is discontinued. APRs and other terms accurate as of 6/15/12 and may change thereafter. Applications subject to approval. Personal Lines of Credit and Personal Loans available to customers with lower credit scores. Contact us for information about rates and other terms. |
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Equal Housing Lender - Member FDIC
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