line of credit loan

Your APS Personal Loan is essentially a line of credit loan. This gives you the ability to redraw up to the approved amount of the loan should you come across any unexpected costs. At APS Benefits, we call this ‘topping up’ your loan.

For example, If you are approved for a Personal Loan of $15,000 and have paid off $5,000, you have the option to access your $5,000 and re-start your loan term. This redraw facility can come in handy if you encounter a financial emergency such as car repairs or medical bills. Please note that there is a $50 ‘top-up fee’ charged each time you choose to access your funds.

How to access your line of credit loan online

Redrawing from your APS line of credit is a quick and easy process.

  1. Login to APS Online (using your Member Number as your Client Login),
  2. Click Accounts,
  3. Click Transfer Money,
  4. Complete the Following Details within the Transfer Money Screen
    • Select Your Line of Credit account to transfer from
    • Enter in a reference to appear on your bank statement
    • Click Pay New Account
    • Enter in your bank account BSB number,
    • Input in your bank account number,
    • Enter in your account name,
    • Input in the amount you wish to transfer (Minimum $250 – includes a $50 top-up fee), and
    • Click NEXT.

If you are having trouble with the online system, you can email a request to loans@apsbenefitsgroup.com.au. Please provide your member number, full name and the amount of the top-up (or state ‘maximum’). The minimum withdrawal amount is $250 including a $50 top-up fee. Your funds will then be transferred into your account the following business day.

What happens after I have accessed my line of credit?

If you redraw on your line of credit, you will be renewing your loan agreement as per the conditions that were initially approved. This means that you will now owe the total loan amount and your repayment amounts will continue as per normal, however, it will be paid off over a longer period.

If you need to increase your approved loan amount, you can apply for an increase at any stage. Please note that the maximum amount for a personal line of credit loan is $25,000. Anything greater than $25,000 may be considered for a Special Purpose Loan or a Low Interest Personal Loan. Learn more about Special Purpose Loans and Low Interest Personal Loans.