Personal Line of Credit
Borrow up to an approved amount¹, much like a credit card.
While a personal loan is borrowed as a single lump sum, a personal line of credit from FCU functions like a credit card, making funds available again as you pay down your balance, up to a credit limit. A personal line of credit provides you with extra money whenever you may need it. It can help you pay for unexpected expenses, overdrafts and serve as a little extra protection when it comes in handy.
Depending on your credit limit, you can even use your personal line of credit for larger purchases! It is linked to FCU's online banking, so you can transfer money to and from your account.
Benefits of a Personal Line of Credit
- No application fee
- Lines up to $50,000²
- Affordable monthly payments
- Avoid possible NSF fees by using the line of credit for overdraft protection
- Easy access from FCU online banking
- Payments are based on amount advance and not the full loan amount³
How a Line of Credit Can Protect You from Overdraft Fees
When linked to your checking account a personal line of credit can protect you from expensive overdraft fees
- Funds are transferred into your checking account in $50 increments, if needed
- Payments are transferred out of your checking account each month
- No transaction fees
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1. Subject to credit approval.
2. Credit limit depends on your credit history, your debt-to-income ratio and other factors. The specific rate and term will be dependent upon your credit rating.
3. Interest is calculated on the amount borrowed.
4. APR = Annual Percentage Rate. Minimum APR: 10.240% - Maximum APR: 17.990%. Payment Example: A $1,000 personal line of credit at 10.24% interest rate would have an APR of 10.240%, and a minimum payment of $35. Interest rate subject to change at anytime.