A personal line of credit is a loan used like a credit card account. You can access this account without using a card. You need to write special checks or request the bank to transfer money to this account. It is a different kind of loan that helps people when they need some extra cash.
Personal credit can be a great resource when you need money immediately. It can be for consolidating all your debts or to pay off unexpected medical bills. Although the interest rates tend to be higher, quick access to funds makes it a better option than usual loans. Let us look at some of the best banks that offer personal line of credit.
Banks offering personal line of credit
- Capital One – This bank offers personal line of credit from $5,000 to $10,000, which you can borrow and pay back as required. Once you repay the funds borrowed, you can borrow it again. Interest is charged only on the amount borrowed.
- Santander Bank – You can borrow anywhere between $5,000 and $35,000 without any collateral. You can reuse your personal line of credit as and when you repay it. The variable interest rate is as low as 8.24%.
- US Bank – Borrow up to $25,000 with US Bank at an interest rate as low as 6.99%. These loans can be used in many ways such as to improve your house or to consolidate your debts. You can apply for a personal line of credit online or at any nearby branch.
- Bank of America – This bank’s personal line of credit may be secured with a blanket lien on assets or with a certificate of deposit. You are not charged any interest till you withdraw your funds so you can access your money whenever you need them. It is an easy solution to manage your cash flow.
- Wells Fargo – Personal line of credit is offered at competitive variable interest rates with an annual fee of $25. You can obtain a loan anywhere between $3,000 and $100,000. Your funds are transferred to your account within 24 hours of approval.
- Citi Bank – This bank offers personal line of credit at a variable APR of 8.99% to 20.99% depending on your credit scores. It can help you meet your borrowing needs, and provides funds to meet all your other expenses. You can access your funds online or by phone, or by visiting any nearby branch.
- PNC Financial Services Group Inc–Being the seventh largest bank in the United States, it offers fixed amount loans or lines of credit at interest rates of as low as 7.74%. These loans can be used as per your needs either to fulfill your dream of an international holiday or even to renovate your house.
- Hawaii USA Federal Credit Union – This is not a typical bank but falls under the category of a credit union. If you need reliable financing with flexible terms, this institution’s personal loans and line of credit is your best bet. It charges competitive interest rates so that you can focus on what you need rather than worrying about skyrocketing lending costs.
- SunTrust Bank–If you need a higher line of credit for a lower interest rate, this bank should be on your mind. You can obtain a credit of anywhere between $25,000 and $500,000 without any annual fee, cash advances or application charges. It is an unsecured loan and requires no collateral.
To obtain a personal line of credit, you should have a good credit history. It is advisable to check your credit scores online, before approaching a bank for a personal line of credit. Also, it is better if you apply for such loans when your financial conditions are sound enough so that you are not burdened with debts.
All of us are in need of money from time to time. Financial institutions have come up with several loan options so that our demands are met. It is our duty to be financially responsible and make it a point to pay off loans at the earliest.