Best Personal Lines Of Credit In 2021:
Are you looking for a personal line of credit? This may be a better option than personal loans and credit cards. Here are some of the best tips.
A personal credit line combines elements of a credit card and a personal loan. Similar to a personal loan, you can get a personal line of credit from a lender such as a bank or credit union. Just like a credit card, a personal credit line is a kind of revolving credit with which you can borrow up to your credit limit as needed.
A personal credit line is an excellent option if you are considering a personal loan but do not know exactly how much money you need. It is a flexible option that can pay less interest over time if you borrow everything instead of a single amount.
Just like a personal loan or credit card, you can use a personal line of credit to finance a wide variety of expenses.
SunTrust is the only lender on this list due to the exceptionally high credit limit of $ 250,000. This makes the moneylender an excellent choice for debtors with significant expenses who are looking for a flexible way to finance their purchases. This personal credit line has different rates and can be extended up to four years.
Due to the high credit limit, a SunTrust personal credit line has some additional qualifications that must be met in order to be approved. The lender requires applicants to have demonstrable assets in excess of $ 100,000 to prove liquidity. This means that this personal line of credit is out of reach for unnecessary creditors.
SunTrust Personal Line Credit has no subscription fees or annual fees, and lenders can get a 0.25% discount when setting up automatic payments from a SunTrust bank account.
A personal line of credit from PNC Bank is an excellent option for borrowers looking for a flexible and affordable way to finance a variety of projects. Loan amounts range from $ 1,000 to $ 25,000, which is ideal for large and small projects.
One of the great advantages of a personal credit line from PNC Bank is that there is no deposit fee. This means that you can pay off your balance if you want to save interest, without incurring extra costs.
A disadvantage of this personal credit line is that lenders can only call a PNC bank by phone or in person. Unfortunately, there is no way to fill out an online application, but for credit providers who do not mind signing up, this line of credit is an excellent option.
PenFed Credit Union
Unlike many lenders on this list, which offer variable rates based on the Prime Street Journal rate, PenFed Credit Union is the only one to offer a fixed rate of 14.65% in April. Although it is slightly higher than what lenders with a lower fluctuating rate can benefit from, it can give lenders the peace of mind that they want to know exactly what their rate is going to be.
Applying for a personalized PenFed line of credit is quick and easy and borrowers can decide within one business day. If you are approved, you will also receive free checks to gain access to your line.
Lenders need to apply to PenFed to qualify for a personal line of credit, but applying online is easy. Although PenFed performs military service, it is not necessary to apply for military service. Because PenFed is a non-profit credit union, members can guarantee lower rates and fees on financial products such as loans and credit cards.
Regio Bank offers lenders flexible and affordable personal credit lines. After SunTrust, Regions has the second-highest credit limit on the list, $ 50,000. If you want to finance a renovation project or other high costs, your credit line can help you in your personal environment.
A handy feature of this personal credit limit is that it has rate discounts of 0.25% to 0.50% in automated payment institutions. However, this personal line of credit has an annual fee of $ 50, an unlimited amount of $ 29, and a $ 35 order book.
Lenders can apply for a personal credit line online, but you must already be an existing regional customer to take advantage of this option. You can also register in person or by phone.
How do I get this list?
When I was looking for lenders that customized credit lines, I was looking for lenders that offered flexible credit limits, competitive rates, and customers nationwide.
Flexible credit limits
Personal credit lines are ideal for projects where you are unsure of your budget, from home improvement projects to limited cash flow for freelancers and everything in between.
I was looking for lenders with flexible credit limits ranging from a few thousand dollars to tens of thousands of dollars.
I was looking for lenders that offer competitive rates for personal lines of credit. Most lenders base their exchange rates on the Wall Street Journal Prime rate, although some prefer a fixed rate.
Just like personal loans and credit cards, personal interest rates charge the interest you have to pay in addition to what you borrowed. This means that you can save money in the long run if you take out insurance at a low rate.
There are many local banks and smaller credit unions that offer personal lines of credit. This can be an excellent option for borrowers looking for personal service at a smaller financial institution. When I came up with this list, I tried several places to include banks and credit unions, with an emphasis on larger regional and national banks.