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Is this their "Thrifty" product? If so, it's an LOC designated only for overdraft protection. I have it and I don't think I can transfer the $$$ out. Not sure. I've had mine for 2 years and never took a dime out of it. In general, LOCs are revolving lines of credit with a fixed CL.
@Carlile92 wrote:
No it is real line of credit I can do cash advance I don't even have a checking account I have a share account and I was wondering if 9.25% is a good rate and if I do a cash advance when does interest start accruing and what is the game with these
A personal line of credit is an unsecured (not backed by a house; in other words, not a Home Equity Line Of Credit, or HELOC for short) line of credit offered by banks (and apparently by credit unions) to their best customers.
9.25% (current Prime Rate plus 6%) is an excellent interest rate for a personal line of credit. There is probably no grace period for interest: interest probably accrues from the date of the cash advance.
There is no "game" with a personal line of credit. You were deemed credit-worthy by your credit union, so you were granted a personal line of credit. Your credit union thought you were a good credit risk, and it is betting that you will continue to handle your credit responsibly.
Where I work (a CU) a personal line of credit is a form of revolving credit that I could borrow from at anytime. I could link it to my checking account as overdraft protection. Unlike a CC there is no grace period. Interest starts accruing immediately. Also of note, the payments aren't a percentage of the balance. For me it would be a fixed payment size based on the CL, not the balance. For interest rates my CU rates it the same as a personal loan. It is unsecured credit so 9.25% is pretty good.
That being said, I don't think they are standardized as much as CCs for instance. So the one you have may function differently than the one available to me.