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PLOC Recommendations?

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Valued Member

PLOC Recommendations?

Does anybody have any recent experience with successfully obtaining an unsecured Personal Line of credit?  I'm looking for recommendations besides Penfed and the other credit unions that are often mentioned here. I'm located in IL and looking to obtain a line or a couple of lines in the 10-20k range. Thanks in advance!  

Message 1 of 10
9 REPLIES 9
Super Contributor

Re: PLOC Recommendations?


@jwheel113wrote:

Does anybody have any recent experience with successfully obtaining an unsecured Personal Line of credit?  I'm looking for recommendations besides Penfed and the other credit unions that are often mentioned here. I'm located in IL and looking to obtain a line or a couple of lines in the 10-20k range. Thanks in advance!  


Langley FCU is a good one.

NFCU is a good one.

Vantage West has a credit card that you can use like a credit line by transferring money from the credit card to the checking account.


Total revolving limits 730000 (603500 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 2 of 10
Valued Member

Re: PLOC Recommendations?

Thanks for the info!  I'll check them out.  It seems like it's overwhelmingly credit unions offering this product nowadays.  I've seen some of the real small community banks with this offering as well.  I'd also be interested in hearing from anybody who has recently obtained a PLOC from a bigger bank  or even a mid-size regional bank with a geographical footprint that includes Illinois.  

Message 3 of 10
Super Contributor

Re: PLOC Recommendations?


@jwheel113wrote:

Thanks for the info!  I'll check them out.  It seems like it's overwhelmingly credit unions offering this product nowadays.  I've seen some of the real small community banks with this offering as well.  I'd also be interested in hearing from anybody who has recently obtained a PLOC from a bigger bank  or even a mid-size regional bank with a geographical footprint that includes Illinois.  


I have PLOC's with Santander Bank. I don't know its geographical footprint.


Total revolving limits 730000 (603500 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 4 of 10
Valued Member

Re: PLOC Recommendations?


@SouthJamaicawrote:

@jwheel113wrote:

Thanks for the info!  I'll check them out.  It seems like it's overwhelmingly credit unions offering this product nowadays.  I've seen some of the real small community banks with this offering as well.  I'd also be interested in hearing from anybody who has recently obtained a PLOC from a bigger bank  or even a mid-size regional bank with a geographical footprint that includes Illinois.  


I have PLOC's with Santander Bank. I don't know its geographical footprint.


Thanks. I checked them out and looks like they only lend in the following states:  NH, CT, DC, DE, RI, MA, ME, NY, NJ, PA, MD, and VT.

Message 5 of 10
Senior Contributor

Re: PLOC Recommendations?

Curious why (it seems like) you're anti CU? 

 

I have one with NASA FCU. Yes, they're quirky and a little behind the times on some things, but they've improved over the couple years I've had it. 

 

I also have dealings (but no PLOC) with two other credit unions and CU's would (almost) always be my first choice for banking. 

Message 6 of 10
Valued Member

Re: PLOC Recommendations?


@TortoiseWinswrote:

Curious why (it seems like) you're anti CU? 

 

I have one with NASA FCU. Yes, they're quirky and a little behind the times on some things, but they've improved over the couple years I've had it. 

 

I also have dealings (but no PLOC) with two other credit unions and CU's would (almost) always be my first choice for banking. 


Actually not anti-CU.  I'm a member at a local credit union.  I've just been doing research on PLOC and nearly all of the ones that have been easy to find have been through CUs.  Really just trying to see what else is out there and if anybody has recent experience with obtaining one.  

Message 7 of 10
Valued Member

Re: PLOC Recommendations?


@TortoiseWinswrote:

Curious why (it seems like) you're anti CU? 

 

I have one with NASA FCU. Yes, they're quirky and a little behind the times on some things, but they've improved over the couple years I've had it. 

 

I also have dealings (but no PLOC) with two other credit unions and CU's would (almost) always be my first choice for banking. 


Also, what was involved in the process of obtaining your PLOC through NASA?  How long did it take and was there a manual review with income verification or were you instantly approved based on credit score?  Thanks in advance.  

Message 8 of 10
Senior Contributor

Re: PLOC Recommendations?


@jwheel113wrote:

@TortoiseWinswrote:

Curious why (it seems like) you're anti CU? 

 

I have one with NASA FCU. Yes, they're quirky and a little behind the times on some things, but they've improved over the couple years I've had it. 

 

I also have dealings (but no PLOC) with two other credit unions and CU's would (almost) always be my first choice for banking. 


Also, what was involved in the process of obtaining your PLOC through NASA?  How long did it take and was there a manual review with income verification or were you instantly approved based on credit score?  Thanks in advance.  


Sorry, I really don't remember. There's probably a thread on it back in October of 2015 Smiley Tongue

 

I'm pretty sure it was immediately approved based on credit score with some caveat that something had to be done manually because getting a copy of something to them was weird. Or maybe it was signing something of theirs and getting it back to them that was weird. (That's sounding more like it.) Their web pages were really outdated and hard to follow during that account opening, I think in the end it might have been that which led me to put them in the 'quirky' category.

 

They've gotten better, but for example up until maybe early 2017, their iphone app was circa 2007-ish. It seriously looked like I cranked up my first generation iphone. And to deposit via phone, it was a whole separate app. Like I said, it's better (and one phone app). Not the best interfaces all the way around, but useable.

 

Getting $ into the account, I think there was also a low limit on phone deposits for quite a while. As it is they still hold amounts over some threshold more than I experience with my other two CU's, but I've learned to plan accordingly. I've got some of my paycheck DD'd there to waive the fee. The flow from PLOC to checking is smooth, it works just like an OD line. 

Message 9 of 10
Valued Member

Re: PLOC Recommendations?

WELLS FARGO. I just got a PLOC with them. They can go as high as $100k (unsecured). Funds transfer immediately to WF checking acct. There is a $25 AF.

I use it for short term cash needs (under 90 days) - comes in handy from January to March waiting for tax refund/annual work bonus. If I'm going to need the cash longer than 90 days then would just use CC, as most of my BT cards have 3% fee / 0% 12 month rate.
Credit Score - 800+, Gardening - 7 months, TCL - $320k, Largest CL - $62.7k (CSR), Oldest Card - 26 years (Amex).
Message 10 of 10
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