@Anonymous wrote:
Hello,
Wondering if you guys could help me out and tell me which banks/ CU are best for PLOCs for residents in Florida? I fix and flip homes and im looking forward to using the PLOCs for the rehab portion of the flips.
Thanks in advance
Most banks/credit unions offer a PLOC, you just have to look at their websites. Chase and BofA are the odd execptions as they do not offer PLOCs. Keep in mind, Florida is a large, diverse state, so not all banks and credit unions are open to you depending on where you live-make sure you check to ensure that you are able to apply for products at a certain bank or that you are eligible for membership at a certain credit union.
Big Banks in Florida with PLOCs:
5/3
Regions
SunTrust/BB&T (both are currently separate banks that are soon going to become Truist Bank as they merged)
PNC
Wells Fargo as mentioned by someone else.
*Note that virtually all big banks will charge an annual fee for their PLOCs. Most listed above charge $50 a year; 5/3 charges $65 but waives the annual fee the first year.
Credit Unions (make sure you check your eligibility to join)
VyStar
Suncoast
McCoy
Tropical
Space Coast
Your best bet is to go to your current bank or credit union and start there. Existing relationships help. And be advised that just like credit cards, the banks/credit unions monitor your PLOC. Meaning, you might encounter some issues if you try to use your entire available credit line right away. It may take time for the bank/credit union to get an understanding of your usage and payment patterns.
Be prepared to provide proof of income when applying for PLOCs especially if asking for large amounts. Remember that these are unsecured and threfore, the limits will more than likely mirror your current credit card limits.
