personal lines of credit

[Junior123]

Hello, which banks or credit unions are the best for personal lines of credit.

[Gollum]

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@Junior123 wrote:

Hello, which banks or credit unions are the best for personal lines of credit.

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That question is simultaneously too hard and too easy. The best answer I can think of is: whichever bank or credit union you like that is willing to extend to you a personal line of credit with terms that you are willing to accept. Your FICO score is probably the major determinant.

[SouthJamaica]

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@Junior123 wrote:

Hello, which banks or credit unions are the best for personal lines of credit.

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In my experience, credit unions are better than banks. If you have a geographically restricted credit union, or other limited membership credit union, for which you qualify, look into their offerings for a personal line of credit. The main thing I would be looking for is low interest rate.

As to credit unions with more open membership, the best personal lines of credit I know of would be with

-Hanscom FCU

-Unify FCU

-Langley FCU

-Summit CU

-Affinity FCU

[JR_TX]

Without much DP to start with we’re all gonna be throwing stones in the dark. But if your EQ FICO 9 is in the mid 700s and higher with less than 8.9% UTIL and low HPs and new accts then PENFED’s PLOC with 6.49% APR might sound enticing to you. Good Luck and keep us posted.

[Namaste7]

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@JR_TX wrote:
Without much DP to start with we’re all gonna be throwing stones in the dark. But if your EQ FICO 9 is in the mid 700s and higher with less than 8.9% UTIL and low HPs and new accts then PENFED’s PLOC with 6.49% APR might sound enticing to you. Good Luck and keep us posted.

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The personal loan is as low as 6.49%. The PLOC is fixed at 14.65% and the check line of credit is 17.99%. 

[JR_TX]

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@Namaste7 wrote:

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@JR_TX wrote:
Without much DP to start with we’re all gonna be throwing stones in the dark. But if your EQ FICO 9 is in the mid 700s and higher with less than 8.9% UTIL and low HPs and new accts then PENFED’s PLOC with 6.49% APR might sound enticing to you. Good Luck and keep us posted.

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The personal loan is as low as 6.49%. The PLOC is fixed at 14.65% and the check line of credit is 17.99%. 

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Didn’t realize that. Thanks for catching my mistake.

[redheadtempe36]

Most credit unions offer them, so if you can join one, I'd check there first.

Of the "big" banks, I believe only Wells Fargo and US Bank offer them.  Chase, Citi and BOA do not.