Do you ever wish you had a revolving credit you could access instantly when you need it? A personal line of credit may be right for you.
Instead of borrowing one lump sum as a loan, a personal line of credit lets you borrow what you need, when you need it, only paying interest on what you take out. With a maximum limit set at the outset, you can borrow up to that amount at varying times.
This is a great solution for those who want the peace of mind of an emergency fund without needing to borrow against their home or other assets.
A personal line of credit can help you:
- Access varying amount of funds for different purposes at different times
- Secure quick access to funds for a later time
Advantages:
- Flexibility to take out small sums periodically as opposed to one lump sum
- Interest accrues only on what is used
- Available credit limits between $500 and $25,0001
- Monthly payments based on the balance of your loan instead of the maximum limit
- No collateral requirement (property or other assets); eligibility based on creditworthiness2
How it works
Once approved, you can access your line of credit by writing a check or transferring funds from your line of credit to another account. There are three ways to transfer line of credit funds:
- Use Online Banking or Mobile Banking
- Stop by your local Spectrum Credit Union branch
- Give us a call at 800-782-8782 Monday through Friday, 5am to 9pm, and Saturday, 8am to 4pm Pacific Time. (For those outside the U.S., call 510-251-6000.)
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