Benefits of a personal line of credit with UCU
A personal line of credit is a simple and affordable way to get on top of your finances. You can use the funds to pay for anything you like, or you can keep the money in reserve for a rainy day. You can even use your line of credit to consolidate your debt.
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Only pay interest on what you use
Pay a low APR* on your monthly balance -- and if you don't use your credit line, it won't cost you a dime.
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Use your funds for any purpose
There are no restrictions on how you use your personal line of credit -- pay for anything you need and want.
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Quick and simple access to funds
Use digital banking to easily transfer funds from your credit line to your checking account.
Personal Line of Credit Features
Best for |
Access to a source of funds on demand
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Features |
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Payments based on balance
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There's no cost until you start using the line
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Transfer money online or using your mobile device
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Interest Rate |
As low as 15.94% APR
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Fees |
No annual fee or cash advance fees
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Members have also saved with:
How to use a personal line of credit
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Pay for home renovations, car repairs, or any other expenses
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Keep for an emergency fund
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Consolidate or pay down debt
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Pay for home renovations, car repairs, or any other expenses
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Keep for an emergency fund
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Consolidate or pay down debt
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Pay for home renovations, car repairs, or any other expenses
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Keep for an emergency fund
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Consolidate or pay down debt
Our application process is quick and simple
You can apply for your Personal Line of Credit anytime, anywhere!
Step1 |
Fill out our easy online application.
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Step2 |
UCU reviews your application.
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Step3 |
Once approved, funds are available!
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Get Started
"Excellent customer service, very friendly staff."
★★★★★
- Marie D.
Personal Line of Credit FAQs
A personal line of credit is like a credit card -- you can use it as much as you like, or use it when you need. You only pay interest on the funds you use.
Your monthly payment varies with how much funds you use, and your interest rate is variable, too. You'll have a limit on how much funds you can use. The period of time you can use the funds for is called the draw period.
By contrast, a personal loan means you get a lump sum of cash and you pay it back in equal amounts every month over the loan term. You agree to a fixed interest rate, which is part of your monthly payment.
You can use your personal line of credit for anything you like! You can use the funds to pay for a specific purpose you have in mind, or to meet unforeseen expenses like car repairs and health care bills.
You can also use your line of credit as an emergency fund or to consolidate debt.
Yes, making monthly payments on your line of credit is a good way to build credit. Just be sure to pay at least your minimum amount due on time every month.
You'll pay interest on the balance of your account at the end of the billing cycle each month. If you have no balance because you didn't use any funds yet -- or you paid it all off -- you won't be charged any interest.
Your APR will be based on factors such as your credit score, and will fluctuate slightly with the market rates.
Helpful resources to boost your finances
Calculators
The more you know, the better prepared you are to make great choices for you and your family. Crunch the numbers for monthly budgets, student loans, retirement, and more.
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Learning Center
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UCU Blogs
Read an array of engaging articles so you can master topics from HELOCs to loans, credit scores, and credit cards. Search for your favorite categories and get links to take your next steps.
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