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Personal Line of Credit - Compare the Best PLOCs Right Here

Need access to credit but don’t want a fixed-term loan? A line of credit gives you access to the cash you need and approval is typically faster than other loan products. With Financer.com you can:

  • Compare lenders and loan rates
  • Apply for a PLOC online
  • See how a credit line can benefit you
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Best Personal Line of Credit Offers for February 2023

Chosen 5952 times
  • Lines of credit from $500 - $5,000
  • Only pay charges on what you use
  • Transparent process
  • Fast funding, as soon as the same business day*

Chosen 4326 times

$600 - $50,000

Loan amount

1 Year - 5 Years

Term of loan

4.99% - 17.99%

Lowest rate

18

Minimum age

Chosen 111 times

$0 - $0

Loan amount

N/A

Term of loan

0%

Lowest rate

Minimum age

Chosen 4 times

$1,000 - $5,000

Loan amount

3 Years - 7 Years

Term of loan

35.99%

Lowest rate

Minimum age

Important

Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

How to Get the Best Credit Line

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How to Get the Best Credit Line
1
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2
Choose an offer
Find the best personal loan for your loan needs.
3
Complete the application
Click Get Started to fill in your loan application.

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What is a personal line of credit?

A personal line of credit (PLOC) is a borrowing product that lets you access funds up to a certain limit, which you can then use for whatever you need. Like a credit card, a PLOC is revolving credit, so you can borrow against your limit and only pay interest on the amount you use.

PLOCs are becoming increasingly popular because they offer many advantages over other types of loans. You can use a personal line of credit for anything you want - from big expenses like a home renovation to smaller costs like groceries or gas. Unlike a regular credit card, there's no need to reapply every time you want to borrow money.

It’s perfect for financial emergencies or large purchases that require you to use credit, and there are many options available with different terms, interest rates, and benefits - like rewards points. 

If you want to learn more about how personal lines of credit work and which one might be best for your needs, keep reading as we compare the best personal line of credit in the US.

A personal line of credit vs a personal loan

A personal line of credit (PLOC) and a personal loan are both forms of credit, but they are quite different.

A personal loan is a lump sum of money that you borrow from a bank or other lender. You agree to repay the loan over a fixed period of time, usually with monthly payments.

A personal line of credit, on the other hand, is like having a credit card but without the interest rate. You can borrow money as needed and only pay interest on the amount you borrow. You also have the flexibility to repay the loan over time or all at once.

Which one is right for you? That depends on your needs and financial situation. A personal loan might be a better option if you need a large sum of money and want to lock in a set monthly payment.

A PLOC might be a better choice if you need more flexibility or want to avoid interest payments.

How can I use a personal line of credit?

A personal line of credit can be used for a variety of purposes, such as:

  • Consolidating your debt: If you have multiple high-interest credit cards, you can use a personal line of credit to consolidate your debt into one monthly instalment with a lower interest rate. This can help you save money and get out of debt quicker.

  • Funding a large purchase: A personal line of credit can be a great option for funding a large purchase, such as a new car or home renovation. This way, you don't have to use your credit card and risk going over your limit or accruing too much interest.

  • Covering an emergency expense: If you suddenly find yourself in need of cash, you can use your personal line of credit to cover the cost. This can help you avoid going into debt and ruining your credit score.

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Secured vs unsecured lines of credit

Secured lines of credit are a great option for borrowers who have some form of collateral to pledge as security for the loan. This type of line is usually secured by real estate, or an automobile.

They allow you to borrow money at a low interest rate, without paying any of your own funds up front.

However, there are risks involved with secured loans and if you miss payments or default on the loan in other ways, it is likely that your collateral will be repossessed - for example by seizing a car or house.

Also, since PLOCs can also be used for business purposes, such as purchasing equipment.

What are the benefits of a personal line of credit?

A personal line of credit can have many benefits for you and your finances. Here are a few key benefits:

  • Convenience: A personal line of credit offers a lot of convenience since you can access the funds you need quickly and easily.
  • Flexibility: You can use a personal line of credit for whatever you need, whether it's for everyday expenses or unexpected emergencies.
  • Speed: Applying for and receiving a personal line of credit is typically much faster than other loan products.
  • Simplicity: A personal line of credit is a very simple product to use, with no paperwork or hidden fees.

Benefits of a Personal Line of Credit

Access the funds you need quickly and easily
Access the funds you need quickly and easily
Use a personal line of credit for whatever you need
Use a personal line of credit for whatever you need
Applying is typically faster than other loans.
Applying is typically faster than other loans.
Simple to use, with no paperwork or hidden fees
Simple to use, with no paperwork or hidden fees

How can I find the best personal line of credit for me?

When it comes to finding the best personal line of credit, it's important to consider a few different things.

First, think about what you'll be using the credit line for. Whether you're looking to consolidate debt, make home improvements, or cover an unexpected expense, there's a personal line of credit out there that will fit your needs.

Second, take into account your credit score. The higher your score, the more likely you are to be approved for a higher credit limit.

Finally, compare interest rates and terms between different lenders to find the best deal for you.

Tally - Personal Line of Credit

Tally is a credit card payoff app that helps you consolidate your credit card debts into one low-interest line of credit.

Depending on your credit score, your APR will be around 7.9% – 25.9% a year.

The Tally+ membership has an annual fee, which comes directly from your credit line, leaving you with no out-of-pocket expenses.

The annual fee for Tally+ is $300 or about $25 per month.

> Read more about Tally

Wells Fargo line of credit

Wells Fargo is a nationwide bank that offers a personal line of credit to consumers who meet its eligibility requirements. The minimum credit limit you can receive is $3,000, and the maximum is $100,000. Wells Fargo offers a variety of repayment terms, making it a versatile option for consumers.

The interest rates at Wells Fargo are also relatively reasonable, starting at 10.24%.

This makes it a great option for consumers who need access to funds at a lower cost. The minimum monthly payment is $25, and there is no prepayment penalty for paying off your line of credit early.

Chase personal line of credit

The Chase personal line of credit is a versatile product that can be used for a number of different reasons. You can use it to pay for unexpected expenses, such as car repairs or medical bills, or you can use it to consolidate your debt and get a lower interest rate.

The Chase personal line of credit also offers a number of features and benefits that can help you save money. For example, you can get a lower interest rate if you have an existing Chase account, and you can also take advantage of 0% APR for the first 12 months.

If you're looking for a personal line of credit, the Chase product is a great option.

 

How do I repay a personal line of credit?

Typically, a personal line of credit will require you to make monthly payments on the principal and interest. How much you'll need to pay each month will depend on the terms of your agreement, but it's important to be mindful of your repayment schedule so you don't incur any late fees.

Ideally, you should aim to pay off your entire personal line of credit before the end of the loan term. This will help you avoid any unnecessary interest payments and keep your overall costs down.

However, if you're unable to fully repay your loan, you can always extend the loan term or rollover the balance into a new loan.

What are the risks of a personal line of credit?

A personal line of credit can be a great way to get some financial breathing room when you need it. However, there are some risks associated with using one.

The most important thing to remember is that you should only borrow what you can afford to repay. It's easy to get caught up in the moment and borrow more than you intended.

💡 Read more about how to stop automatic credit card payments.

Another risk is that a personal line of credit can be easy to misuse. If you're not careful, you may end up spending more money than you intended or racking up high interest rates.

Make sure you fully understand the terms and conditions of any personal line of credit before you borrow, or ask a financial expert for help.

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Why Compare with Financer.com

Financer.com helps you compare the best lines of credit and loans and get the lowest rates from leading U.S. lenders and banks.

Our loan comparisons are fast and easy, and completely free. Best of all, you can pre-qualify without hurting your credit score

With Financer.com you can review more than 280 companies and get not only the best loan rates but honest reviews from real customers. 

Personal Line of Credit - FAQs

Can you withdraw cash from a line of credit?

You usually have to pay a fee if you withdraw cash from your line of credit. However, there might be some exceptions depending on the type of account you've opened and its terms.

What are the disadvantages of a line of credit?

There are a number of disadvantages that can come along with opening a line of credit. Some examples include:

Having to make monthly payments before you actually need the money - this might force you into overspending or overdrawing your account when there's not enough available in it anyway Having no control over larger purchases requiring more than one payment The risk of borrowing more than what you could afford to pay back Interest rates are typically higher vs other forms of credit.

How much can I borrow?

This will depend on your credit history and your bank or lender. Applications for PLOCs are typically very fast and you can decide whether you want to accept or reject the offer. You can apply online with most lenders and banks.

which banks offer personal line of credit

Some of the banks in the U.S. that offer personal lines of credit include Chase, U.S. Bank, TD Bank, KeyBank, Regions Bank, and PenFed.

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