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Best personal lines of credit

Our top picks for home renovations, paying off credit cards and more.

Updated

Fact checked

We selected these lenders based on the offered APR ranges, fees and available loan amounts. Other factors, liking funding speed and the need for collateral, were also taken into account.

Whether you’re looking to dive into home renovations, pay off your credit cards or simply find a lender willing to work with your credit profile, we’ve got options for you.

Affected by COVID-19? Consider a personal line of credit

Many banks and credit unions offer a personal line of credit as overdraft protection. In an emergency when funds are tight from being unable to work, that extra protection can save you from facing overdraft fees.

A personal line of credit can also be a fast way to access cash — one that typically has a lower APR than a cash advance from a credit card. And while they usually carry a higher APR than a personal loan, you only pay interest on the amount you draw. That means if you qualify for a high limit, you won’t pay interest on the full amount unless you draw it in full.

For more information on different ways to weather the coronavirus outbreak, read our guide to COVID-19 financial aid.

8 best personal lines of credit

Tally line of credit logo
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★★★★★

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at Tally line of credit's secure site

Best for credit card consolidation: Tally line of credit

660
Min. Credit Score
7.9%
Starting APR
$20,000
Loan Amount
Tally is an app that offers a line of credit designed to help you pay down your credit cards. It accepts borrowers with fair credit, and you'll have access to a Tally Advisor that will help you develop a strategy to pay down your debt and save money on interest.

You can also have the app take over managing your credit card payments, which comes with late fee protection. This can not only help you save on pesky fees, but can also help improve your credit by establishing a history of on-time repayments.

  • Fair credit accepted
  • Debt repayment advice
  • Manages credit card payments for you
  • Late fee protection on credit cards its managing
  • Low maximum amount
  • High potential APR
  • Not all credit cards accepted
Loan Amount $2,000 – $20,000
Interest Rate Type Variable
Min. Credit Score 660

Best for fair credit: Upgrade Line of Credit

Not stated
Min. Credit Score
6.49%
Starting APR
$50,000
Loan Amount
Upgrade's line of credit is actually available on a card: the Upgrade Card. Each draw is considered a loan — which means your APR will vary every time you borrow as your debt-to-income ratio, credit score and income change. It's open to borrowers with fair credit, though it likely isn't the best idea if you're consolidating your debt, since APRs can reach as high as 29.99%.
  • No origination fees
  • Potentially low APR of 6.49%
  • Receive a physical card — similar to a credit card
  • High maximum APR
  • Each draw has its own terms
Loan Amount $500 – $50,000
Interest Rate Type Fixed
Turnaround Time Up to 10 business days to receive card

Best for no annual fees: U.S. Bank Unsecured Line of Credit

Not stated
Min. Credit Score
11.75%
Starting APR
$25,000
Loan Amount
Current U.S. Bank customers may want to take advantage of its line of credit. There's no annual fee, and the variable APR is currently set at 11.75% — about average for borrowers with excellent credit. And you'll have flexible access to your funds: U.S. Bank issues borrowers a Visa Access Card and personal checks, but you'll also be able to make a draw online, on the U.S. Bank mobile app or at a branch.
  • Flexible ways to make draws
  • Unsecured LOC that doesn't require collateral
  • Limited to current U.S. Bank customers
  • Doesn't disclose draw and repayment periods online
Loan Amount Up to $25,000
Interest Rate Type Variable

Best for secured lines of credit: SunTrust Select Credit Line

Not stated
Min. Credit Score
5%
Starting APR
$5,000,000
Loan Amount
SunTrust has two lines of credit, but only its Select Credit Line is secured. You can borrow up to $5 million — and variable rates start at a low 5% with its autopay discount. To be eligible, you'll need a SunTrust Bank investment account with at least $100,000 to act as collateral. It also doesn't charge an annual fee — rare for a LOC provider.
  • Extremely competitive variable APR
  • Lines up to $5 million
  • No annual fees
  • Investment account of $100,000 required
  • Must bank with SunTrust
  • Limited state availability
Loan Amount $25,000 – $5,000,000
Interest Rate Type Variable
Max term 60 months

Best for home improvements: GreenSky home improvement loans

640
Min. Credit Score
3.99%
Starting APR
$50,000
Loan Amount
GreenSky's sole focus is on home improvement loans, which means you'll have a lender that understands the ups and downs of home renovations. It offers a low starting APR of just 4.99%, and borrowers with credit scores as low as 640 are eligible to apply.

But what we like best is its financing process. You get six months to spend up to your credit limit on your GreenSky payment card, which means you'll only pay interest on the amount you end up using. And if you decide to use a professional from GreenSky's network, you won't pay interest on your purchases for 12 months.

  • No down payment required
  • Coapplicants welcome
  • Not a credit card
  • 0% interest promotional offer
  • High potential APR
  • Spending limited to a six-month period
  • Immediate repayments
Loan Amount $3,500 – $50,000
APR 3.99% to 26.99%
Interest Rate Type Fixed
Min. Credit Score 640
Min term 36 months
Max term 84 months

Best for excellent credit: HSBC Select Credit

Not stated
Min. Credit Score
7.49%
Starting APR
$25,000
Loan Amount
Current customers of HSBC looking for a line of credit may be in luck: This bank offers a LOC with no annual fee and a 45-day introductory 7.49% APR — relatively low compared to other lenders on this list. You'll also receive a free FICO credit score statement every month to help you keep your finances on track.
  • 45-day introductory rates
  • Free FICO statements
  • Must be a current HSBC customer
  • High late and returned payment fees
  • Doesn't disclose draw and repayment periods online
Loan Amount $1,000 – $25,000
APR 7.49% (starting at)
Interest Rate Type Variable

Best for good credit: Wells Fargo Unsecured Line of Credit

Not stated
Min. Credit Score
9.5%
Starting APR
$100,000
Loan Amount
Wells Fargo lines of credit are open to any account holder with good to excellent credit. And they're fast — you could get your funds just one business day after approval. It also offers a high maximum credit line of $100,000 — or $250,000 if you opt for a secured LOC.

To make the most of your line, Wells Fargo offers an interest rate discount of 0.25% to 0.5% for current customers with qualifying checking accounts. You also have the option to change your payment due date to better align with your finances.

  • No origination fees
  • Potentially low APR of 6.49%
  • Receive a physical card — similar to a credit card
  • High maximum APR
  • Each draw has its own terms
Loan Amount $3,000 – $100,000
Interest Rate Type Variable
Turnaround Time 1 business day

Best for bad credit: Elastic line of credit

$4,500
Loan amount
1+ business day
Turnaround time
Yes
Online application
Elastic offers a line of credit that could be a cheaper alternative to a high-cost payday loan if you use it wisely. While your credit line is limited to anywhere from $500 to $4,500, that's not necessarily a bad thing. It can help you pay for short-term expenses without racking up thousands of dollars in excess debt.

Instead of charging interest, it charges a 5% to 10% cash advance fee for each draw, as well as a carried balance fee that ranges from $5 to $350 each month. Paying off your balance as quickly as possible can help keep the cost from equaling an APR in the triple digits.

  • Open to all credit types
  • Employment isn't required — will accept government benefits as income
  • Wide state availability
  • Cash advance fee for each draw
  • Carried balance fee on repayments
  • Can only carry a balance for up to 10 months
Product Name Elastic line of credit
Min. Amount $500
Max. Amount $4,500
Loan Term













Up to 10 months

Loan Security Unsecured
Turnaround Time
1+ business day
Costs 5% to 10% cash advance fee
Requirements You must have a bank account, be the age of majority in your state, live in an eligible state, have a regular source of income and not be a member of the military.

How to find the best line of credit for you

Understanding how a line of credit works and comparing these main features can help you find the best one for your needs:

  • Interest rate. Some lines of credit have a fixed rate, but most have a variable rate that changes based on the prime rate published by the Wall Street Journal. If you don’t have the best credit, look for lenders that have a low maximum rate.
  • Fees. With a line of credit, you may have to pay some combination of annual fees, monthly fees, establishment fees and draw fees. Create a running list of fees for each lender you’re considering and factor that into your repayment budget.
  • Repayment system. Many lines of credit are repaid with minimum monthly payments, though others might turn each draw into a term loan. Make sure you understand how repayments work for each option you’re considering before applying.
  • Accessibility. Consider how you’ll access your funds. With lines of credit, you can typically withdraw funds as you need. But there may be a delay between the withdrawal date and when the funds appear in your account. Some lenders may only allow you to do bank transfers, while others might provide a debit card or checkbook to make withdrawals easier.
  • Security. Many banks allow you to secure your line of credit with a savings account or CD, which can get you a lower APR. Others, especially online lenders, offer unsecured options. These will have a higher APR, but you won’t risk losing your asset if you default.

Bottom line

These lenders have some of the best line of credit options for borrowers of all credit types. And if you’re not sure a line of credit is right for you, you might want to compare the best personal loans instead.

Compare more personal lines of credit

Data indicated here is updated regularly
Name Product Filter Values Min. Credit Score Min. Amount Max. Amount Costs
Tally line of credit
660
$2,000
$20,000
7.9% to 25.9% APR
An app and line of credit designed to help you pay off and manage your credit card debt.
Upgrade Line of Credit
Not stated
$500
$50,000
6.49% to 29.99% APR
NetCredit Line of Credit
550
$1,100
$5,000
10% of the cash advance + Outstanding balance fee
Get flexibility and affordable repayments with a revolving line of credit.
KeyBasic Credit Line
Varies
$250
$5,000
$25 annual fee for KeyBasic lines, $50 annual fee for Preferred lines
SunTrust Personal Credit Line Plus
Varies
$25,000
$500,000
4.75% to 7.35% APR
Find revolving credit ranging from $25,000 to $500,000 or more through this well-known bank.
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