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Best personal lines of credit
These 9 lenders have flexible options no matter your credit history.
Looking for the best personal line of credit? These nine options cover a wide range of credit scores so you can compare features and make an informed decision for your finances.
What's in this guide?
How did we choose these lenders?
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.
Best personal lines of credit for excellent credit
| Lender | Loan amount | APR | Best for … | |
|---|---|---|---|---|
| Suntrust | $25,000 to $500,000 | 6.99% to 6.99% | Borrowers looking for a revolving lines of credit with no annual fee. | Read review |
| U.S. Bank | Up to $25,000 | 7.49% to 17.99% | Best for current U.S. Bank customers looking for competitive rates and no origination fee. | Read review |
| Citibank | $2,000 to $50,000 | 7.99% to 23.99% | Best for current Citibank customers looking to earn extra ThankYou Rewards Points each month. | Read review |
Suntrust
Suntrust offers two lines of credit: the Personal Credit Line Plus and the Select Credit Line. There are no annual fees for either, and both are revolving — you can continue borrowing as you pay down your balance.
But to qualify, you’ll need to have nearly perfect credit. And to secure your line, you’ll need to have at least $100,000 worth of investments.
U.S. Bank
The U.S. Bank Premier Line of Credit comes with the same variable APR of 12% for all borrowers — although it may change every month with the prime rate. You won’t need to provide any collateral, and there’s no annual fee.
When you’re ready to withdraw your funds, U.S. Bank makes the process simple. You can access your line through an ATM, U.S. Bank branch and online as well as by check or a Visa Access card.
Citibank
Citibank lines of credit are only open to current Citibank customers. And while the APR isn’t the most competitive, Citibank does offer borrowers the ability to convert variable-rate balances into fixed-rate, fixed-term payments.
The $50 annual fee is also waived for Citigold and Citi Priority customers, which makes this a good option for borrowers who want a small credit line.
Best personal lines of credit for good credit
| Lender | Loan amount | APR | Best for … | |
|---|---|---|---|---|
| Upgrade | $1,000 to $50,000 | 6.98% to 35.89% | Best for getting a personal loan quickly. | |
| PenFed Credit Union | Up to $25,000 | Best for veterans and active-duty service members looking for low fixed rates. | ||
| KeyBank | $250 to $5,000 | 13.99% to 24.99% | Current customers looking for flexible options | Read review |
Upgrade
While Upgrade accepts borrowers with fair credit, you’re more likely to get a lower APR if you have good credit. Its lines of credit are unsecured, and each draw is treated as a separate loan. This means you may have a different APR each time, and you could have a repayment term that lasts between one and five years.
PenFed
PenFed is one of the few lenders that offers a fixed-rate line of credit. Approval decisions are quick, but opting for PenFed does have one major drawback: Getting an advance on your line may take up to three business days. However, PenFed does offer free checks so you can withdraw money as you need it.
Keybank
KeyBank has two line of credit options. It’s Preferred Credit Line allows you to borrow between $2,000 and $50,000. And if you don’t need a large amount, you can apply for the KeyBasic Credit Line, which has one of the lowest credit limits out there at $250.
Both options are unsecured, but there are some downsides. You’ll be charged interest as soon as you draw from your line, and you must already have an open account with KeyBank to apply.
Best personal lines of credit for fair to bad credit
| Lender | Loan amount | APR | Best for … | |
|---|---|---|---|---|
| Tally | $2,000 to $20,000 | 7.9% to 25.9% | Borrowers looking to pay down high-interest credit cards. | |
| NetCredit | $1,100 to $3,500 | Varies by state | Borrowers looking for a small line to build credit. | Read review |
| Elastic | $500 to $4,500 | Varies | Borrowers looking for an alternative to payday loans. | Read review |
Tally
A Tally line of credit is similar to a debt consolidation loan, but you can continue using your credit cards as you borrow. It simply takes over a portion of the bill and charges a minimum monthly payment. And because its APR is lower than most credit cards, you may save money on interest.
You’ll also have access to an automated adviser to help manage your finances. But it doesn’t support all credit cards, and the low maximum amount means you may not be able to transfer all of your debt at once.
NetCredit
NetCredit is a good choice for borrowers with bad credit. It offers a small range of credit lines and reports your payments to Experian and TransUnion. However, it’s only available to residents of six states.
Elastic
Elastic offers its line of credit to residents of 39 states — a much larger reach than many other lenders. Because it’s an alternative to payday loans, your billing cycle will be synced with your payday.
But it doesn’t charge a standard interest rate. Instead, you’ll pay a cash advance fee of 5% to 10% each time you draw from your line. This can quickly add up, so it’s best left as an emergency option rather than a way of paying for an ongoing project.
How to compare lines of credit
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.
Compare more personal lines of credit
Updated January 21st, 2020
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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.
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