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Best personal lines of credit
Our top picks for home renovations, paying off credit cards and more.
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.
We added four new categories to better meet your needs when looking for a line of credit:
Best for home improvements
Best for no annual fees
Best for secured options
Best for credit card consolidation
And to make comparing easier, we narrowed our best lenders by credit type to just one top option.
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.
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.
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
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
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.
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.
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
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
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
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