Compare personal lines of credit for flexible funding | finder.com
Girl focused on her computer's screen

Want flexibility and regular access to funds? Compare lines of credit

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Enjoy easy access to additional funds whenever you need them with a line of credit.

A line of credit can provide you with a convenient way to draw on funds as and when you need to. You can use the funds to make multiple purchases or just to have in case of an emergency.

The flexibility of a line of credit personal loan allows you to withdraw funds up to a pre-determined limit. Interest is only charged on what you owe, not on the entire credit limit. Find out more about this method of borrowing and if it’s right for you in our guide below.

How does a line of credit work?

A line of credit works similar to a credit card, giving you a specified credit limit to use how you like. The main difference is the limit is usually higher, while the rates are relatively lower than credit cards.

You won’t need to submit a credit application every time you need to make a withdrawal — once you’re approved the funds are there for you to use when you need them. No interest is charged on your entire balance, only on the funds you withdraw. You can even get some lines of credit that are linked to a debit card, giving you more flexibility.

What lenders offer lines of credit?

ProviderMin/Max amountsAnnual feeAPR range
Wells Fargo Bank$3,000–$100,000$25Not listed
SunTrust$25,000–$500,000No Fee7.90%–8.70%
Santander Bank$5,000–$35,000$25As low as 8.70%
CIBC$5,000–$10,000+No FeeVariable
U.S. BankUp to $25,000No Fee11.75%
Chase$50,000–$500,000$50, plus $50 opening fee5%–6.89%
Upstart$1,000–$50,000Not listed8.92%–29.99%
Citi$1,500–$25,000Not listed9.74%–21.74%
PNC$1,000–$25,000Not listedVariable, based on WSJ Prime Rate
KeyBasic$250–$5,000Not listed12.99%–22.99%
TD Bank$20,000–$50,000$259.75%–14.75%
Union Bank$5,000–$250,000Not listedVariable
Upgrade$500–$50,000Not fee6.46%–35.89%

Line of credit product details last verified in June 2018

How is a line of credit different from a personal loan?

One main difference is how they’re repaid. Personal loans give you a lump sum of money to be repaid over a fixed term, usually between one and seven years. Lines of credit, on the other hand, don’t come with a set repayment period.
Compare lines of credit vs. personal loans

What can I use a line of credit for?

Generally, lines of credit are great in two situations: When you can’t predict the cost of something and when you need access to cold, hard cash.

  • Rainy day fund. Don’t have savings? A line of credit can give you quick access to money if you have an unexpected expense that are difficult to pay for with a credit card like rent.
  • Home improvements. You can’t pay a contractor with a credit card and it can be hard to predict how much a home improvement project will cost down to the last dollar. A line of credit keeps you prepared.
  • Large ongoing projects. Since lines of credit can have higher limits than credit cards, it can be a more flexible choice.

A selection of top personal loans to consider

Rates last updated December 11th, 2018

Reveal your potential loan offers and rates

Answer two quick questions to filter the loan offers and get the best one for you.

Select your credit score range

I don't know my credit score

Finally, select where you live.

To get your credit score:

Experian logo

Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
550
$100,000
3.84% to 35.99% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99% to 36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.95% to 35.89% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.34% to 35.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34% to 155% (Varies by state) (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
7.24% to 15.24% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95% to 35.99% (fixed)

Compare up to 4 providers

How to compare your borrowing options

Whether you’re considering a line of credit or personal loan, it’s important to compare your options to get the right one for you. Here are some features to keep in mind when comparing personal loans and lines of credit:

  • The interest rate. In addition to comparing the interest rates, it’s important to know how they’re applied. For lines of credit, check that the interest is being applied only to the funds you have withdrawn, not on your total balance. For personal loans, keep in mind that in some cases you may have the option of securing the loan against an asset which could result in a lower interest rate.
  • The fees. Compare fees carefully as they aren’t always set out as clearly as the interest rate. While lines of credit and personal loans may advertise no annual fee, there could be monthly fees or an establishment fee. Make a running list of fees for each lender you’re considering and factor that into your repayment budget.
  • The terms. Many lines of credit and personal loans are repaid with monthly payments. Be sure that the due dates fit your budget. If you’re applying for a personal loan, note there are different term lengths as well.
  • How accessible your funds are. Another thing to consider with is how you will access your funds. Personal loans are typically deposited into your bank account in one lump sum. The disbursement varies between lenders, is usually within a week. With lines of credit, you can withdraw funds as you need. But there may be a delay between the withdrawal date and when the funds appear in your account.

Pros and cons of lines of credit

Pros

  • You’re only charged for what you use. In most cases you will be charged interest only on the funds you have borrowed as opposed to the total credit limit.
  • You have easy access to your funds. If your account is linked to a card, you may be able to draw the funds you need through ATMs.
  • There are flexible terms. You can use the funds how and when you need to, making for a very flexible financing solution.

Cons

  • Fees and charges. Be mindful that fees and charges will likely apply, such as an annual fee, establishment fee or a monthly service fee.

What are the risks associated with lines of credit?

  • Overspending. For those who are easily tempted, the thought of a seemingly unlimited amount of funds may cause them to make purchases that are unnecessary.
  • Extra fees. Be sure to read the terms and conditions carefully for any extra fees that may not have been clear on your application.

What you’ll need to apply

The eligibility criteria varies between lenders, so make sure to check this carefully before submitting your application. Be prepared with the following information that’s commonly required on many line of credit and personal loan applications:

  • Income. You’ll have to show proof of an ongoing steady income. Your pay stubs are usually acceptable or a bank statement which shows consistent deposits from an employer.
  • Info on your existing debt. You may be asked to provide information on your current debts.
  • Identification. Most lenders will require government-issued ID to verify your identity.
  • Assets. Highly valuable property you own, plus cars, savings and investment accounts can be counted as assets.

Frequently asked questions

Was this content helpful to you? No  Yes

US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit score.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit score.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

Go to site