Best personal lines of credit loans of September 2019 | finder.com
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Best personal lines of credit loans of September 2019 | finder.com

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Choosing the best lender for your line of credit can be tough. These nine options cover a wide range of credit scores so you can compare features and make an informed decision for your finances.

How did we choose these lenders?

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

Best personal lines of credit for excellent credit

LenderLoan amountAPRBest for…
Suntrust$25,000 to $500,0007.9% to 8.7%Borrowers looking for a revolving lines of credit with no annual feeRead review
U.S. BankUp to $25,00012.25%Borrowers looking for easy access to their fundsRead review
Citibank$1,500 to $25,0009.74% to 21.74%Current Citibank customers looking for small lines of creditRead 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 your line of credit is revolving — you can continue borrowing against your line as you repay your balance. But to qualify, you will need to have nearly perfect credit. And to secure your line, you will need to have at least $100,000 worth of investments.

U.S. Bank

The U.S. Bank Premier Line of Credit offers a standard APR of 12.25% — although it may change every month with the Prime Rate. You won’t need to provide any collateral, and there is 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, 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 line.

Best personal lines of credit for good credit

LenderLoan amountAPRBest for…
Upgrade$500 to $50,0006.46% to 35.89%Borrowers looking for a large, unsecured line of creditRead review
PenFed Credit UnionUp to $25,00014.65%Current members looking for fixed ratesRead review
KeyBank$2,000 to $50,00010.49% to 15.74%Current customers looking for flexible optionsRead review

Upgrade

While Upgrade does accept 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 12 to 60 months.

PenFed

PenFed is one of the few lenders out there 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 to $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 have an open account with KeyBank to apply.

Best personal lines of credit for fair to bad credit

LenderLoan amountAPRBest for…
Tally$2,000 to $20,0007.9% to 25.9%Borrowers looking to pay down high-interest credit cards
Go to Tally's site
Read review
NetCredit$1,100 to $3,500Varies by stateBorrowers looking for a small line to build creditRead review
Elastic$500 to $4,500VariesBorrowers looking for an alternative to payday loansRead 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 advisor to help manage your finances. But it doesn’t support all cards, and the low maximum amount means you may not be able to transfer all your debt at once.

NetCredit

NetCredit is a good choice for borrowers with bad credit. It offers a small range of credit limits, and it will report your payments to Experian and TransUnion. However, it’s only available to residents of six states. If you live outside its serviced area, you won’t be eligible to apply.

Elastic

Elastic offers its lines of credit to borrowers in 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 will 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 is the first step in making the right decision. But you should keep in mind these five features when comparing personal lines of credit:

  • Interest rate. Some lines of credit will have a fixed rate, but most have a variable rate that changes based on the Prime Rate published by the Wall Street Journal. And if you don’t have the best credit, look for lenders that have a low maximum rate. This way, you can compare the most you’ll have to pay rather than hoping to get the lowest possible 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 monthly payments. Be sure that the due dates fit your budget and know what your minimum payment will be.
  • Accessibility. Consider how you will 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, and some lenders may only allow you to do bank transfers. Others might provide a debit card or check to make the withdrawal easier.
  • Security. Many banks allow you to secure your loan with a savings account or CD, which can get you a lower APR. Online lenders — and some banks — may offer unsecured loans. These will have a higher APR, but you won’t risk losing your asset if you default.

Compare more lenders that offer personal lines of credit

ProviderMin/Max amountsAnnual feeAPR range
Santander Bank$5,000–$35,000$25As low as 8.7%Read review
CIBC$5,000–$10,000+No feeVariable
Chase$50,000–$500,000$50, plus $50 opening fee5%–6.89%
PNC$1,000–$25,000Not listedVariable, based on WSJ Prime RateRead review
TD Bank$20,000–$50,000$259.75%–14.75%Read review
Union Bank$5,000–$250,000Not listedVariable
Wells Fargo$3,000-$100,000$2510% to 21.5%Read review

Line of credit product details last verified in June 2019

Bottom line

These lenders have some of the best options for people with a variety of credit scores. But if a line of credit doesn’t quite meet your needs, you may also want to compare the best personal loans to see what similar lenders have to offer.

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