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Best personal line of credit of 2024

Score the best line of credit and improve your credit score.

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Finder rating

★★★★★

Min. credit score

640

For fast funding

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Finder rating

★★★★★

Min. credit score

300

For fair credit

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Finder rating

★★★★★

Min. credit score

Not disclosed on website

According to Finder’s Consumer Confidence Index, a high majority of respondents are stressed about their finances, and 23% say they can’t manage without using a credit card. But the high interest rates of a credit card can make some borrowers look for a better option. A personal line of credit can be a good choice when you need to tackle a large expense.

Many borrowers use their lines of credit to cover home improvements, clean up unexpected debts or even to consolidate their existing debt. Some credit line programs are even designed to help boost your credit score. But the programs vary by lender, whether it’s the amount of money you can borrow or the fees you’re required to pay. We’ve gathered some of the best lenders who offer lines of credit so you can find the one that best meets your needs.

6 best personal lines of credit

Why trust Finder

  • 50+ personal loan lenders reviewed and rated by our team of experts
  • 6+ types of personal loans analyzed
  • Evaluated under our unbiased rating system covering 9 categories
  • 20+ years of combined experience covering financial topics

We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.

Best overall

U.S. Bank unsecured lines of credit

2.8
★★★★★

Finder score

Min. credit score680
APR12.50% to 22.50%
Loan amountUp to $25,000
  • Available in all states

Best regional bank

Regions Bank personal loans

4.2
★★★★★

Finder score

Min. credit score640
APRPrime + 5% to Prime + 18%
Loan amount$500 to $50,000
  • Available in: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas

Best for credit card debt consolidation

Tally+ Express Line of Credit

3.7
★★★★★

Finder score

Read review
Min. credit score660
APR7.90% to 29.99%
Loan amount$2,000 to $20,000
  • Available in: Arkansas, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Idaho, Illinois, Iowa, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin

Best for comparing lenders

LendingTree personal loans

4.6
★★★★★

Finder score

Min. credit scoreGood to excellent credit
APRStarting at 5.99%
Loan amount$1,000 to $50,000
  • Available in all states

Best for bad credit

Elastic line of credit

3.2
★★★★★

Finder score

Read review
Loan amount$500 - $4,500
Turnaround time1+ business day
Online applicationYes
  • Not available in: Colorado, Connecticut, Georgia, Hawaii, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, West Virginia

Best for large credit line

Truist

Min. credit scoreNot stated
APR13.69% to 17.99%
Loan amount$25,000 to $250,000
  • Available in: Alabama, Arkansas, California, District of Columbia, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia

How we picked the best providers

We compare dozens of lenders before narrowing down to the best personal lines of credit in the current market, and we regularly review our selections. Factors with the most weight in our methodology include fees, line amounts, interest rates, reputation and customer reviews. For HELOCs, we included additional factors such as closing costs, application fees and home equity requirements.

The 15 factors weighed in our methodology for the best lines of credit are:

  • Minimum and maximum APR
  • Annual fees
  • Minimum credit score required
  • Minimum and maximum credit limit
  • Interest rates and intro rates
  • Relationship discounts
  • Draw period
  • Repayment term
  • Flexible repayment options
  • Better Business Bureau ratings and reviews
  • Trustpilot ratings and reviews
  • Turnaround times
  • Number of states served
  • Closing costs
  • Home equity requirements

How does a personal line of credit work?

A personal line of credit (LOC) is very similar to a credit card, with a few notable differences.

Like a credit card, you qualify for a credit limit, which you can withdraw from as needed. But unlike a credit card, you receive cash when you draw from a LOC. Because the funds come in cash, you also may need to wait up to 48 hours for the bank to transfer your withdrawal.

Most lines of credit come with variable rates, but fixed-rate options do exist. While there are options to back your LOC with collateral, unsecured options are more common. And extra costs with some LOCs can include application fees, draw fees, maintenance fees, origination fees and possibly annual fees.

Revolving vs. nonrevolving LOCs

There are a few different types of personal lines of credit, which affect how long you have access to the funds:

  • Revolving lines of credit are the closest to a credit card. You withdraw and pay down the balance as needed, and funds are available until you decide to close the account.
  • Nonrevolving lines of credit are a one-time transaction. You withdraw from the credit line as needed, but the LOC closes once you reach the credit limit.
  • HELOCs and nonrevolving LOCs come with two phases: draw and repayment periods. During the draw period, you withdraw money as needed and you only pay interest. After the draw period, you enter the repayment period and pay off the balance in installments.

Repayment structures on both revolving and nonrevolving lines of credit can also differ. Many revolving lines of credit only require minimum monthly payments on the balance and interest, similar to a credit card. But in some cases, both revolving and nonrevolving LOC lenders will turn each withdrawal into a short-term loan, requiring monthly payments in interest and fees.

How to get the best personal line of credit in 6 steps

Checking your credit and narrowing down lenders are key in landing the right line of credit for your situation.

  1. Check your credit. With many big-name lenders, you may need a credit score in the 700s, and borrowers with the best credit scores can get the most competitive rates. While you’re comparing options, work to improve your credit so you nail down the best possible rates and terms.
  2. Figure out what type of LOC you want. Revolving or nonrevolving? Fixed rate or variable rate? Determine which LOC would be best for you to more quickly narrow down lenders.
  3. Compare rates and fees. Lenders vary widely in the minimum and maximum rates they offer. If you don’t have the best credit, look for lenders that have a low maximum rate. And note any fees: You may have to pay some combination of annual fees, monthly fees and draw fees.
  4. Understand the repayment process. Some LOCs require interest-only payments during a draw period, and then minimum monthly payments during the repayment period. But some lenders might turn each draw into a term loan — ask lots of questions about repayments to choose the option that makes the most sense for you.
  5. Compare funding methods. LOCs typically allow you to withdraw as you need, but the funding times may not be immediate. Some lenders may only allow bank transfers, while others might provide a debit card or checkbook to make withdrawals easier.
  6. Apply and get the LOC. With all the details of what you want ironed out, apply with the lenders of your choice. Secured options may take a few weeks to finalize, but unsecured options can be available in a matter of days.

How to qualify for a line of credit

Requirements vary by lender, but plan on needing a good credit score above 670 and enough income to repay the loan. Some lenders are flexible on creditworthiness, such as Elastic, which is open to all credit types.

When it comes to debt-to-income (DTI) and payment-to-income (PTI) ratios, the requirements vary by lender. However, many lenders prefer a DTI below 36% — the lower the better. For a PTI ratio, lenders tend to prefer less than 20%. But again, these requirements vary by lender and the amount you’re applying for.

When it makes sense to get a personal line of credit

If you need a flexible way to borrow, a personal credit line can make a lot of sense.

  • You have ongoing projects or expenses. If you’re in the midst of home improvements, medical expenses, getting married or have a startup, a personal LOC can help with these plans that don’t have a set end date or shifting budgets. This can help you avoid taking out multiple personal loans.
  • Your income isn’t steady. Maybe you’re a freelancer or work in a seasonal industry. A personal LOC can help cover regular expenses when your income is sporadic.
  • You need an emergency fund. If your rainy-day funds were recently drained or you’ve never had an emergency buffer, then a personal LOC can provide some security.
  • You want to consolidate debt. If you have high-interest debt from multiple creditors, a LOC can help with consolidating that debt. But aim for an LOC with a lower interest rate than the average interest rate of your debted accounts, or you may not save money long-term.
  • Interest rates are low. Most personal LOCs have variable rates, so they rise and fall with the prime rate. If rates are low, then using an LOC to cover expenses can be an affordable way to borrow.

When to avoid a personal line of credit

A personal line of credit isn’t the right choice all the time.

  • When interest rates are high. Many lines of credit have variable rates, so when the prime rate is up, it’ll cost you more to borrow. However, watch the market for the most advantageous times to withdraw and repay quickly for maximum savings.
  • You only have a singular one-time expense. Using an LOC to cover one expense, like a single bill, may be a little excessive. LOCs are better suited for ongoing projects where you don’t know the full cost.
  • You’re at risk for overspending. If you think you could rack up charges on the line of credit, then avoiding this borrowing method may be wise. LOCs often come with high limits, opening up the opportunity to overspend and financially overextend yourself.
  • You can use a credit card. If you already have a credit card with a low interest rate and a large borrowing limit, you may be able to avoid taking on more debt.

Alternatives to a personal line of credit

Depending on what you need the line of credit for, you may have other borrowing options.

  • Personal loan. If you know how much you want to borrow, then taking on a personal loan may be a simple alternative, offering lump sum funding and a fixed interest rate.
  • Credit card. For some borrowers, it may be easier to qualify for a credit card. While it’s likely that you may get higher interest rates, banks and credit unions often advertise promotional rates that you can take advantage of — if you’re quick to pay off the balance.
  • Cash advance apps. Great for small, one-time expenses, many cash advance apps don’t charge interest, but instead charge a flat fee. And they’re known for same-day turnaround times.
  • HELOC. If you have a lot of equity in your home, a HELOC can give you all the advantages of a personal line of credit, but often with a lower interest rate. Just be sure you don’t default, or you could risk foreclosing on your home.

Compare LOC alternatives

Narrow down top loans and LOCs by APR, loan amounts and credit score requirements to find the best lender for your situation. Select Compare for up to four products to see their benefits side by side.

Name Product USFPL Filter Values APR Min. credit score Loan amount
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
7.99% to 35.99%
640
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
300
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
Upgrade personal loans
Finder Score: 4 / 5: ★★★★★
Upgrade personal loans
9.99% to 35.99%
Not disclosed on website
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99% fixed APR
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
Not stated
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Sorbet
Not rated yet
Sorbet
9.99% to 36%
N/A
$300 to $3,000
Tap your unused PTO for a cash advance so you can access that money early. Loans made by Lead Bank. Select Check my rate for more info.
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To make sure you get accurate and helpful information, this guide has been edited by Melanie Huddart and reviewed by Anna Serio, a member of Finder's Editorial Review Board.
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Editor, Banking

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

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Heather Petty was a personal finance writer at Finder, specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing and analysis has been featured on MSN, Credit.com and MediaFeed, among other top media. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a BA in English with a minor in journalism from the University of Nevada, Reno. See full bio

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