A personal line of credit can be a good alternative when you need to consolidate your debts or tackle a large expense. Many borrowers use lines of credit to pay for home improvements, emergency expenses or other purposes. Most credit line programs can also help to boost your credit score.
But credit lines vary by lender, whether it's the amount you can borrow or the fees you're required to pay. We've gathered some of the best lenders that offer lines of credit so you can find the one that meets your needs.
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Why trust Finder?
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.
5.5 Standard
While U.S. Bank lines of credit are only available to current account holders, it is still one of the best options from a bank. There are no annual fees, and rates can run as low as 10.75%. You'll also have flexible access to your funds: U.S. Bank issues borrowers a Visa Access Card and personal checks, and you can make a draw online, at an ATM, through the mobile app or at a branch. But it charges transaction fees, and there's no interest-free grace period like a credit card.
| Min. credit score | 680 |
|---|---|
| APR | 10.75% to 20.75% |
| Loan amount | Up to $25,000 |
| Min. credit score | 680 |
|---|---|
| APR | 10.75% to 20.75% |
| Loan amount | Up to $25,000 |
8.3 Great
Regions Bank offers three lines of credit, both secured and unsecured, but its unsecured Preferred line of credit is the most popular. To apply, you must have an established deposit account with the bank, but that prior relationship can get you between 0.25% and 0.5% in interest rate discounts.
You can access your funds through online banking transfers, over the phone or in person using checks from your account. However, this account doesn't come with a debit card, and it charges an annual fee of $50.
| Min. credit score | 640 |
|---|---|
| APR | Prime + 5% to Prime + 18% |
| Loan amount | $500 to $50,000 |
| Min. credit score | 640 |
|---|---|
| APR | Prime + 5% to Prime + 18% |
| Loan amount | $500 to $50,000 |
9.2 Excellent
LendingTree is a top-tier connection service that works with multiple lenders. You only need to fill out one application to see options for personal lines of credit nationwide. And if you become eligible for a better rate from one of its providers, LendingTree alerts you as soon as possible so you can make an informed decision.
| Min. credit score | Good to excellent credit |
|---|---|
| APR | 6.74% to 35.99% |
| Loan amount | $600 to $50,000 |
| Min. credit score | Good to excellent credit |
|---|---|
| APR | 6.74% to 35.99% |
| Loan amount | $600 to $50,000 |
6.4 Standard
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 compared to options that require good credit, 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 10% 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.
| Loan Amount | $500 - $4,500 |
|---|---|
| APR | 5% to 10% advance fee |
| Turnaround time | 1+ business day |
| Online application | Yes |
| Loan Amount | $500 - $4,500 |
|---|---|
| APR | 5% to 10% advance fee |
| Turnaround time | 1+ business day |
| Online application | Yes |
Truist offers same-day funding on its personal line of credit as long as you apply on a banking business day and have all your documentation in order. You can access your funds through banking transfers online or using your mobile app.
Truist's unsecured line of credit makes our list of best lines of credit because it offers funds up to $50,000 with no application fee or transfer fees. However, with at least $100,000 in eligible investments, you can also look into its secured line of credit, which offers $25,000 to $250,000.
| Min. credit score | Not stated |
|---|---|
| APR | 8.45% to 17.29% |
| Loan amount | $25,000 to $250,000 |
| Min. credit score | Not stated |
|---|---|
| APR | 8.45% to 17.29% |
| Loan amount | $25,000 to $250,000 |
If you only need a small credit line for emergencies, Huntington Bank offers a digital line of credit up to $500. You can open it any time from your mobile app or online, and no credit check is required. If you qualify, you can access the funds instantly. Transfers cost 5%, and there's no interest if you pay it back within three months by autopay. If you need more time, the APR is 12%, which is competitive in today's market.
| Min. credit score | Not stated |
|---|---|
| APR | 12% on outstanding balance |
| Loan amount | $100 to $500 |
| Min. credit score | Not stated |
|---|---|
| APR | 12% on outstanding balance |
| Loan amount | $100 to $500 |
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:
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 can receive cash when you draw from an 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 annual fees.
There are a few types of personal lines of credit, which affect how long you have access to the funds:
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 turn each withdrawal into a short-term loan, requiring monthly payments in interest and fees.
Checking your credit and narrowing down lenders are key to landing the right line of credit for your situation.
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.
If you need a flexible way to borrow, a personal credit line can make a lot of sense.
A personal line of credit isn’t the right choice all the time.
Depending on what you need the line of credit for, you may have other borrowing options.
There is no one perfect bank for everyone, and in many cases, it might not be a traditional bank that offers a credit line that works for you. Try starting at your own bank or credit union and then use those rates and terms as a basis for comparing other options.
What constitutes a “good” rate really depends on your credit score, because that is the main criteria financial institutions use to determine your rate. The better your score, the better the rate. In general, a rate that’s less than the market average would be considered good.
Credit score requirements vary by lender, but most traditional banks and credit unions require a score of 670 or above to qualify. If your score is less than that, consider online lenders that often accept a wider range of scores — although you’ll likely pay higher rates.
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