Best Personal Lines of Credit

Established in 2017, Upgrade is one of the fastest-growing online lenders. It has offices in San Francisco, Phoenix, Chicago, and Montreal in Canada, and it has already distributed funds to more than 10 million people. This reputable fintech company employs excellent security measures to protect your transactions.

Credit Line Features

The company offers its own highly rated financial product: an Upgrade Card with a personal credit line. It’s a product that combines the advantages of both credit cards and term loans. The amount you can borrow ranges from $1,000 to $50,000 and you access funds from your Upgrade Visa card or from your bank account.

The main advantage of using Upgrade’s personal credit line is that you can make multiple withdrawals from your account while having a fixed interest rate. The Upgrade Card comes with rates and terms, saving you from unpredictable market fluctuations. 

With Upgrade’s revolving line of credit, you can get 1.5% cashback on your purchases after you pay them back. You can shop online or in any physical location that accepts Visa cards. However, the Upgrade Card can’t be used to withdraw funds from ATMs. 

One of the biggest drawbacks of Upgrade’s lines of credit is that they come with limited repayment terms. Currently available repayment term options are 24, 36 and 60 months. The positive is that there aren't any additional fees, like origination or underwriting fees. 

Personal Line of Credit Requirements and Application 

Whether you apply for a loan or a line of credit, Upgrade requires a minimum credit score of 560. The lender will perform a soft pull to check your credit score, which will not affect your FICO. However, when you submit your application at Upgrade, the company will make a hard credit inquiry. This usually means a drop of at least ten points from your credit score. 

Aside from credit score requirements, you’ll also need to provide information about your income to apply for a credit line. Upgrade asks for two types of income information: one is a summary of your annual salary, while the other covers additional sources of income like child support or your spouse’s income. 

Credit Health Program 

Upgrade accepts applications with 560 credit but typically requires a credit score of at least 620. If you’re not sure whether you’ll be eligible for a loan, the lender allows you to check your credit score with its financial tool before applying.

Upgrade’s credit monitoring tool enables you to check your credit score at any time and gives you advice on how to improve it. With this app, you’ll get notifications each time your credit score changes. 

Security and Support 

We’ll start by pointing out that Upgrade’s lack of transparency around minimum requirements is frustrating; much of that information is missing from the site. Should you have any questions about signing up for Upgrade’s loans, the company’s agents are available via email and phone.

You can call up and talk with support officers on business days from 6 a.m. to 6 p.m. and during weekends from 6 a.m. to 5 p.m. (PT). 

If you borrow money from Upgrade, you can rest assured that your private information and data about your transactions will be secured with the latest security protocols.

Reasons to Apply:

• Fast funding
• Secures your transactions
• Credit monitoring tools
• Fast online application

US Bank was founded back in 1863 and is probably the most renowned lender on our list. It has some of the best rates on the market, along with personal banking and wealth management solutions and an excellent suite of financial products for businesses.

Personal Line of Credit Requirements

US bank offers one loan, and does it well. Packed with features bound to simplify both the borrowing process and the management of your line of credit, this is an excellent choice to make.

Users can borrow up to $25,000 without putting down any collateral. The interest rate offered at the time of writing this review was 10.25%. Of course, Wall Street Journal’s prime rate and your credit score will influence the rate you’ll be eligible for, and you’ll need to have a new or existing personal checking account at the US bank to apply for the line of credit. 

Furthermore, you’d need a good credit score to apply and an even better one for quick approvals. The bank doesn’t mention any numbers, but if you have a credit score of 680 or more, you’ll likely get approved and receive funds within a couple of hours. 

Line of Credit Features

Probably the most tempting aspect of this loan is that it requires no collateral. Apart from that, the company offers some very convenient features such as quick online approval and easy access to funds with Visa® Access Card, or Access Checks. You can do this at your local branch or ATM, online or via the mobile app.

To apply for this loan, you can get in touch with the bank via phone, by visiting the local branch, or through your mobile app. You’ll need to submit your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN) and some other info, such as your home address and employment information.

After you complete the application process, the bank will inform you of the approval status in a matter of minutes. It’s not quite an instant approval, but it’s definitely incredibly fast. If you have a good credit score, you’ll also likely have the funds available in your account within one business day. 

Requirements and Fees

We’ve already mentioned the pretty high credit score requirement you’ll need to meet, but you should also be aware of the fees you’ll need to pay. For example, late payment fees can go as high as $40, and returned payment fees can reach $35.

Other fees, such as foreign transaction fees or ATM fees, are subject to Visa’s terms but expect to pay around 3% on all foreign transactions.

Luckily, there are no overdraft fees, and you won’t have to worry about annual fees either. Furthermore, the interest you’d be paying applies only to the amount of money you borrowed, making the US Bank’s line of credit an excellent solution for covering unexpected expenses.

Reasons to Apply:

• No overdraft or annual fees
• Excellent accessibility
• Quick approval process
• Low APR rate

If you’re looking for a line of credit for specific big purchases, Truist might be the perfect option for you.

Truist provides various financial services and products, including business and private loans, mortgage loans, auto loans, credit cards, and many others. It is one of the largest financial companies in the US, holding hundreds of billions of US dollars in assets.

Credit Line Features 

Truist offers three lines of credit: Personal, Ready Now, and Physician. There are also secured lines of credit starting from $25,000m but more on that later.

Personal Line of Credit is an unsecured personal line of credit, meaning you don’t need to have any collateral (like a home or some other valuable asset) to apply for this loan. The amount you can borrow starts at $5,000, but the bank’s website doesn’t mention the maximum amount. The APR ranges from 8.69% to 13.24%.

Truist also provides a line of credit loan that can be repaid at fixed rates over six months. Truist Ready Now credit loans can be as low as $300 and as high as $7,500. There’s also the Physician Line of Credit, which has an APR as low as 7.25% and offers up to $50,000 for medical residents and fellows and $100,000 for board-certified physicians, dentists, and podiatrists.

If you are not eligible but still need a larger sum, you can go with Truist’s Secured Line of Credit. With this loan, the lines start at $25,000, so you can cover some larger expenses. However, Truist requires at least $100,000 in eligible investments as collateral to approve you for a loan. 

Requirements

Truist offers excellent online and mobile banking services with an application procedure that takes only 15 minutes. To be eligible for a personal unsecured line of credit, you’ll need to meet Truist’s minimum requirements.

As mentioned before, for a secured loan, the requirements are stricter - you need to have at least $100,000 worth of investable assets in your accounts (CDs, savings accounts, or other) to apply.

Application Procedure 

One of the biggest drawbacks of this bank is that there’s no way to prequalify for a loan. Truist will perform a hard credit inquiry to see if you are eligible for a loan, a process that will inevitably decrease your credit score. For those who have an excellent credit score, this won’t be a problem.

However, if you have a low FICO score, you may not get an instant approval.

The bank doesn’t disclose its minimum credit score requirement on its website, but considering that personal loans get approved for scores of around 560, we can expect something similar with lines of credit. If you are looking for particular information and rates, feel free to contact support agents to learn more. 

Another drawback of this bank is that you need to sign loan documents in person. If you have an account, you can apply online or by phone. Otherwise, you can only apply in person at one of their branches. We found this to be Truist’s biggest weakness compared to online lenders. 

Customer Support 

The bank offers a few ways to get in touch with an agent and see how you can get the best rates. The quickest option is to talk with an agent over the phone. Phone support is available from Monday to Friday between 8 a.m. to 8 p.m. (ET). You can also log in to your account and use ticketing support. 

All information associated with your line of credit is available within your online account. You can log in through the bank’s website, or you can download the mobile app. Truist has a help center loaded with articles and guides that can also put you on the right track. 

Reasons to Apply:

• Online and mobile banking
• Fast customer support
• Wide range of additional products
• Reputable bank

Tally Technologies is a San Francisco-based company that has been around for five years, offering financial services through its mobile app. The company was founded by Jason Brown and Jasper Platz, whose vision was to establish a startup that focuses on helping clients get the most from their credit cards.

Tally’s Mobile App

Tally’s main selling point is its financial mobile app. This app helps you organize all your credit cards and manage debts from one place. Regardless of how many credit cards you have, you can quickly connect them with Tally and track the balances of each.

The Tally app analyzes your financial health and helps you find the most affordable model to pay off your debts. Not only does the app make payments much easier, but it can also help you save some money by getting lines of credit with low APR.

The entire process is really simple. After analyzing the balances on your credit cards, Tally will offer you rates to help you recover your financial health. Instead of paying off multiple cards with different APRs each month, you’ll only have to make one payment for Tally’s line of credit. 

The Tally app is free, and you can download it and use it as soon as you apply for a line of credit. It also comes with late fee protection; the app scans your cards each month before the due date arrives to ensure that you have enough funds in your account. 

Credit Line Features 

Tally offers lines of credit that range from $2,000 to $25,000. You can apply for a line of credit through the mobile app. The application is entirely free, as is maintaining your account. Unlike many other companies, Tally won’t charge you origination fees or prepayment penalties. The only thing you’ll pay is an interest rate. 

Tally’s APR starts at 7.9%, which is really low, especially compared to other online lenders. Tally’s monthly rates are not fixed, meaning that they depend on market fluctuation. The maximum APR at Tally is 29.9%. 

Requirements 

To apply for a line of credit, you need to have a credit score of at least 580 and a regular income. Based on these parameters, as well as the amount of money you apply for, Tally calculates your rates. 

One of the best things about using Tally is that you can get good rates despite your debts. Depending on how much you owe, Tally will decide whether you’re a good candidate for a line of credit and how high an interest rate you need to pay. Of course, you’ll get better rates if you don’t have any debt, but you can still benefit from Tally even with some small debts on your cards.  

Restrictions 

Tally’s line of credit is for consumers who have good to excellent credit scores, relatively little debt, and steady income. It’s one of the most convenient lenders for those looking to cover existing debts and save some money with a low rate. 

However, if you aren’t a resident of Washington DC or one of the 30 states where Tally operates, you can’t qualify for a line of credit. Also, the company doesn’t offer lines of credit for all credit cards. You’ll find a list of supported banks and companies on the company's site. 

Reasons to Apply:

• Helps you improve your finances
• Late fee protection
• No maintenance fees
• A technology-oriented company

KeyBank is a Cleveland-based financial institution with thousands of branches and more than 40,000 ATMs across the US. The bank was established in 1849 and is currently the 23rd largest bank in the United States.

KeyBank offers various types of loans, lines of credit, savings and CD accounts, along with money market accounts. It’s also known for providing life insurance. 

Credit Line Features

One of the most popular KeyBank products are lines of credit. The bank allows clients to easily apply for and get a revolving line of credit.

These loans can be reused as many times as you want. You get a lump sum of money, and once you pay off your debt, you can reaccess the funds, which is convenient because you don’t need to go through the approval process every time. 

You can use KeyBank’s lines of credit as you want - to make purchases, home improvements, or pay off debts. Moreover, you can use them for overdraft protection. This is a great option if you have KeyBank’s checking account. 

KeyBank’s lines of credit are designed for borrowers who need a lump sum of money fast. Thanks to its excellent online banking system, the bank distributes money to your account quickly.

KeyBank’s personal line of credit loan - called KeyBasic Credit Line - is perfect for borrowing a small amount of money. You can get a KeyBasic loan from $250 to $5,000 without providing any collateral. There’s also a KeyBank Preferred Credit Line, which ranges from $2,000 to $25,000. 

Requirements 

To open an account at KeyBank, you must be at least 18. KeyBank requires your personal information, including your name, address, and Social Security number. The bank will also check your credit score at Equifax and ask for your financial statements.

Unfortunately, like most banks, KeyBank makes no mention of a minimum required credit score. It does say you’ll need 780 or more to get the lowest available APR, though.

The biggest drawback of the bank’s personal line of credit is that it’s not available everywhere in the US. You can apply for a loan if you’re a resident of the following states: Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Minnesota, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.

APR and Fees

KeyBank’s lines of credit come with a variable interest rate. The APR depends on your credit score and location, and it can range from 11.99% to 20.49%. The bank charges a late payment fee that can be as high as $35. There’s also a fee of up to $35 on returned items. 

Customer Support 

If you’re wondering whether KeyBank is right for you, you can contact the bank’s agents and get additional information about its products. Support is available via phone, live chat, and email. 

Reasons to Apply:

• Proactive customer support
• No collateral
• Online banking
• Overdraft protection

PNC Bank has been operating for more than 150 years. With nationwide branches that more than 12 million people rely on, it certainly deserves its spot on our list.

PNC Bank has a comprehensive set of products on offer, including checking and savings accounts, borrowing products such as mortgages and car loans, and investment products. 

Types of Credit Lines Offered

Regardless of whether you are looking to consolidate outstanding debt, handle unexpected expenses, or make home improvements without getting into too much debt, PNC Bank has an unsecured personal line of credit offer for you.

At the moment, it offers a Personal Line of Credit and Investment Line of Credit, but you can also rely on its Personal Installment Loan to handle these circumstances. 

The Personal Line of Credit, which you are likely the most interested in, allows you to borrow any amount starting from $1,000 and up to $25,000. This line of credit comes with a variable APR rate between 11% and 21.4% and allows you to rely on the borrowed funds in times of need continuously. It doesn’t require any collateral.

Most importantly, you don’t have to pay any penalties for repaying your debt earlier.

The Investment Line of Credit offers a larger amount that could help you cover more significant expenses. With this line of credit, you can borrow up to $5,000,000, but the maximum limit depends on your eligible assets. The APR rate is also variable, reaching up to 24% depending on your credit rating.

Credit Line Features

Both of the credit lines PNC Bank has on its offer are unsecured - meaning that you don’t need to put down collateral to obtain it. It could be the option to rely on in a pinch, as it doesn’t require much to get it - all you have to do is apply via phone or visit the nearby branch.

The continuous draw period could be the cushion you need if you fall on hard times, but you should be wary of the high APR rates that can go up to 21.40%, as this can prove to be costlier than you expected. You can expect a discount on your APR rates if you set up an auto-payment option.

Not only will your rates be lower, but you can also avoid paying penalties and late fees. 

Unfortunately, the bank’s website is not very transparent about the fees involved, so it might be best to visit a branch or give them a call to find out more.

Restrictions 

PNC is a good choice for those with good to excellent credit scores who are looking to cover unexpected circumstances or fund bigger projects. These scores can typically get astonishingly low APR rates and take advantage of the no prepayment penalty to get rid of debt quickly.

The same applies to small businesses, as PNC's line of credit could be the thing to help them make you big. However, for personal lines of credit - if your credit score is less than stellar, you should consider some alternative borrowing options.  

Reasons to Apply:

• Have a continuous draw line for emergencies
• No prepayment fees
• APR discount for autopay
• Reliable provider

This bank has been on the market for more than 50 years and has a rich history in Alabama and an impressive track record. Nowadays, its prominently green branch design can be found across the South, Midwest, and Texas.

Types of Credit Lines Offered

Regions is currently offering three different personal lines of credit to its customers. You can rely on a regular credit line but also Secured and Preferred lines of credit. Depending on the amount you need, you might find one better than the others.

Your regular Credit Line with Regions starts at $500, and you can borrow up to $3,000, no collateral required. This comes with a rather steep APR of 21.90%. There’s also a $29 late fee.

The Preferred line of credit is a better option if you want to cover more significant expenses. With it, you can borrow from $3,000 up to $50,000, and the same terms apply - you don’t need to put down collateral, but you should be wary of high fees.

Still, you will also be eligible for a discount if you borrow a large personal line of credit (over $5,000.)

Lastly, the Savings Secured Line of Credit allows you to borrow from $250 to 100% of whatever you have in your collateral Regions savings or money market account. (the maximum cannot exceed $100,000, though).

Fees and Costs

Regions is very transparent about its fees and expenses. The basic line of credit comes with a fixed  APR rate of 21.90%. You also should make monthly payments of 5% of your loan (or $20, whichever is greater) before the due date, or you’ll be eligible to pay a  $29 late fee. This account also comes with an annual fee of $25.

For Preferred and Savings Secured options, the interest rate is based on the Wall Street Journal prime rate, plus a margin that depends on the amount approved. If you are looking to go with one of these, you should contact the Regions support team to find out the current APR rates, as well as the rates you are eligible for.

The two larger lines of credit also come with higher fees, like an annual fee of $50 and a late fee of $35. 

Accessibility

Probably the best selling point here is that tech-savvy users don’t have to waste time waiting in line at a branch to manage the funds. You can access everything online or  via phone, but it’s easy enough visiting a brick-and-mortar branch, too, if the need arises.

Regions allows access to a large ATM network. There are more than 1,900 ATMs across 15 states. Lastly, its award-winning customer support team is available in person and online on social media such as Facebook or Twitter. You can also get in touch by phone or even directly at an ATM. 

Reasons to Apply:

• Can be used as an overdraft protection solution
• Variable and fixed interest rate options                             
• Excellent accessibility 
• Great customer support