Fortunly's Guide
Advertiser Disclosure

Best Personal Lines of Credit for 2022

Written By
G. Dautovic
Updated
March 22,2022
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

If you need extra funds to purchase something special, cover education costs, or make some improvements to your home, a line of credit might be a good option for you. It’s the flexibility that makes this financial product so special. With lines of credit, you’ll get access to a lump sum of money from you which you can withdraw funds at any time you need them. And, unlike personal loans, with lines of credit you’ll pay interest only on funds you actually use. 

We’ve picked only the best personal lines of credit offers to review in this article. You’ll notice a mix of established banks and relatively new online lenders among the mix. The beauty of the internet is that there’s now so much more choice and competition, meaning that you’ll be able to find a lender that suits you no matter what your situation. And as is the case with any industry, that extra competition really helps to keep the cost of credit affordable.

Read on to find out which lenders you should consider for your line of credit.

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Best for: unsecured line of credit

Upgrade

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Upgrade Logo
OVERVIEW

Upgrade is a relatively new company, but it’s already one of the more reputable personal line of credit lenders out there. It offers fixed lines of credit interest rates and short repayment terms, allowing you to have more control over your finances. Upgrade is praised for its safe application process, reasonable borrowing requirements, and helpful customer support. Read Review

  • Prequalify with a soft inquiry
  • Fixed monthly rates
  • Earn on your payments
Check Rate
On Bankrate Website
Borrowing amount:
$500 to $50,000
APR range:
8.99% - 29.99%
Credit score requirement:
560 or above
Type of line of credit:
Unsecured fixed-rate credit lines
BBB rating:
A+
Best for: no annual fees

US Bank

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

US Bank Logo
OVERVIEW

US Bank’s line is probably one of the most reliable lines of credit you could choose as it comes from a renowned American bank. Here, you will find three different options for a line of credit that can go as high as $25.000. With sensible interest rates, a solid APR rate, a quick application process, and easily accessible funds, US Bank’s personal lines of credit might be just the right thing for you. Read Review

  • Quick online approval
  • Fixed APR rate
  • Multiple features available
Check Rate
On Official Website
Borrowing amount:
Up to $25,000 (no minimum disclosed)
APR:
10.25%
Credit score requirement:
680
Type of line of credit:
Unsecured fixed-rate credit lines
BBB rating:
A+
Best for: large loans

Truist

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Truist Logo
OVERVIEW

Truist is one of the biggest banks in the US. This bank offers various financial products, including savings and CD accounts, credit cards, loans, and lines of credit. It is the perfect option for borrowers who are looking for a line of credit for a particular purpose with high borrowing limits. This bank also offers some of the best unsecured personal lines of credit on the market, with a borrowing limit that can go as high as $7,500 without requiring you to put down the collateral. Read Review

  • High borrowing limit
  • Competitive rates
  • Unsecured lines of credit
Check Rate
On Official Website
Borrowing amount:
$5,000 to $50,000
APR range:
8.69% - 13.24%
Credit score requirement:
560
Type of line of credit:
Unsecured and secured
BBB rating:
A+
Best for: paying off debts

Tally

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Tally Logo
OVERVIEW

Tally is a San Francisco-based funding provider that uses the finest technology to help you minimize rates on your credit cards and boost your finances. Millions of consumers across the US already use its products, applauding the company’s efficient mobile app and low APR rates. Its lines of credit are most suitable for borrowers with good credit scores, steady income, and low credit card debt. Read Review

  • Low APR rates
  • Efficient mobile app
  • No fees with Tally Basic
Check Rate
On Official Website
Borrowing amount:
$2,000 to $25,000
APR range:
7.9% - 29.9%
Credit score requirement:
580 or above
Type of line of credit:
Unsecured
BBB rating:
D-
Best for: small loans

KeyBank

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

KeyBank Logo
OVERVIEW

KeyBank offers line of credit loans that range from $250 to $25,000 with variable interest rates. This is the most suitable product for borrowers who want to get access to a small amount of money, pay it back, then use the line again. The downside of this bank is that its products are not available in all states. It also charges high fees for late payments. Read Review

  • Flexible payment options
  • Small loan amounts
  • Available in 15 states
Check Rate
On Official Website
Borrowing amount:
$250 to $5,000
APR range:
11.99% - 20.49%
Credit score requirement:
N/A
Type of line of credit:
Unsecured
BBB rating:
NR
Best for: quick approval times

PNC

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

PNC Logo
OVERVIEW

If you need funds to cover unexpected events or obligations, PNC might be the right solution to go with. With reasonable rates, no prepayment fees, and very flexible term lengths, it could be the best personal line of credit to cover unexpected expenses. The downside is that you can’t apply for the line of credit online - instead, you’ll have to contact customer support by phone. Read Review

  • Flexible payment options and terms
  • Small and big loan amounts
  • No prepayment penalty
Check Rate
On Official Website
Borrowing amount:
$1,000 to $25,000
APR Range:
11.00% - 21.40%
Credit score requirement:
650
Type of line of credit:
Unsecured
BBB rating:
A+
Best for: smaller purchases

Regions

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Regions Logo
OVERVIEW

Regions is another excellent solution if you need a smaller amount of money. It comes with a fixed APR rate and an amazing set of features to make managing your new line of credit as simplistic as possible. This line comes with an autopay feature, overdraft protection, and even an APR discount if you have a Regions checking account. The downside is that the initial APR rate of this personal line of credit loan is a bit high. Read Review

  • Overdraft protection
  • Different credit line options are available
  • No collateral required
Check Rate
On Official Website
Borrowing amount:
$500 to $3,000
APR:
21.90%
Credit score requirement:
600
Type of line of credit:
Unsecured
BBB rating:
A+
Evaluation Criteria

Our Methodology for Evaluating Line of Credit Lenders and Banks

A line of credit is one of the most popular financial products in America. It has characteristics that make it similar to loans and credit cards, but it’s more flexible to use and has lower interest rates. This is why almost all banks and other funding providers offer lines of credit to their clients. They usually come with variable rates and are typically unsecured loans, but this isn’t always the case. The market is loaded with various offers, so finding the one that best fits your needs can be a daunting task. 

Before you read our line of credit reviews, take a close look at our evaluation methodology. We established criteria that helped us perform our research and find the banks and online lenders that have the best personal line of credit offers. 

 

Credit Line Types

There are three types of credit lines: business, personal, and credit lines based on home equity. A personal credit line can be used for covering tuition costs, purchases, or repairs. Like all other credit lines, a personal credit line can come in one of two forms: an unsecured line of credit and a secured line of credit. 

The main difference between these is that with a secured line of credit, the borrower’s property (car, home, or another valuable asset) is taken as collateral. With an unsecured credit line, you don’t need to risk any of your valuable assets to get approval. In general, a personal secured line of credit is rarely offered, and when it is, it’s usually for loans with higher borrowing limits. Most lenders offer unsecured credit lines. 

Another thing we need to mention is that most lenders allow you to apply for a revolving line of credit. This means you can reopen and reuse your line of credit again once you’ve paid off your debt. That’s another advantage of this financial product; you don’t need to pass through another application process to start drawing from your credit line again.

Borrowing Amount and Terms

Each funding provider sets borrowing limits and specific repayment terms. These are the first things you should check before choosing a lender, as they will determine the cycling periods for using and paying off your line of credit. 

Some lenders offer a large personal line of credit that can be worth up to $500,000, but such a large amount usually requires collateral and an excellent credit score. For each provider, we checked the minimum and the maximum borrowing amount and included that information in our review. 

APR

Another thing we considered when evaluating online lenders and banks is whether they provide a competitive APR. An APR or annual percentage rate is the amount of interest you need to pay on your principal. It differs from an interest rate because it includes all costs and fees related to a line of credit.
 
By comparing APRs from different lenders, you get more information than comparing only interest rates. To help you find the best personal line of credit rates, we looked for providers with the lowest APRs on the market. Most lenders offer variable-rate credit lines, meaning the rate you pay will fluctuate based on the prime rate. 

Eligibility Criteria

Suppose you find a lender whose borrowing limits and rates perfectly fit your needs. The next thing you should do is to apply for a line of credit. Be aware that each provider has its own line of credit requirements, so there’s a chance your ideal lender doesn’t operate in your state or your credit score is too low to get approved.
 
Most lenders will also check your credit card balances and credit history to see if you’re eligible for a personal line of credit, with rates calculated according to your creditworthiness. It’s no surprise that the lowest-interest line of credit is offered to those with little or no debt. 

Fees

On top of interest rates, some lenders might charge additional fees, the two most common of which are underwriting fees and origination fees. An underwriting fee is a fee that a lender charges to verify your personal information once you apply for a credit line. An origination fee helps cover the provider’s administrative costs. 

Lenders that offer the best rate for a personal line of credit may also charge an annual fee as well as penalty and late payment fees. 

Sometimes additional costs can influence your final decision when choosing an online line of credit. Before making a decision about where you want to apply for a personal line of credit, see if there are any additional fees you are required to pay. 

Customer Support

Finally, we evaluated providers based on how good their customer support is. We looked for banks and lenders with polite, fast, and knowledgeable agents who are available at the most important times via various channels of communication. 

Quick Breakdown

Personal Lines of Credit Loans for 2022:

  • Upgrade - Best for unsecured lines of credit
  • US Bank - Best for lines of credit with no annual fees
  • Truist - Best for large sums
  • Tally - Best for paying off debts and credit cards
  • KeyBank - Best for borrowing small amounts
  • PNC Bank - Best for quick approval times
  • Regions Bank - Best for smaller lines of credit

Top 7 Personal Lines of Credit: Detailed Reviews

Upgrade Review

Overview
5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Borrowing amount:
$500 to $50,000
APR range:
8.99% to 29.99%
Credit score requirement:
560 or above

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. 

Clients benefit from this lender’s short-term loans and unsecured personal lines of credit. In addition, you can use Upgrade’s credit health tools to stay on top of your finances. 

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 $500 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 a personal line of credit rates and terms, saving you from unpredictable market fluctuations. 

With Upgrade’s revolving personal 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. You can either choose a 36-month repayment term or check if you are eligible for a 60-month repayment option. The positive is that lines of credit don’t come with 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 

If you’re looking for a bad credit personal line of credit, you’re better off looking elsewhere, as 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 personal line of credit 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
+ Show more

US Bank Review

5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Borrowing amount:
Up to $25,000 (no minimum disclosed)
APR:
10.25%
Credit score requirement:
680 or above

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

Let’s take a look at the bank’s line of credit offer.

Personal Line of Credit Requirements

Unlike some other providers on our list that offer multiple types of personal loans, the US bank offers one 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.

By going with US Bank instead of other line of credit lenders, 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 to be placed down to borrow the unsecured personal line of credit. 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 personal line of credit, 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. On the other hand, if you were looking for personal line of credit for bad credit, it is not the one.

Reasons to Apply:

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

Truist Review

Overview
4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Borrowing amount:
$5,000 to $50,000
APR range:
8.69% to 13.24%
Credit score requirement:
560

If you’re looking for a line of credit for specific big purchases, Truist might be the perfect option for you. This is the best bank for a line of credit for getting high borrowing limits.

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 for a personal line of credit at Truist.

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 for a line of credit 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, especially during the COVID-19 crisis. 

Customer Support 

The bank offers a few ways to get in touch with an agent and see how you can get the best line of credit 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
+ Show more

Tally Review

Overview
5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Borrowing amount:
$2,000 to $25,000
APR range:
7.9% to 29.9%
Credit score requirement:
580 or above

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. To do that, the co-founders devised a mobile app that analyzes clients’ financial health and can provide a personal line of credit with a low APR. 

Now, with more than a million clients nationwide, Tally offers unique lines of credit loans for tech-savvy consumers who want to manage multiple credit card rates with low-interest lines of credit. 

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 the personal credit line rates with the lowest APR 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 line of credit 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 at Tally, 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’s line of credit is that you can get good personal line of credit 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 get line of credit loans to cover existing debts and save some money with a low personal line of credit interest 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
+ Show more

KeyBank Review

Overview
4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Borrowing amount:
$250 to $5,000
APR range:
11.99% to 20.49%
Credit score requirement:
N/A

When talking about the best bank for a personal line of credit, KeyBank is a strong contender. It 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 is lines of credit. The bank allows clients to easily apply for and get a revolving line of credit. Lines of credit loans like this 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 a line of credit 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 and apply for a line of credit, 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 unsecured 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 the best place to get a line of credit, 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
+ Show more

PNC Bank Review

4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Borrowing amount:
$1,000 to $25,000
APR range:
11.00% to 21.40%
Credit score requirement:
650 or above

PNC Bank is one of the most reliable providers of personal lines of credit as it has been operating for more than 150 years. With nationwide branches that more than 12 million people rely on, it is certainly a strong candidate for the best bank for personal line of credit  options.

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, with this revolving line of credit, 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 personal lines of credit - 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 for this line of credit 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 personal credit line 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 bank’s line of credit is typically 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 looking for lines of credit, as PNC bank line of credit solution could be the thing to help them make it 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
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Regions

4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Borrowing amount:
$500 to $3,000
APR:
21.90%
Credit score requirement:
600 or above

Regions bank could be another reliable solution to your line of credit needs, as it has some excellent products on offer. 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. Not only is it one of the banks that offer personal lines of credit, but also a full set of banking services to its customers - most of them coming with impressively low interest rates. 

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 fixed-rate personal line of credit 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 this line of credit, 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 with this line of credit 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 line of credit 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. These lines of credit are loans with an annual fee of $50 and a late fee of $35. 

Accessibility

Probably the best selling point for these lines of credit 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.

As with the  best personal line of credit banks, it 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
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Fortunly’s Guide to Personal Lines of Credit

A personal line of credit can help you alleviate financial crises, pay off debts, invest in home improvement, or make big purchases. It’s more flexible than a standard term loan and it can usually be reused once you pay it off. Choosing a personal line of credit can be a good option, especially if you have a good credit score and stable income. Typically, the better your credit score and the more money you earn, the better the APR you’ll qualify for.

What is a personal line of credit?

A variable or fixed-rate personal line of credit is a financial product similar to traditional loans. With a credit line, you get a lump sum of money and you draw from it as many times as you want, but you don’t need to use the entire amount. After you pay off the credit line, you can start drawing funds again. Its best feature is that you pay interest only on the amount you use.

Credit lines are fairly similar to credit cards, but you’ll pay lower rates, especially if your credit score is good.

How to get a personal line of credit?

Both banks and online lenders offer lines of credit for personal use. To apply for such an offer, you need to meet borrowing requirements that differ from lender to lender. For example, many of them require a credit score of at least 660 points. There are lenders that offer a personal line of credit for people with bad credit, but in that case you should be prepared to pay high rates.
 
Aside from your credit score, lenders will also check your credit history and your income. You’ll also be asked to provide a range of personal details like your name, address, Social Security number, passport, and possibly a valid driving license. 

How does a personal line of credit work?

Once you get approved for a line of credit, you can expect the money to arrive in your account really quickly. You don’t need to take all the money immediately. Instead, you can draw funds periodically and pay only for what you use. 

Personal line of credit vs loan

As we’ve mentioned, a personal line of credit is similar to a personal loan. However, they differ from each other in one important way. With a personal loan, you’ll pay interest on the entire loan amount you’ve borrowed, while with a line of credit, you pay interest only on the amount you actually spend. 

FAQ

Is it a good idea to have a personal line of credit?

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If your credit score is good or excellent, you have a steady income, and you know you can repay the debt on time, then a personal line of credit is a good choice. 

Who has the best personal line of credit?

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Various banks and online providers offer lines of credit. We evaluated only the best ones, so choosing any option from our list is a good idea. 

Is it better to get a personal loan or line of credit?

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It depends on your financial goal. Generally, a personal loan is a better option if you know exactly how much money you need. A personal loan may also have better rates, depending on your creditworthiness. However, an online personal line of credit is a great option if you are not sure how much money you’ll spend, as you’ll only be charged interest for what you actually spend. 

How do you qualify for a personal line of credit?

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You’ll need to provide plenty of personal information and fill in the application form. Some lenders have a prequalification process, in which they check your credit score with a soft pull. If you’re eligible for a credit line, the lender will send you the final offer. With the best personal lines of credit, you usually receive the money within one business day after signing the contract.

What are the benefits of a line of credit?

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There are many reasons to consider a personal line of credit:

  • You have a constant access to funds
  • You can draw only what you need
  • You pay interest only on the amount you draw from the account
  • After you pay off debt, yuo cna start using a line of credit again
  • You don’t need to provide a collateral
  • You can use money as you wish