12 Best Personal Lines of Credit

Find out which secured and unsecured credit lines you can qualify for.

 

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A personal line of credit is a loan you can access when you need it. Rates vary among lenders. You can find an unsecured line of credit — for which you don't need collateral — or a secured line of credit — for which you do need collateral.

Review these 12 personal line of credit loans — plus learn the difference between a personal line of credit and a personal loan — to figure out your best option for borrowing money.

12 Best Personal Lines of Credit
Line of CreditSecured or UnsecuredCollateral RequiredRatesAmount
Citibank Custom Credit LineUnsecuredN/A8.99%-20.99%$1,500-$25,000
SunTrust Personal Line of CreditUnsecuredN/APrime + 3.15% to prime +3.95%$25,000-$500,000
Wells Fargo Personal Line of CreditUnsecuredN/A9.75%$3,000-$100,000
U.S. Bank Premier Line of CreditUnsecuredN/A11.00%N/A
Santander Personal Line of CreditUnsecuredN/AVariable, as low as 8.24%$5,000-$35,000
TD Bank Personal Unsecured Line of CreditUnsecuredN/AVariable, as low as 9.00%$20,000-$50,000
PNC Bank Personal Line of CreditUnsecuredN/AVariable, based on prime rate$1,000-$25,000
Regions Bank Preferred Line of CreditUnsecuredN/A8.24%-18.24%$3,000-$50,000
Regions Bank Credit LineUnsecuredN/A21.90%$500-$3,000
Regions Bank Savings Secured Line of CreditSecuredRegions savings account7.00% for lines less than $3,000

6.00% for lines $3,000 or greater

$250-$10,000
KeyBank Preferred Credit LineUnsecuredN/A9.24%-14.24%$5,000-$50,000
KeyBasic Credit LineUnsecuredN/A12.99%-22.99%$250-$5,000

 

Personal Line of Credit vs. Personal Loan

What is a personal line of credit? A personal line of credit is distinctly different from a personal loan.

The key difference between the two is that a personal loan gives you a lump sum payment, whereas a personal line of credit provides you with funds you can draw on until you reach your credit limit. Businesses often use lines of credit to manage cash flow.

Take a closer look at the 12 best personal lines of credit available.

Related: 10 Personal Loans for People With Good Credit

Citibank Custom Credit Line
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1. Citibank Custom Credit Line

To qualify for this line of credit, you'll need a Citibank deposit account with a minimum balance of $500 — and the account must be at least 3 months old. You must also have an annual income that starts at $10,500. The Citibank line of credit rates range from 8.99 percent to 20.99 percent, depending on your credit.

Pros

  • You can get a loan for as low as $1,500.
  • You need a 3-month-old Citibank account with a $500 balance for assets

Cons

  • You must have a Citibank account to apply.
  • The maximum loan amount you can get is $25,000.
SunTrust Personal Line of Credit
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2. SunTrust Personal Line of Credit

SunTrust offers an unsecured, no-collateral, personal line of credit for up to $500,000 with a variable interest rate. To qualify for this unsecured personal line of credit, you must have $100,000 in verifiable assets with SunTrust Bank or other financial institutions.

Pros

  • The loan has high limits.
  • You'll pay no annual fees or be charged for the application or taking out cash advances.

Cons

  • You must have $100,000 in assets to qualify for the loan.
  • The smallest amount of money you can borrow is $25,000.

Read: How to Get a Loan With Bad Credit

Wells Fargo Personal Line of Credit
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3. Wells Fargo Personal Line of Credit

The Wells Fargo line of credit comes with competitive, variable interest rates and relationship discounts for qualified customers who opt for automatic payments. You can get a Wells Fargo line of credit from $3,000 to $100,000, and you'll have instant access to your funds when you need them.

Pros

  • You can get small loan amounts.
  • You might have funds in your account by the next business day after you're approved.

Cons

  • You'll pay a $25 annual fee.

See: PenFed Personal Loan Review: Low Rates and No Origination FeesRates

U.S. Bank Premier Line of Credit
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4. U.S. Bank Premier Line of Credit

You need to be a U.S. Bank customer to get the U.S. Bank line of credit, but there's no minimum asset requirement. U.S. Bank makes it easy to access your funds: You can use checks, a Visa card, online transfers or, if you prefer a human touch, visit a branch. You can also use the Visa card at an ATM, but it will cost you.

Pros

  • You have easy access to your funds.
  • The loan has no collateral requirements.
  • You don't have to pay an annual fee.

Cons

  • Use the Visa at an ATM and you'll pay a 4 percent fee.
  • You'll pay a 3 percent fee on each foreign purchase or cash advance transaction you conduct in foreign currency.
Santander Personal Line of Credit
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5. Santander Personal Line of Credit

A Santander line of credit offers between $5,000 and $35,000 as an unsecured credit line, which means it doesn't require collateral. Interest rates start at 8.24 percent, and you can get a discount if you set up automatic payments from your Santander checking account. Accessing funds is limited to writing checks and making online transfers.

Pros

  • The interest rate is low.
  • You can make principal and interest or interest-only payments.

Cons

  • The loan requires a high credit score.
  • Santander operates only in 11 East Coast states.
  • You'll pay a $50 annual fee, which you can have waived or reduced if you have a Santander Select, Premier or Premier Plus checking account.
TD Bank Personal Unsecured Line of Credit
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6. TD Bank Personal Unsecured Line of Credit

TD Bank's line of credit offers reasonable rates and a range of credit line amounts. You won't need any assets to get this unsecured line of credit, and you can get it even if you're not a TD Bank customer — but you'll pay more interest and a $25 annual fee.

Pros

  • Rates on this loan are relatively reasonable.
  • Get a 0.25 percent rate discount if you have TD Bank personal checking account and set up automatic payments.

Cons

  • Loans are limited to certain states.
  • You might need more than the $50,000 credit limit.
PNC Bank Personal Line of Credit
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7. PNC Bank Personal Line of Credit

PNC Bank's line of credit offers borrowers from $1,000 to $25,000. You don't need collateral for this unsecured line of credit, and you can customize when and how much you borrow.

Pros

Cons

  • PNC does business in only 19 states.
  • The maximum loan amount might be less than you need.
Regions Bank Preferred Line of Credit
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8. Regions Bank Preferred Line of Credit

The Regions Bank Preferred line of credit offers borrowers amounts between $3,000 and $50,000. Rates are variable and start at 8.24 percent. You'll pay a $50 annual fee, and your monthly payment will be the greater of 3 percent of your current balance or $50.

Pros

  • It's easy to figure out your monthly payment.
  • You can access funds via checks, online, telephone or branch.

Cons

  • You'll pay a $50 annual fee.
  • The maximum loan amount is $50,000.
Regions Bank Credit Line
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9. Regions Bank Credit Line

Regions Bank's unsecured line of credit offers borrowers low limits — from $500 to $3,000 — and the credit line will cover any checking account overdrafts. You won't pay a fee to cover an overdraft, but if you take out a cash advance, it will cost you the lesser of $10 or 10 percent of the withdrawal amount.

Pros

  • The line of credit covers checking account overdrafts.
  • You might be able to close within 24 business hours after you apply.

Cons

  • You'll pay a $25 annual fee.
  • Your monthly payment will be the greater of 5 percent of your balance or $20.
Regions Bank Savings Secured Line of Credit
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10. Regions Bank Savings Secured Line of Credit

The only secured line of credit on this list, this Regions Bank product uses borrowers' savings accounts as collateral. Credit lines are available from $250 to $10,000 and can be used as overdraft protection. Monthly payments are the greater of 5 percent of your outstanding balance or $10.

Pros

  • Your line of credit serves as overdraft protection.
  • You might qualify for a discount if you have a relationship with the bank or set up automatic payments.

Cons

  • You must have a savings account to use as collateral.
  • You'll pay a $50 annual fee.
KeyBank Preferred Credit Line
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11. KeyBank Preferred Credit Line

The KeyBank Preferred credit line offers limits ranging from $5,000 to $50,000 — and you'll earn 5,000 KeyBank Relationship Reward Points for opening one. Your minimum payment will be the greater of 1/120th of your outstanding balance or $50.

Pros

  • Minimum monthly payments are low.
  • Interest rates are relatively reasonable.

Cons

  • You'll pay a $50 annual fee.
  • Personal lines of credit are not available in all states.

Find Out: The Best Ways to Pay Off Every Kind of Debt

KeyBasic Credit Line
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12. KeyBasic Credit Line

Used primarily for checking account overdraft protection, this credit line offers limits from $250 to $5,000. The rates are higher than KeyBank's Preferred credit line's rates, but the annual fee is lower.

Pros

  • You can easily access your funds by making a cash advance at a branch or transferring the money to another KeyBank account online.
  • Your monthly payment will be the greater of $20 or 1/60th of your outstanding principal balance plus interest, fees, and any past-due amounts.

Cons

  • The interest rates are higher than KeyBank Preferred credit line's rates.
  • You'll pay a $25 annual fee.

Methodology: GOBankingRates identified the best personal lines of credit by analyzing interest rates, available amounts of credit lines and required collateral. Data is accurate as of May 21, 2017. All fees and rates are subject to change at the loan issuers' discretion.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article.