Personal Lines of Credit
A Personal Line of Credit, or PLOC, is a revolving credit option that gives you flexible access to funds up to an approved limit. You can use it for expenses like home projects, medical bills, or travel, and you pay interest only on the amount you use. As you repay principal, that credit becomes available again.
Unlike a traditional personal loan, a PLOC lets you borrow as needed rather than taking a lump sum all at once. A PLOC may also be linked to your checking account for Overdraft Protection, helping cover overdrafts when your balance runs low. People Driven Credit Union offers Personal Lines of Credit designed to give you added flexibility when you need it.
Personal Line of Credit Rates
Unlock a Rate as Low As 13.45% APR*
*APR = Annual Percentage Rate: The actual APR and loan term is subject to approval and may be determined upon the borrower’s creditworthiness and the amount borrowed. Rates are effective as of today and are subject to change.
See What Fits: Compare Personal Line of Credit Rates & Terms
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Type
Minimum Payment
APR*
Line of Credit/Overdraft Protection (ODLOC) 3% of Balance, $30 Mininum 13.45% Rates Effective as of:
13.45%
PLOC Advantages
- Pay interest only on the amount you use
- Borrow as needed up to your approved credit limit
- Help manage unexpected expenses or temporary cash flow gaps
- Rates may be lower than many credit cards, based on creditworthiness
- Access and transfer funds through online and mobile banking
- May be used for Overdraft Protection on your checking account
Overdraft Line of Credit (ODLOC)
Use an Overdraft Line of Credit for added checking account backup. An ODLOC is a revolving line of credit linked to your checking account. If your balance is not enough to cover a transaction, funds may be advanced from your ODLOC up to your approved limit. You pay interest only on the amount used, and available credit is restored as principal is repaid.
Overdraft Line of Credit (ODLOC) Advantages
- Helps cover overdrafts when your checking account balance falls short
- Interest applies only to the amount used
- Funds may transfer automatically from your ODLOC when needed
- Available credit replenishes as principal is repaid
- Provides ongoing access to backup funds up to your approved limit
Use a PLOC for flexible borrowing and Overdraft Protection.
A Personal Line of Credit gives you ongoing access to funds up to your approved limit. You pay interest only on the amount you use, and it may also help cover overdrafts on your checking account.
Frequently Asked Questions
A Personal Line of Credit is a revolving credit account that gives you access to funds up to your approved limit. You can borrow only what you need, pay interest only on the amount you use, and as you repay the balance, your available credit becomes available again.
A personal loan gives you one lump sum with fixed payments. A Personal Line of Credit gives you flexible access to funds over time, so you can borrow, repay, and borrow again up to your approved credit limit.
A Personal Line of Credit may be useful for unexpected expenses, home projects, medical bills, travel, or as a financial backup when cash flow changes.
No. You only pay interest on the amount you actually use, not on your full approved limit.
Yes. Because it is revolving credit, your available credit replenishes as you repay what you borrowed. That means you can continue using it again as long as the account remains in good standing and you stay within your approved limit.
An Overdraft Line of Credit, or ODLOC, is a revolving line of credit tied to your checking account. If your checking balance comes up short, funds can automatically transfer to help cover the difference.
An ODLOC can help prevent bounced checks, declined transactions, and overdraft issues by covering shortfalls in your checking account when funds are not available.
Approval is subject to application and credit review. Eligibility, rates, and credit limits can depend on creditworthiness and other underwriting factors.
Disclosures
*APR = Annual Percentage Rate: The actual APR and loan term is subject to approval and may be determined upon the borrower’s creditworthiness, the amount borrowed, and the type, value, age, and condition of the collateral offered to secure the loan (when applicable). Rates are effective as of today and are subject to change.
¹Special Loan Rate Discount: Benefit from a .25% reduction when enrolling in our autopay service, which is included in the “as low as” rate advertised. The discount is available to those who setup autopay of their monthly loan payment from a People Driven Credit Union checking or savings account.
People Driven Credit Union is an Equal Housing Opportunity Lender NMLS #776727.
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