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Personal Line of Credit

Q: What are the benefits of Royal Credit Union's personal line of credit?

Royal's personal line of credit offers several benefits including no collateral requirement, flexible access to funds online, through the mobile app, by phone, or at a branch, the ability to withdraw only what you need with no minimum withdrawal, the option to use it as overdraft protection for a checking account, and payments based only on the amount used rather than the full credit limit.

Q: How can I access funds from my personal line of credit?

You can access funds from your personal line of credit through online banking, the mobile app, by phone, or by visiting a Royal Credit Union office. These options provide flexible and convenient access whenever you need to borrow funds.

Q: How do payments work on Royal's personal line of credit?

Payments are based only on the amount you have borrowed, not your total credit limit. For example, if you have a $5,000 line of credit but only use $1,000, your payments and interest charges are based on the $1,000 balance. As you repay the balance, those funds become available again.

Q: How is a personal line of credit different from a personal loan?

A personal line of credit is revolving, meaning you can borrow, repay, and borrow again up to your limit. A personal loan provides a one-time lump sum with fixed repayment terms. Lines of credit are best for ongoing or flexible borrowing needs, while personal loans are better for one-time expenses.

A personal line of credit gives you the flexibility to borrow and repay over and over

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A Personal Line of Credit is an easy way to get the funds you need now. You’ll get convenient terms and low rates.

Benefits

No collateral needed
Easily access funds online, in the mobile app, by phone, or at an office
Withdraw only the funds you need, with no minimum withdrawal
Make payments on only the amount you’re using
The minimum credit line is $2,000

Current Personal Line of Credit Rate

Margin

APR

Open Account

Frequently Asked Questions

What is a personal line of credit?
Unlike a traditional loan where you receive a lump sum and the loan is closed once paid in full, a personal line of credit gives you the flexibility to borrow and repay over and over again. It works like a revolving credit account, letting you withdraw funds as needed up to your approved limit.

What are the benefits of Royal Credit Union's personal line of credit?
Royal's personal line of credit offers several advantages:

No collateral needed
Easily access funds online, in the mobile app, by phone, or at an office
Withdraw only the funds you need with no minimum withdrawal
Can use as a draw source for your Royal checking account to help prevent overdraft fees
Make payments on only the amount used, not the full credit line amount

How can I access funds from my personal line of credit?
Royal Credit Union makes it easy to access your funds in multiple ways. You can easily access funds online, in the mobile app, by phone, or at an office. This gives you the flexibility to draw on your line of credit whenever and however it's most convenient for you.

How do payments work on Royal’s personal line of credit?
You make payments on only the amount you're using. This means if you have a $5,000 credit line but have only drawn $1,000, your payment and accrued interest is based on the $1,000 you borrowed. As you repay the balance, those funds become available to borrow again, giving you ongoing access to credit.

How is a personal line of credit different from a personal loan?
A personal line of credit is a revolving credit account, meaning you can borrow and repay over and over and withdraw only the funds you need. A personal loan provides a one-time lump sum of funds with a fixed repayment schedule. A line of credit is ideal when you want flexible, ongoing access to funds, while a personal loan works well for a specific one-time expense.