personal line of credit
Get quick access to the funds you need.
Life happens. When it does, extra cash can be waiting.
Unexpected events and emergencies. Making a special purchase. Or simply indulging a personal desire, such as taking an exotic vacation. In everyday life, occasions can pop up when being able to access additional money comes in handy.
An ALEC Personal Line of Credit offers you an attractive interest rate that’s lower than most credit cards. It’s a loan designed to provide unsurpassed flexibility, so you can:
- borrow only what you need
- use the money for any purpose
- pay interest only on the amount borrowed
Whether a financial opportunity is calling or life throws you a financial curve, an ALEC Personal Line of Credit ensures you’ll have fast cash at your fingertips.
ALEC Personal Line of Credit highlights:
No collateral requirement
No application fees
No minimum to open the credit line
Personal Line of Credit
Personal Line of Credit2
|APR* as low as1|
APR = Annual Percentage Rate. All loans subject to credit approval. Rates subject to credit history, term and other factors. Not all applicants will qualify for our lowest rates. Rates can change daily.
Disclosed rates include ALEC’s 0.50% APR discount. Returning loan members who have a current loan with ALEC and are applying for a new loan will automatically receive a 0.50% APR rate discount. New loan members who do not have any current loans with ALEC must have an ALEC Checking Account (Free or Rewards) with $500 in direct deposit per statement cycle AND be enrolled in E-Statements to be eligible for the 0.50% APR discount. Discount not valid on credit cards, mortgages, Personal Lines of Credit, Rapid Refi and Home Equity Line of Credit.
The Annual Percentage Rate (APR) is variable and is subject to change quarterly based on Prime. Prime Rate is "prime" as listed in the "Money Rates" section of the Wall Street Journal from the last business day of the previous quarter. As of September 30, 2022, the Prime Rate is 6.25%.
Personal Line of Credit FAQs
A personal loan is an unsecured, fixed-rate loan for a set amount and term. A personal line of credit is an unsecured, variable-rate and open-ended credit line that you can use over and over again. You can pay it off and then use the open credit line for other expenses or project.
You can close on your Personal Loan or Personal Line of Credit in as little as 2-3 days.
The rate on the Personal Line of Credit is variable. The rate is tied to the Prime Rate as listed in the Money Rates section of the Wall Street Journal on the last day of the previous quarter.
The minimum credit line is $0 and the maximum line is $50,000.
The monthly minimum payment is only 3% of the outstanding balance, or $25, whichever is greater.
Ways to safeguard your loan.
Credit Life & Disability Protection
Two affordable plans designed to ease the financial burden in cases of injury, illness, or death.