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Personal Line Of Credit

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

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

What is the difference between a Personal Loan and Personal Line of Credit?

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.

How can I repay my Personal Loan or Personal Line of Credit?

You can repay your loan or line of credit in many different ways, including automatic transfer from your ALEC Savings or Checking, making payments on the ALEC Mobile App, stopping by any ALEC Service Center, contacting us 24/7 at 800.762.9988 or processing your payment via Online Banking.

How long does it take to close on a Personal Loan or Personal Line of Credit?

You can close on your Personal Loan or Personal Line of Credit in as little as 2-3 days.

Is the rate on the Personal Line of Credit fixed or variable?

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.

What are the minimum and maximum credit line amounts for the Personal Line of Credit?

The minimum credit line is $0 and the maximum line is $50,000.

What is the monthly minimum payment amount?

The monthly minimum payment is only 3% of the outstanding balance, or $25, whichever is greater.