A Universal line of credit (Un-LOC) is a new, unsecured personal line of credit product which provides you with convenient access to funds whenever and however you need them. A personal line of credit is a revolving line of credit that allows you to borrow and repay based on the approved credit line.
With no term limit, the Un-LOC has a maximum loan amount up to $50,000 with no collateral needed. The Universal Line of Credit can be a great option for those who want to get funds for anything in their universe. It unlocks a world of opportunities.
What Can You Do With A Personal Line Of Credit?
Managing multiple financial responsibilities at the same time may necessitate the use of several financial products. A personal line of credit can help you whether you need to refinance the eligible debt or need a large infusion of cash.
A personal line of credit can be used for a variety of purposes. It may also provide credit for other large expenses, such as minor home improvements, unexpected medical or dental procedures, or financing a new car.
Benefits of A Personal Line of Credit
- Flexible access to funds: With a personal line of credit, the borrower has access to the entire credit line limit. This allows for flexibility not only in how the funds are used, but also in when they are used.
- Payment: The benefit of a personal line of credit is that the borrower only pays 2% of the balance and interest , rather than on the total loan amount available to them.
- Reusable cash flow: Assuming you follow the lender’s terms, like a credit card, a personal line of credit allows you to use your line to pay for your needs and then make a payment. The more you pay off, the more you have available to borrow again,
- Ability to strategically combine and pay off high-interest debt: Because a personal line of credit can be used for a wide range of personal or household needs, it’s an excellent way to pay off higher-interest debt, such as a student loan or car loan.
- Convenient Access: You can access funds online, from a branch, or even Heritage Financial CU ATM network that requires no minimum withdrawl.
Personal lines of credit can be a flexible and wise way to borrow money when you don’t know when you’ll need it. If you want to learn more about a Heritage Financial CU Universal line of credit and how it can help you achieve your own financial goals, contact us now!