personal line of credit

Personal Line of Credit (PLOC)

Only Pay Interest on What You Use

Get the funds you need, when you need them. Greater Nevada Credit Union’s personal lines of credit offer competitive rates and terms, plus immediate access to money.

What’s a Personal Line of Credit?

Personal lines of credit are not credit cards, but they operate very similarly. They are open-ended loans that offer access to a defined lump sum amount that’s renewed upon every repayment received. They differ from a personal loan which requires the full application process again at the end of the term if wanting another one. You’ll also only pay interest on the money you use.

Personal lines of credit can be used for anything. There are no restrictions on how you use your funds, so feel free to mix and match: debt consolidation, overdraft protection, unexpected expenses for emergencies, or home improvements. How you’ll use your PLOC to Live Greater is up to you.

Personal lines of credit are available at both banks and credit unions. But when you apply for one with Greater Nevada, you’ll get far more than just a PLOC–you’ll also get access to all these great benefits we’re proud to share with you.

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Low Rates & Flexible Terms

At Greater Nevada, we’re committed to offering our members competitive terms and annual percentage rates (APR). Click below to learn more about PLOC rates and other loan rates.

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Easy Access to Funds

Once approved, you can quickly and easily access your funds via check, debit card, online banking, or phone banking.

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Use Funds as Needed

Use your PLOC however you like: as debt consolidation, home improvement, and more. Or you can choose to not use it at all and have it standing by for emergency funds should a need arise.

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Overdraft Protection

You can use your personal line of credit as an overdraft protection strategy with your checking accounts–contact us for more information.

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Payment/Debt Protection

In the event you can’t make your monthly payments due to unexpected hardship or tight times, consider enrolling in our Payment/Debt Protection program, compatible with your PLOC.

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Easy Application

Personal lines of credit are one of the many loans eligible for online application. Easily apply online and know a decision will be made locally.

Frequently Asked Questions (FAQs) About Personal Lines of Credit

Personal lines of credit can be powerful parts of your financial toolkit. Here’s what you need to know about these useful funding options.

Who qualifies for a personal line of credit?

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If you have a good credit score, chances are you’ll be eligible for a personal line of credit. This is because PLOCs are unsecured personal lines of credit (meaning they aren’t secured by assets like a mortgage is with a home or an auto loan is with a car). A good credit score indicates you’ll be able to repay what you borrow.

Less-than-perfect credit scores don’t necessarily have to stop you from accessing funds. Greater Nevada Credit Union offers loans for imperfect credit. For more details, read about our personal loan requirements.

Is it good to have a personal credit line?

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When comparing funding options, consider this: applicants with good credit scores are more likely to be approved for PLOCs, and good credit scores generally earn better interest rates on loan terms. If you expect to make a large purchase, or need to field a large expense, a PLOC with a low interest rate might be a wise choice.

What are the potential drawbacks of lines of credit?

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With personal lines of credit, borrowers will need to be mindful of the funds they use. A constantly high balance can be difficult to pay down and may affect your credit score. As with credit cards, personal loans, and other funding options, using good sense–and never borrowing more than you can afford to repay–will go a long way in enhancing your enjoyment of your PLOC. They also come with a variable interest rate instead of fixed interest rate (like a personal loan), which means it could go down or up depending on the interest rate changing.

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Apply for a Personal Line of Credit

Apply online, get approved, and start using your funds however you like. Personal lines of credit are easy to apply for and easier to use–get started today!

More Ways to Get Funds

PLOCs are just one of the many loans available through Greater Nevada Credit Union. Find the funding that’s right for your financial goals.