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:
Personal Line of Credit Rate
| Account Type | APR* as low as1 |
|---|---|
| Personal Line of Credit2 | 12.75% |
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 repay your loan or line of credit in many 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.
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.
