Personal Line of Credit
Borrow once, use as you need.
Line of Credit 101
A personal line of credit (affectionately known as a PLOC) functions like a credit card without the plastic. You’ll be approved for a total amount you can borrow, then you can make additional advances (aka withdrawals up to that amount) whenever you want — without a loan officer’s approval.
Cover the big things one little bit at a time.
Rather than being your go-to source for everyday purchases, this loan shines brightest as a resource for paying your way through big, ever-changing cost situations like home renovation projects or much-needed vacations. A PLOC stands apart from traditional loans because you get to control how much you withdraw and when, and you’ll only pay variable interest on the money you use, not the full amount.
Personal Line of Credit Rates
| Loan Type | Personal Line of Credit |
| Term Type | Variable |
| Annual Percentage Rate | 13.25% - 18.00% |
*APR=Annual Percentage Rate. The ANNUAL PERCENTAGE RATE you receive will be based on credit worthiness and loan to value amount. Not all members will qualify for the best or lowest rate. All loans are subject to approval. Rates, terms, and conditions are subject to change. PLOC's adjust monthly on the first day of the month. There is no limit on the amount by which the annual percentage rate can change during any one-year period. The maximum rate is 18.00%. The minimum rate will never be below 7%.
Personal Line of Credit Features
Helpful Resources
More tools and services to make your day a little easier.
Add Debt Protection to Your Loan
If your life takes an unexpected turn, your family’s finances can be strained. But with Member's Choice Borrower Security with Life Plus, your loan payments or balance may be canceled, up to the contract maximums, in case of involuntary unemployment, disability, or death. It’s just one more way you can look out for the people you love.
Take an important step toward financial security. Email us at loans@forteracu.com and ask about Member's Choice Borrower Security with Life Plus today.
Your purchase of Member's Choice Borrower Security with Life Plus is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative or refer to the Member Agreement for a full explanation of the terms of Member's Choice Borrower Security with Life Plus. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid.
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Submit a Debt Protection Claim
Need to submit a claim? No problem, we've got you covered. You can submit a claim at myclaim.cunamutual.com. If you have any questions, please text us at 931.431.6800 or email us at info@forteracu.com and we will be happy to help.
Document Checklist for Personal Loans
To verify your identity, we always ask that you come prepared with a government-issued ID. It is important that it is not expired. Examples of acceptable IDs include a State Driver's License or a U.S or Foreign Passport. If we have trouble validating your ID, we may ask for a secondary ID. If you have a question about whether or not an ID can be used, just text us at 931.431.6800.
In addition to identification, you will also need to bring:
- Income verification
Have questions? Just email us.
Loan Calculator
This calculator helps determine your loan or line payment. For a loan payment, select fixed-term loan. For a credit line payment, you can choose 2%, 1.5%, or 1.0% of the outstanding balance or interest only.
Learn About Additional Insurance Coverage With TruStage
As a Fortera Credit Union member, you have access to additional insurance protection through our partner, TruStage. They provide Life, Auto, Home, and Accidental Death Coverage. You can get up to $1,000 of Accidental Death coverage for free by visiting trustage.com and claiming your offer.
If you have questions for our team about TruStage insurance, please text us at 931.431.6800 or email us at info@forteracu.com.
TruStage Additional Products
Learn more about a variety of different products and services offered to all credit union members through TruStage.
FAQs
What is the difference between a Personal Loan and a Personal Line of Credit?
The two biggest differences between a Personal Loan and a Personal Line of Credit are the types of interest rates for each loan and how one receives their funds. Personal Loans are fixed-rate loans and they are given to the member in one large lump sum. Personal Lines of Credit are variable rate loans and members receive access to a line of credit. They can borrow as much as they need without having to commit to a large lump sum.
What is a Personal Line of Credit (PLOC)?
A Personal Line of Credit (often abbreviated to PLOC) is a loan that functions similarly to a credit card (sans plastic.) You apply for a certain amount of funds and once you’re approved for a total amount to borrow, you’ll make advances (aka withdrawals) up to that amount whenever you want — zero fees or additional approval required. It helps to think about a PLOC like a life line that you tug on when you need a little bit of extra support. Just tug on the line and make withdrawals that work for you. This means you are only borrowing the money you need to complete a project, not one giant lump sum like a traditional loan.
Can I make additional payments on my Personal Line of Credit?
Yes! You can make additional payments on your Personal Line of Credit.
What would I use a Personal Line of Credit for?
This loan is great for projects that don't have a fixed price. If you are remodeling your kitchen, adding a deck to your home, paying for some additional college courses, etc. this is a great option for you. It allows you the flexibility to borrow what you need instead of requiring you to borrow a larger sum.
How many times can I withdraw money from my Personal Line of Credit?
As many times as you would like. There is no limit to how many times you can make a withdrawal on a PLOC.
What documents do I need to apply for a Personal Line of Credit?
To verify your identity, we always ask that you come prepared with a government issued ID. It is important that it is not expired. Examples of acceptable IDs include a State Driver's License or a U.S or Foreign Passport. If we have trouble validating your ID, we may ask for a secondary ID. If you have a question about whether or not an ID can be used, just text us at 931.431.6800. Call or email us at info@forteracu.com to learn what additional documentation you will need.
