A personal line of credit is a revolving credit that you can access as you need it, instead of borrowing one lump sum.
A maximum limit will be set at the outset, and you can draw on those funds up to the maximum amount as expenses come up. This is
a great option to have as an emergency fund for unexpected expenses. And with no collateral requirement, you don’t need to borrow against your home or your other assets.
Good for:
- Those who need varying amounts of funds for different purposes at different times
- Those who know they will need quick access to a loan at a later time
Benefits:
- You can take out small sums periodically, as opposed to one lump sum
- Credit limit of up to $25,0001
- Interest accrues only on what is used
- Monthly payments are based on the balance of your loan
- Loan issued based on creditworthiness, without the use of property or other assets as collateral2
To begin using your personal line of credit:
Tapping your line of credit is as easy as writing a check for purchases or transferring funds from your line of credit to another account.
Here are three ways
to transfer funds:
- Use Online Banking or Mobile Banking
- Stop by your local Chevron Federal Credit Union branch
- Give us a call at 800-232-8101 Monday through Friday, 5am to 9pm, and Saturday, 8am to 4pm Pacific Time. (For those outside the U.S., call 510-627-5000.)
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