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7 Best Personal Lines of Credit In 2020

If you are looking into getting a personal line of credit, it’s best to shop around for the best personal lines of credit. By doing so, you are ensured that you have funds when you needed it most, at the same time, you get to enjoy both flexibility and lower interest rates as compared to credit cards.

Best Personal Lines of Credit  in the U.S.

In a report published by Statista, it is indicated that from 2000 to 2019, the total consumer credit outstanding in the United States amounted to approximately $4.11 trillion.

A huge number, right? Well, that’s the reality of debt in the country.

Unfortunately, a lot of people are in debt, paying off their debt, while some are in the process of borrowing money from financial institutions or lending companies.

Just so you know, there are several ways to borrow money. There are a number of types of lending money, and one of them is through persona lines of credit.


There are a lot of financial institutions or lending companies that offer personal lines of credit, and to be honest, with so many options around, it’s definitely is just about choosing the best personal lines of credit.

Having said that, today, we are going to share with you some of the best personal lines of credit present in the market today.

But before that, we’ll share a few important information about personal lines of credit first just to refresh your memory (in case you have forgotten or for the information of those who are not familiar with this type of loan).


According to, America’s Debt Help Organization, a personal line of credit refers to “bank loan that closely resembles a credit card in the sense that you have a specific loan amount of money (comparable to a credit card limit) that you can use for any purpose, as needed.”

Generally, a personal line of credit is an unsecured loan. Thus, it is common among lending companies to require borrowers to have at least 700 credit score. More so, to have a good history of repaying debts.

A personal line of credit is quite similar to personal loans as it can be used for almost anything such as paying medical bills, buying home furniture, fund your dream vacation, or help a child pay for his or her college tuition. Mostly, however, a personal line of credit is used for home remodeling projects. But again, as we have said, just like personal loans, you can also a personal line of credit pretty much for anything and everything you can think of.

Just like any other types of loans though, personal lines of credit do have its risks as well. It can cost you a good deal if you do no handle the money and the privilege that come with it correctly.

Meanwhile, what’s nice about having a personal line of credit is that you can use it for anything and that no interest is charged on any unused amount.


As mentioned, you can basically use it for anything. The important thing with a line of credit is to not fail in repaying the funds or you might just face a big financial problem.

Anyway, for your reference, here are some examples of where you can use a personal line of credit:

  • Emergency Situations
  • Medical Needs
  • Business Opportunities
  • Overdraft Protection
  • Home Improvements
  • Travel/Vacation
  • Irregular Income

It is important to take note though that rates and repayment options differ depending on certain factors like how much you owe, and your credit score. The better your credit score is, for example, the lower your interest rate would be — pretty much like a general rule in lending money.


Just like any other type of loan, you can get a personal line of credit at any financial institution or lending company. Of course, to be sure, it’s always best to check with the company first.

As we mentioned earlier, the best personal lines of credit are those that come with lower interest rates as compare to credit cards, and those with that comes with flexibility — in terms of repayment.

Another thing that most people like about personal lines of credit is that most of them offer variable access to cash instead of a lump-sum, single-purpose loan.

As stated in, a personal line of credit “allows you to borrow in increments, repay it and borrow again as long as the line remains open.

What makes it different from a typical loan though is that the borrower is required to pay interest on borrowed balance while the line is open for borrowing.

If you want to know more on how to get a personal line of credit, check this very informative video by Denzel Napoleon Rodriguez:

The application process as well as the requirements to qualify for a personal line of credit vary from one lending company to another. That is why we highly recommend checking the company you are eyeing for.

But just to give you an idea, the common requirements include:

  • A good credit history (usually 700 and above; at the very least 680)
  • Must be of legal age
  • A citizen or a resident of the United States
  • Current employment record
  • Valid identification card
  • Social Security number
  • Other personal details

Again, we reiterate that it’s best to check the lending company first to be sure of the requirements.


Some people usually confuse the one with the other. So, before we proceed with our list of best personal lines of credit, here’s what makes a consumer loan different from a line of credit.

With consumer loans, normally, the whole loan amount is dispensed once the loan closes. The borrowers pay off the principal amount plus interest incurred in installment until the entire amount is repaid.

Meanwhile, lines of credit allow you to choose to use only a part of the entire available credit, or in some cases, none at all. The amount you pay as well as the interest will only be based on the portion used. Also, you can pull out the money anytime the need arises. It’s more like a credit card sans the big interest rate.

You see, both are entirely different things especially when it comes to how you use the funds. It’s probably safe to say that a line of credit is ideal for people who prefer having funds on standby so they can only use it when the need arises.


So, now that you already know or have already refreshed your memory about what a personal line of credit is all about, let’s proceed to the real deal – our list of some of the best personal lines of credit in town.

Our list include the following:

  • US Bank
  • Wells Fargo
  • PNC Bank
  • Regions Bank
  • SunTrust
  • Citibank
  • HSBC

Before we discuss them one by one, here’s a quick glance for your reference:

US Bank $20,000 As low as 10.25%
Wells Fargo $100,000 As low as 5.24%
PNC Bank $25,000 Varies by zip code
Regions Bank $100,000 As low as 5.25%
SunTrust $5,000,000 As low as 4.75%
Citibank $25,000 As low as 8.24%
HSBC $25,000 As low as 7.49%


US Bank offers a one of a kind Reserve line of credit that helps protect your US Bank checking account from any accidental overdrafts. This particular product is in addition to the bank’s traditional line of credit offering.

Customers may want to take advantage of the US Bank’s personal line of credit. It comes with no annual fee, which makes it an ideal option for those in need of funds. Additionally, any time you checking balance falls below $0 balance, the bank will automatically transfer funds from your line of credit ensuring you have money as needed. Definitely a good thing as it keeps your mind at peace — free of worries and hassle as well.

Currently, customers can enjoy a variable annual percentage rate (APR) set at 11.75%, which is above average for customers with good to excellent credit score or history.

Furthermore, US Bank also offers flexible access to your funds by issuing borrowers with a Visa Access Card and personal checks — apart of course from being able to draw online or through the bank’s mobile app or in-person through by visiting one of their branches near you.

Unfortunately, the US Bank’s personal lines of credit are only limited to current bank customers. Also, another downside of the US Bank is that it does not disclose draw as well as repayment periods online.

Having said all that, we got to say that if you are looking for a personal line of credit with great overdraft protection, then this one’s for you.


We must say that Wells Fargo does have the best personal line of credit option when it comes to funding home improvements. It is ideal for new homeowners who lack home equity.

Wells Fargo offers one of the highest borrowing caps on both secured and unsecured lines of credit. They’re at $250,000 and $100,000, respectively.

With Wells Fargo, borrowers can get their credit lines with savings or certificate of deposit accounts. This will net them with the most competitive rates. Also, borrowers with good to excellent credit will get a decent 10.5% variable for an unsecured line of credit.

Wells Fargo’s personal line of credit has no origination fee. Although it has an annual fee, it’s very minimal at $25 per year. The annual fee is intended to keep the line of credit open.


PNC Bank’s personal line of credit is definitely the best for day-to-day expenses.

Currently, the bank offers up to $25,000 worth or personal line of credit with no collateral required.

Just like the previous banks we mentioned, PNC Bank hardly charges as well. In fact, if you wish to end your line of credit, you may definitely do so anytime without having to worry about getting charged with prepayment.

More so, PNC allows withdrawal of funds for as little as $50 whenever and wherever you need it.

Unlike other banks or financial institutions, PNC Bank approves credit lines that are as low as $1,000. This gives borrowers’ flexibility to cover monthly expenses should cash flow issues rise up throughout the whole month,

Combining all the features of the PNC Bank’s personal line of credit, it’s no doubt is the best line of credit to cover a borrower’s day-to-day expenses quickly.


For us, we find Regions Bank as the best when it comes to secured personal lines of credit.

It comes with low APRs, as well as flexible terms, and wide accessibility. Furthermore, Regions bank has the tightest APR range as compared to other banks that offer secured personal line of credit. Currently, Regions Bank APR ranges between 7.5% and 8.5%.

In addition, Regions’ personal line of credit also allows you to make renewals of your credit line yearly. Don’t worry because it’s nice knowing that there are no limits on the number of renewals, which means you can use it as long as you need it.

With as little as $250, you can already open a secured credit line. The maximum amount allowed is $100,000.

What we also like about Regions’ personal line of credit is that you are given the option to secure your line of credit with the bank’s CD account, money market account, or savings account.

Borrowers can have so much confidence with Regions Bank as it has obtained a very attractive A+ rating with the Better Business Bureau.

Also, unlike other banks, which are exclusive for US citizens and/or residents only, Regions Bank also allows applications of the line of credit from non-U.S. citizens.

Regions Bank’s annual account fee only costs $50 yearly, which gives you access to an amazing line of credit without breaking the bank — without having to worry about getting charged for an expensive account fee.

Unfortunately, those borrowers who live outside Regions’ 15 states of influence may find it challenging to obtain a credit line because they are required to process application in-person.


SunTrust is ideal for people who are going to spend a large amount of money.

SunTrust offers two lines of credit. However, its Select Credit Line is the only one that is secured. This special revolving line of credit is primarily offered to the bank’s Premier clients.

With the bank’s personal line of credit, you can borrow as much as $5 million. SO, now you understand what we mean by it being an ideal choice for large spending.

Anyway, SunTrust’s variable rates start for as little as $5, which includes the auto-pay discount.

To be eligible for SunTrust’s personal line of credit, you have to meet certain requirements, which include having a SunTrust Bank investment account with at least $100,000. This acts as collateral for the line of credit.

Remember, just like any secured loans out there, a secured personal line of credit requires collateral.

Like the rest of the banks beforehand, SunTrust does not charge an application fee as well. In addition, it also does not charge annual fees. More so, qualifying account holders can choose an interest-only repayment option for a limited period of time.


Of course, also included in our list of some of the country’s best personal lines of credit is Citibank.

We thought Citibank is the best bank when it comes to the flexibility of its personal line of credit product.

With the bank’s flexible financing options, its custom line of credit makes money management even easier and more manageable.

While the bank charges a low annual fee, which is $50, it does not charge anything for cash advances. By the way, the annual fee can also be waived if the borrower makes a payment of takes a loan at least once during the whole year.

Additionally, Citibank does have a feature wherein borrowers are allowed to convert balances between variable and fixed rates as they see fit. You see, these simple yet very helpful features are the reason why we tagged Citibank as the best personal line of credit choice when it comes to flexibility.


If you are looking for excellent credit, the best option would be HSBC.

Apart from providing a line of credit without an annual fee, it also comes with a 45-day introductory annual percentage rate (APR) at 7.49%.

Yes, that is definitely low as compared to other lenders we have on our list.

Furthermore, HSBC also provides borrowers a free FICO credit score statement every month to help their customers keep their finances on track.

Unfortunately, though, you must be a current HSBC member to qualify for this product. Also, another downside of this product is that it comes with high late and returned payment fees.


A persona line of credit is ideal for people who need standby funds or as the need arises but does want to spare themselves from applying for loans over and over. Also, for people who want to experience the same convenience that credit cards give, but wants to stay away from high-interest rates.

It’s actually nice knowing that loan products like persona lines of credit do exist. It gives borrowers more options to choose from – depending on what they need and what they are capable of.

Have you tried getting a personal line of credit yet?

If you are looking into getting one, make sure you only get from one of the best personal lines of credit available so you get to enjoy certain features and privileges.

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