Personal Line of Credit (LOC)

A Spectrum Credit Union (Spectrum) Personal Line of Credit (LOC) is a revolving loan with a set limit that you access by writing checks on your LOC account. Monthly payments are based on the balance of your loan. 

A Line of Credit is ideal for financing major purchases such as home remodeling, medical expenses, or college tuition. As a revolving loan, you can access your Line of Credit now to pay for remodeling; use the same Line of Credit later for medical expenses; and access it again to pay for college tuition. A minimum monthly payment is required on any balances you acquire, and you can choose to pay off all or some of a balance before you access your LOC again.

Use an LOC to finance a major purchase immediately, or open one to use as an “emergency fund” in case you ever need to access cash quickly.

Spectrum Lines of Credit are available with set limits of $500 – $25,000. Approved limits and interest rates will be based on member income and credit scores.