Personal Loan vs. Personal Line of Credit: Which Fits Your Life?
Life doesn’t always follow a script—and that’s why we offer two powerful ways to borrow.
- Personal Loan: Get a lump sum upfront with a fixed rate and term. Perfect for consolidating debt, funding major purchases, or covering life’s big milestones with predictable monthly payments.
- Personal Line of Credit: Enjoy ongoing access to funds whenever you need them. Borrow, repay, and borrow again with flexible terms—ideal for unexpected expenses, home projects, or managing cash flow.
No matter which option you choose, you’ll benefit from competitive rates, fast approvals, and personalized service. Whether you want the stability of a one-time loan or the flexibility of revolving credit, we’re here to help you take control of your financial future.
- Competitive fixed rate that never changes
- Paid in one disbursement
- Easy repayment options
- Set payment with no surprises
- Automatic payments may be made from your Bay Area account or from another financial institution
- Payment protection plans
- Local decisions for fast processing
- Manage your loans via It’sMe247 banking, mobile banking, or by phone
At Bay Area Credit Union, you can have funds available when you need them, with a competitive rate and no annual fee. With no collateral required, and no balance transfer or cash advance fees, you can rest easy knowing you have a Line of Credit to tackle life’s little surprises.
- Ideal for immediate cash needs
- Access cash when you need it
- Only pay interest on what you use
- Re-use as needed without re-applying
- Competitive variable interest rate
- Automatic payments may be made from your Bay Area account or from another financial institution
- Payment protection plans
This type of loan lets you borrow against funds you have on deposit at Bay Area Credit Union. You may borrow against funds in your savings account or in a Share Certificate. Your savings continues to earn dividends and the hold on your funds decreases as the loan balance decreases.