Flexible Funds When You Need Them: Understanding Your Legacy FCU’s Personal Line of Credit
Life doesn’t always follow a predictable path—and sometimes, your finances need to be just as flexible. That’s where a Personal Line of Credit from Your Legacy Federal Credit Union comes in.
Whether you’re covering unexpected expenses, managing a variable-cost project, or simply want peace of mind knowing funds are available when you need them, our Personal Line of Credit offers a smart, accessible solution.
What Is a Personal Line of Credit?
A Personal Line of Credit is a five-year, open-ended loan that allows you to withdraw funds as needed—up to your approved credit limit. Think of it like a financial safety net that’s always there when you need it.
You can access your funds easily through online banking or by visiting our lobby. Plus, you can link your Line of Credit to your checking account to automatically cover overdrafts in $50 increments, helping you avoid costly fees and maintain your financial flow.
Key Features
- Unsecured loan – No collateral required
- No annual or monthly maintenance fees
- Interest only accrues on the amount you use
- Variable rate tied to prime, adjusted quarterly*
- Draw up to 100% of your credit limit at any time
This loan is ideal for:
- Covering temporary cash shortfalls
- Funding long-term projects with uncertain final costs
- Avoiding overdraft fees
- Having a flexible financial backup plan
How Interest Works
Interest begins accruing only when you withdraw funds, and you’re only charged interest on the outstanding balance—not the full credit limit. This makes it a cost-effective option for managing short-term borrowing needs.
Your rate and terms are based on your creditworthiness, so it’s a good idea to check your credit score and history before applying.
Need to Build or Rebuild Credit? Consider a Secured Loan
If you’re working on building or improving your credit, a Secured Loan might be a better fit. Unlike a Personal Line of Credit, a Secured Loan requires collateral—typically funds held in a savings account or share certificate.
Here’s how it helps:
- You borrow against your own savings, which remain untouched
- You make regular payments, building a positive credit history
- You may qualify for lower interest rates due to the reduced risk
Don’t have the money to put down, but you can make regular payments for a period of time? Try a Share Certificate Secured Loan (similar to a Certificate of Deposit or CD). We extend you terms for a set number of months, and as long as you make good, regular payments towards that certificate, you get it back at the end plus any accrued interest. The good payments are reported to the credit bureaus as well.
Secured Loans are a great steppingstone toward qualifying for unsecured credit products like our Personal Line of Credit in the future.
Final Thoughts
At Your Legacy FCU, we’re committed to helping you manage your money with confidence. Whether you’re looking for flexible access to funds or a way to build your financial foundation, we have options to support your journey.
Want to learn more or apply? Visit our loans page to apply, make an appointment with a loan officer, or stop by your local branch—we’re here to help.
*Variable Rate Notice:
The Personal Line of Credit is a variable rate loan tied to the prime rate, with adjustments made quarterly. What this means: your interest rate may change over time based on market conditions, up or down.
Disclaimer:
Loan approval, terms, and conditions are subject to creditworthiness and other eligibility criteria. Interest begins accruing immediately upon withdrawal of funds. Late and returned payment fees may apply. Your Legacy FCU reserves the right to modify rates and terms at any time. Please refer to our full loan disclosures or speak with a representative for complete details.
