Personal Line of Credit
A Your Legacy Personal Line of Credit is a five-year, open-ended loan that allows you to withdraw funds as needed. These funds can be accessed via online banking or by visiting our lobby. The Line of Credit can be linked to your checking account to be used to cover overdrafts in increments of $50.
A Personal Line of Credit is an unsecured loan, and no collateral is required to secure it. There are no annual or monthly maintenance fees, but late and returned payments will be assessed. When funds are withdrawn, interest begins to accrue immediately. Only the outstanding balance is charged interest until the Line of Credit is paid off. Terms, conditions, and rates are determined by credit worthiness. This loan is a variable rate loan tied to prime with quarterly adjustments.
A Personal Line of Credit is ideal for meeting your temporary cash shortfalls or for long-term projects where the final costs are variable. You may draw up to 100% of your credit limit without restrictions, which allows you to spend the funds as long as the total amount spent does not exceed your approved credit limit.