Personal Line of Credit

Unlike a traditional loan where you receive a lump sum and the loan is closed once paid in full, a personal line of credit gives you the flexibility to borrow and repay over and over again. It works like a revolving credit account, letting you withdraw funds as needed up to your approved limit.

Royal's personal line of credit offers several advantages:

• No collateral needed
• Easily access funds online, in the mobile app, by phone, or at an office
• Withdraw only the funds you need with no minimum withdrawal
• Can use as a draw source for your Royal checking account to help prevent overdraft fees
• Make payments on only the amount used, not the full credit line amount

Royal Credit Union makes it easy to access your funds in multiple ways. You can easily access funds online, in the mobile app, by phone, or at an office. This gives you the flexibility to draw on your line of credit whenever and however it's most convenient for you.

You make payments on only the amount you're using. This means if you have a $5,000 credit line but have only drawn $1,000, your payment and accrued interest is based on the $1,000 you borrowed. As you repay the balance, those funds become available to borrow again, giving you ongoing access to credit.

A personal line of credit is a revolving credit account, meaning you can borrow and repay over and over and withdraw only the funds you need. A personal loan provides a one-time lump sum of funds with a fixed repayment schedule. A line of credit is ideal when you want flexible, ongoing access to funds, while a personal loan works well for a specific one-time expense.