A Personal Line of Credit from SunWest Credit Union gives you flexibility in your financial plan and helps you prepare for those moments you can’t always see coming.
A Personal Line of Credit with SunWest Credit Union gives your budget breathing room with quick access to funds.
Transfer money online to your checking account and make purchases with your debit card, make a cash withdrawal at one of our Arizona locations, or use your personal line of credit as overdraft protection for your checking.
Imagine riding your bike down a road littered with potholes, loose gravel flying at you, asphalt melting in the Arizona sun. You could be Lance Armstrong and still hit one of these obstacles, slowing your progress and bucking you off your bike. A SunWest Personal Line of Credit is like having top-of-the-line protective gear that helps you avoid major financial road rash.
Don’t let unexpected expenses knock you off your path to financial wellness. Apply today for a personal line of credit to secure your back-up plan and keep pedaling towards financial freedom.
Log into your online account and transfer funds directly from your line of credit to your checking account and use your debit card to make purchases or to withdraw cash from an ATM.
Personal loan: Given as a lump sum of money upfront and requires fixed minimum payments every month throughout the loan term.
Personal line of credit: Withdraw cash as needed at any point and pay it back on your own timeline with a variable interest rate and only pay interest on the amount you owe.
Nope! Your personal line of credit is a revolving line which means that when you pay your balance off, your line still remains available until you request us to close it.
Line of credit payments are similar to credit card payments in that it’s a percentage of the balance. However, unlike credit cards, the minimum payment on your line of credit is calculated as 3% of the midpoint of the $1,000 increment. This gives you a low monthly payment that fits comfortably in your budget, but allots more toward the principal balance, paying your personal line of credit off quicker and saving you interest. We know that sounds complicated, so here’s how to determine your payment in 2 easy steps.
1. Determine the midpoint of your $1,000 increment balance range. Example: Your limit is $5,000. Your $1,000 increment range is $4,000 - $5,000. Your midpoint is $4,500.
2. Now, take your midpoint and multiply it by 3% to determine your payment amount.Example: Your midpoint is $4,500. 4,500 x .03 (3%) = 135. Your minimum payment is $135.
When using credit lines like a personal line of credit or a credit card, a good rule of thumb is to avoid using more than 30% of your approved credit limit. You don’t have to carry a balance on your credit lines to have good credit history, and paying them off in full will save you a lot of interest.
Unlike credit cards, each time you pull funds from your line of credit, it’s considered an advance, and there is no grace period between billing statements. Interest will begin to accrue on the transaction date.
*APR = Annual Percentage Rate.
On approved credit. Certain terms, restrictions and conditions apply. Approval based on, but not limited to, an evaluation of applicant credit qualifications. Rate subject to change without notice. Offer does not apply to existing loans financed through SunWest Federal Credit Union. Loan cannot be used for post-secondary education. SunWest reserves the right to modify or discontinue this promotion at any time. Contact us at 602.866.1100 for more details.
