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 line of credit
Ever find yourself a little over-extended? There are just some things that get away from you or come up unexpectedly and throw you off balance. A SunWest Personal Line of Credit gives you flexibility in your financial plan and helps you prepare even for those moments you can’t always see coming.
features you can appreciate
DIRECT DEPOSIT
overdraft protection
mobile banking
zelle + mobile wallet
you’ve got backup
A 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 locations, or use your Personal Line of Credit as Overdraft Protection for your checking.
rates coming in hot
At 15.50%, our Line of Credit rate is lower than most credit cards, giving you a budget-friendly, responsible credit option.
spin me right ‘round
Your revolving credit line is replenished with each payment, allowing you to draw funds whenever you need, however many times you need.
no collateral required
No strings attached with your Personal Line of Credit. This unsecured credit option doesn’t need the deed to your house or car title, just a signature.
low monthly payments
Unlike credit cards which base your minimum payment on the total balance, a LOC calculates it as 3% of the midpoint per $1,000 increment, so you pay it off faster, saving yourself interest.
stunning versatility
This little guy gives you the capability to do big things. The only limit is your imagination…and your actual credit limit, I suppose. Need some ideas?
Set it as Overdraft Protection to cover charges when you don’t have enough in your checking + avoid overdraft fees
Cover bills until your next paycheck hits
Use it for emergencies
Make a large purchase like a new laptop or replace broken dryer
+ whatever else that brain of yours can think up!
plan for potholes
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 the unexpected 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.
how do i access funds from my line of credit?
if i pay my balance in full is the line closed out?
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.
how do i calculate my minimum payment?
LOC 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 Personal LOC 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 LOC 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.
is it better for my credit to pay off my balance or minimum payment?
When using credit lines like a LOC or a credit card, a good rule of thumb is to avoid using more than 30% of your 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.
is there a grace period on interest for line of credits?
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.
