A CreditLine, also known as a line of credit, is a loan that allows you to borrow money and pay it back repeatedly, without having to apply for a new loan each time. It is a convenient source of funds for unexpected bills like car repairs and medical emergencies, can be used as overdraft protection, and is handy if you need to write a check or use cash instead of using a credit card.
Funds in a CreditLine can be transferred to any SLFCU account through online banking or our automated phone system and will be available for use right away.
SHARE CERTIFICATE CREDITLINES
This type of CreditLine is a great option if you have a certificate you don’t plan to access anytime soon. You still earn dividends while borrowing against the balance of the certificate. These CreditLines don’t require a credit check, making them a good way for young adults to build credit.
If you don’t have money in savings to use as collateral. You can apply for credit based on your income, credit history, and good standing with the Credit Union.
SLFCU Share Certificate and Signature CreditLines have no annual fee, and you pay interest only on the money you owe.
Learn more or apply for a CreditLine, or call 505.293.0500 or 800.947.5328.
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