Personal Line of Credit

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Account Details

Products

• Relationship Personal Line of Credit
  • Minimum Annual Percentage Rate: As low as 9.00% APR* as of 7/27/23, priced as low as prime rate +0.50% with discount applied
  • Maximum Annual Percentage Rate: 21.00% APR*
• Personal Line of Credit
  • Minimum Annual Percentage Rate: As low as 11.50% APR* as of 5/4/23, priced as low as prime rate +3.00%
  • Maximum Annual Percentage Rate: 21.00% APR*

Key Features

• Available in amounts of $15,000 to $150,000*
• Flexibility to draw on line of credit as needed
• No annual or origination fees

Pricing & Repayment

• Monthly interest only payments*
• No set line maturity*

Qualifications

• Eligible Seattle Bank checking account¹
• Verification of income and liquidity requirements, plus credit score
• Additional underwriting standards apply

To receive the 2.50% Relationship Rate Discount, all three conditions below must be met:

• Required eligible account¹
• Direct deposit² ($500/monthly minimum)
• Autopay activated by Seattle Bank

What is a Personal Line of Credit?

A personal line of credit, or as we like to call it - a PLOC - is a reserve amount of cash from which you can borrow (up to your limit) for a certain amount of time. Similar to a credit card, you draw the amount you need from the available balance, and you only pay interest on that amount.

What is the difference between a personal loan and a personal line of credit?

A typical personal loan has a fixed amount, term, and interest rate. 

A personal line of credit offers you the flexibility to draw on a line of credit as needed up to a limit, without having to take the full amount. You only pay interest on the funds you use.

Why choose a PLOC?

• The PLOC delivers an easy way for people to access cash at a low interest rate for larger expenditures they want to cover in the near term. People often use PLOCs to fund projects with variable costs (such as home projects or travel) or one-time expenses (such as taxes or tuition).
• Money from a PLOC can be used for similar things that a home equity line of credit would fund, yet a PLOC is often easier and less costly to obtain.
• A PLOC may be helpful for self-employed people whose income fluctuates during the year, as it can address cash flow needs while awaiting bonus or commission payments or proceeds from a sale.
• PLOCs tend to have much lower annual percentage rates than credit cards.

How quickly will my PLOC application be reviewed?

Typically, you should receive a response to your application for a Seattle Bank Personal Line of Credit within two business days.

What do I need to get a PLOC?

We try to make it simple because your life is busy.

• Seattle Bank Digital Direct Checking or Private Concierge Checking Account required for funds
• Verification of income and liquidity requirements
• Completed credit application
• Additional underwriting standards apply

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*Rates quoted are effective as of 7/27/23, are based on the Relationship Discount of 2.50% and are subject to change. APR may vary after the account is opened. All loans are subject to credit approval and underwriting standards. Individual rate, terms and conditions are subject to change and may vary based on creditworthiness, qualifications and discounts. To obtain the Relationship Discount, all three conditions must be met: (1) Required eligible account¹ (2) Direct deposit² (3) Autopay activated by Seattle Bank. Interest only payments will not pay off loan or reduce principal. Refer to account disclosures for additional terms and conditions.
¹Required eligible account: Seattle Bank Private Concierge ($100,000 min. relationship balance needed to waive monthly service fee) or Digital Direct ($25,000 min. account balance needed to waive monthly service fee) checking account. Refer to individual account disclosures for rates, fees, terms, and conditions.
²Monthly direct deposit of at least $500 into an eligible checking account.