A line of credit (LOC) is an ideal solution for members who are searching for revolving credit that offer much lower rates than credit cards. With your LOC, interest is only charged on the amount use. At Heritage Savings and Credit Union Inc., we offer three types of LOC, ensuring we have the best fit for you.

An unsecured line of credit is a simple loan that doesn’t require collateral security.

An unsecured line of credit with Heritage Savings is a great tool to manage your financial needs and goals. Choosing an unsecured line of credit, you aren’t required to use the equity in your home or your vehicle as security.

A line of credit can give you purchasing power, while allowing you to manage your debt responsibly and enjoy many benefits:

Available amounts up to $30,000
Interest applied only to the amount you used, calculated on the daily closing balance
Flexible repayment to match your cash flow with a minimum interest payment required
Convenient, revolving credit as your balance is paid down.

A secured line of credit uses collateral, such as a vehicle or boat, as security, allowing your line of credit to secure a lower interest rate than an unsecured line of credit.

Our secured line of credit benefits you using collateral you own to secure your line of credit, allowing you to access a preferred interest rate.

If you make a number of smaller payments each month – to credit cards or a retail outlet, a line of credit can help consolidate your debts and give you one easy payment, simplifying your financial life. A secured line of credit with Heritage Savings offers many benefits, such as:

A preferred interest rate
Credit limits up to $50,000
Interest applied only to the amount you used, calculated on the daily closing balance
Flexible repayment to match your cash flow with a minimum interest payment required
Convenient, revolving credit as your balance is paid down.

Our secured line of credits can be protected with Monthly Premium Credit Life Insurance, protecting your family and your estate. Contact Heritage Savings for details.

A home equity line of credit allows you to use the equity in your home to secure your lending, succeeding in lowering your interest rate – making this our most affordable line of credit.

If you’ve built up equity in your home, put that equity to work for you. A home equity line of credit is a fully secured line of credit, borrowing against what you already own at preferred interest rates.

Whether you want to complete home renovations, consolidate your debt, plan a wedding, purchase a car or boat, or help with your childrens’ education, a home equity line of credit can be your solution. With a home equity line of credit you benefit from:

Preferred, variable interest rate tied to the Prime rate.
Limits of up to 80% of the appraised value of your home
Interest applied only to the amount you used, calculated on the daily closing balance
Flexible repayment to match your cash flow with a minimum interest payment required
Convenient, revolving credit as your balance is paid down.

Our home equity line of credits can be protected with Monthly Premium Credit Life Insurance, protecting your family and your estate. Contact Heritage Savings for details.