Line of Credit
The Police Credit Union has two (2) main types of line-of-credit commonly called “LOC” to meet members’ needs, namely those secured by members’ savings and those which are unsecured. Members can enjoy advances and repay in a virtually neverending revolving cycle.
The Secured LOC currently has the added advantage of a higher limit and a lower rate of interest over the Unsecured LOC. Both Lines-of-Credit provide the convenience of requiring only one approved application for a specific maximum limit except when a member submits an application to review that limit.
This popular type of loan allow members the flexibility of managing their spending pattern because they do not have to request or use all of the funds at once within their limit.