Line of Credit

There when you need it.

Whether you need to make emergency car repairs, cover bills while you are waiting for your paycheck, or just need a bit of extra cash, an SMCU Line of Credit (LOC) can be the right tool for you. Even if you don't think you need a line of credit now, having an LOC available when unexpected problems happen can make you glad you planned ahead.

 

Great Rates and No Origination Fees

The rates on SMCU Lines of Credit are among the best in the Seattle area, even if you have less-than-perfect results.

Because Seattle Metropolitan Credit Union is a not-for-profit financial cooperative, there are no origination fees and no annual fees to keep your credit line active. We also won't hit you with unexpected prepayment penalties when you are ready to pay off your balance.

When you need to borrow against your line, you'll feel better knowing that your credit union is only interested in making sure you get a great loan product at our best possible price.

 

Frequently Asked Questions

  • How often do I have to use my line to keep it open?

    Your LOC will remain open until you instruct us to close it or until you close your SMCU membership.

  • How long do I have to pay off any advances?

    If you pay only the minimum payment required each month, it will typically take you around four years to pay off your balance, assuming you don’t make additional advances.

  • Do I have to pay advances in full?

    No. You certainly can pay your advances in full, and you will pay less in interest if you do. However, if you carry a balance on your LOC from month-to-month, you will have minimum monthly payments of 2.75% of the outstanding balance or $25, whichever is greater.

  • How do I make advances (draw money) from my line of credit?

    You can make an advance directly into your SMCU checking or savings account through Online Banking.  You can call our Contact Center and request an advance.  If your LOC is connected to your SMCU checking account and you write a check for more than the balance in the checking account, your LOC will automatically advance enough money into your checking account to cover the check.

  • What is a line of credit (LOC)?

    A line of credit is a revolving loan, which means that you can make advances up to your credit limit minus any advances you still have outstanding. You can use a line of credit over and over without having to reapply.

 

Why choose a Line of Credit?

Manage Your Monthly Income

A Line of Credit can help manage your monthly expenses, especially when your income varies from month to month. It can be a great alternative to payday loans and help you avoid the high fees charged by some check-cashing companies.

 

 

Account Backup Service

You can attach you LOC to your SMCU checking account to act as an Account Backup Service. If a check tries to clear when you don't have sufficient funds in your account, the LOC will automatically transfer funds to cover it. You don't have to worry about moving funds and can avoid costly overdraft or returned check charges. If you back up your account with an LOC instead of a savings account you will not be charged the $5 Account Backup Service Fee.

 

Debt Protection

If you become ill or lose your job, monthly bills can pile up quickly. When you add SMCU's Debt Protection to your SMCU Line of Credit, you get peace of mind knowing that your payments are covered while you get back on your feet. You can finance the cost of coverage into your loan for just a few dollars each month.                                              Some conditions apply. Learn more.

 

 

Anytime Skip-A-Pay

SMCU's innovative Anytime Skip-A-Pay program allows you to skip up to two line of credit payments every twelve months with the payment of a small processing fee. Anytime Skip-A-Pay gives you the flexibility to deal with unforeseen expenses like home repairs or unusually large credit card bills without causing any damage to your credit score.  Some conditions apply. Learn More.

 

Have Questions? Let's Talk.

If you want to learn more about any of our products, services, or about becoming an SMCU member, stop by a branch, give us a call at (206) 398-5500 or toll-free at (800) 334-2489, or simply enter your email address below and we’ll contact you.

 

Apply Now. Get an Answer Fast.

Getting your loan at SMCU could not be more simple. There are three easy ways to apply:

 

Online

When you are ready to apply, head over to our online loan application to get started. Answer a few short questions, hit submit, and you’ll usually have an answer in just a few minutes.

Apply Now

Apply Now

By Phone

Call our specially-trained loan experts, who are happy to answer any questions you might have. They can take your application and get you a decision while you wait, in most cases. Call 855-575-9352 to get started.

In Person

Stop by any of our convenient branches to talk with our helpful, friendly branch representatives. They can help you figure out which loan is right for you and get you a decision fast.

DISCLOSURES

 

1 Conditions and restrictions apply. Click here for more details.

Rates

 

Auto Loans as low as*

 

1.49%APR

Certificates as high as

 

2.02%APY

Checking as high as*

 

6.14%APY

Credit Cards as low as**

 

7.49%APR