Line of Credit (LOC)
A LOC is a great mix of a Personal Loan and a Credit Card, it allows you an open ended line with access to cash when you need it.
Personal Line of Credit benefits:
- Pre-Approved Credit Limit
- Helps protect against share draft overdrafts and can reduce overdraft fees *
- Consolidate debts to avoid paying higher interest rates
- Variable Rate*, rates go down so does your rate!
- Life and Disability Insurance coverage available at low cost +
- No annual fee
|Line of Credit||APR*|
|Today’s As Low As Rate||7.50*% APR|
|Variable Rate||Variable Rate + Prime + 4%|
This will provide you with an open-ended variable rate line of credit of a limit of $500.00 to $20,000.00 based on your creditworthiness.
This product has many uses, for example a “safety net” in case of an emergency, or a place they can have quick cash if needed.
Need $400.00 for your PSEG bill that you forgot to pay, quickly transfer the funds from the LOC to your checking account and make the payment!
Their mortgage payment cleared before their paycheck was deposited, their LOC will transfer the funds into your checking account to clear the mortgage payment with a nominal fee.
View our Fee Schedule. If you make the transfer, there is no overdraft transfer fee.
You will be able to easily transfer from your LOC online through our app, audio system or at a teller. The LOC will be used as a form of overdraft protection as well. Learn about our other Overdraft options.
Apply for a Line of Credit
 A Personal Line of Credit must be linked to a NY TEAM Federal Credit Union checking account.  A Line of Credit Transfer Fee will be charged when funds are transferred by NY TEAM, whether by a automated transfer, to your linked checking account to cover an overdraft. A fee is not charged when you initiate a transfer to your linked checking account. Refer to the Fee Schedule for fee amounts.  In certain situations, you may still incur a Courtesy Pay Fee or NSF Fee. For example, if your credit limit has been exhausted on your Line of Credit, a transaction may cause a Courtesy Pay Fee or NSF Fee to be charged. Additionally, if you have available credit on your Line of Credit but the available funds are not sufficient to cover the transaction, you may be charged both a Line of Credit Transfer Fee and a Courtesy Pay Fee in order to cover the transaction; if you do not have Courtesy Pay, the transaction will be returned and you would be charged a NSF Fee. Refer to the Fee Schedule for fee amounts.  Disability and Life Insurance products are available independently of credit, are not a condition of credit, are provided by a third party partner and not insured by NCUA. There are eligibility requirements, conditions and exclusions that could prevent you from receiving Life or Disability Insurance. See the contract for a full explanation of the terms and conditions of the program. If a member is joint on your account they must be joint on the Line of Credit