Line of Credit (LOC)
A Line of Credit (LOC) is a powerful financial tool that combines the benefits of a Personal Loan and a Credit Card. With an LOC, you’ll have access to cash whenever you need it, thanks to an open-ended line of credit that’s always available. This convenient option is perfect for those who need flexible and reliable funding without the hassle of traditional loan applications.
Personal Line of Credit benefits:
Are you looking for financial flexibility and protection against overdrafts? A Personal Line of Credit could be the solution for you! Enjoy a pre-approved credit limit, the ability to consolidate debts and potentially reduce interest rates, and the option for affordable life and disability insurance coverage. Plus, there’s no annual fee. And with variable rates, if they go down, so does your rate!
- 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|
|Variable Rate||Variable Rate + Prime + 4%|
Based on your creditworthiness, you can receive an open-ended variable rate line of credit with a limit of $500.00 to $20,000.00. This product has various uses, such as providing a safety net for emergencies or a quick source of cash when required. If you need $400.00 to pay your PSEG bill that you forgot to pay, you can transfer the funds quickly from the LOC to your checking account and make the payment! In case your mortgage payment clears before your paycheck is deposited, you can transfer the funds from your LOC to your checking account to clear the mortgage payment with a nominal 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