Personal Unsecured Lines of Credit
At First Horizon Bank, our expert team offers an open line of credit that gives you peace of mind when accessing your funds. Our unsecured personal line of credit aims to give you peace of mind, regardless of your financial situation. Explore your options that vary depending on your expenses, and borrow with us for a convenient solution that works for your future.
What's an unsecured personal line of credit?
An unsecured personal line of credit is an open-ended loan that a borrower can access at any time.
Loan Amount
- Minimum: $15,000
Terms and Repayment
- Draw Period: 24 months
- Repayment Period: 60 months
- Line of Credit Repayment:
- Draw Period: monthly interest payments of accrued finance charges or $50, whichever is greater during the draw period.
- Repayment Period: equal monthly payments to fully amortize the outstanding balance based on variable rate.
Asset Requirements
- $15,000 - $24,999 line: 6 months in asset reserves of the qualifying payment
- $25,000 - $50,000 line: 12 months in asset reserves of the qualifying payment
- > $50,000 line: 1x loan amount in asset reserves
Asset reserves may include checking accounts, savings accounts, certificates of deposit, retirement accounts and IRAs and must be held at First Horizon Bank.
Variable rate qualifying payment: qualify based on an amortized payment using the full line amount over 60 months at the current note rate + 2%
Fees
- Fees may apply
Personal Unsecured Line of Credit FAQs
What is an unsecured personal line of credit?
How does an open line of credit differ from a traditional loan?
Unlike a traditional loan, which provides a lump sum of money that you repay over time, an open line of credit gives you the flexibility to borrow funds as needed, up to your approved credit limit. You only pay interest on the amount you use, not the entire credit line.
What can I use an unsecured personal line of credit for?
An unsecured personal line of credit can be used for various purposes, such as covering unexpected expenses, home improvements, debt consolidation or major purchases. It offers the versatility to manage both planned and unplanned financial needs.
What are the eligibility requirements for an unsecured personal line of credit?
Eligibility for an unsecured personal line of credit typically depends on your credit score, income, and overall financial health. At First Horizon, we evaluate each application individually to provide you with the best possible terms.
