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
