Current Promotional Rates:
For the first 6 Months
CURRENT VARIABLE RATE:
As of 12/01/20, subject to the floor rate of 5.25% APR
What is a PLOC?
A Personal Line of Credit works similarly to a credit card. You can use money from your credit line for whatever you need. As you use the funds, you will need to repay what you borrowed along with interest on the amount you borrowed. Interest rates tend to be lower than the interest rate of a credit card. This can make borrowing from a personal credit line a better choice for making big purchases. For example, if you need to pay contractors over a period of time for a home project, you can access the funds as you need them and pay the balance down as you go. It also can be helpful when you have a commission-based salary in Hawaii and have fluctuating income. Our Personal Line of Credit is unsecured, meaning you won’t have to provide collateral.
- Unsecured line with a 3-year draw period1 followed by a 4-year repayment period
- Line amounts range from $3,000 to $50,000 subject to qualification
- Monthly variable interest rate
- Accessible by check, PersonalExpressSM Visa® card, online or mobile via internal transfers, and in-branch
- Minimum payment of $30 or 2% of outstanding principal plus accrued interest during the draw period
- Monthly payment of fully amortized principal amount plus accrued interest during the repayment period
- Pay interest only on what you borrowed
- No collateral required
Not sure if a Personal Line of Credit or Personal Unsecured Loan is right for you?
Click here to take a quick questionnaire >
Your Visa® card will be mailed to you 7 - 10 business days after your funds have been approved.
After receiving your card in the mail, follow the card activation instructions. We recommend changing your PIN upon activation.
Use your card at locations that accept Visa® cards. You can also use your card at ATMs. When using an ATM, select "Credit Card" to advance funds from your Personal Line of Credit (PLOC) or Home Equity Line of Credit (HELOC) account.
The first replacement of a lost, stolen or damaged card is free; after that, a replacement card is $20.
After your banker confirms that your line has been opened, you can access it by check or card, in the branch, or through ASB Online Banking on any device including online, tablet or mobile phone.
Both a Personal Line of Credit and a Personal Unsecured Loan provide Hawaii residents with funds when they need them. They have similar requirements in order to qualify but, there are several key differences between the two options. A Personal Line of Credit and Personal Unsecured Loan are paid out differently. A Personal Line of Credit is a revolving credit line. This means you can take out funds as you need them, instead of all at once. On the other hand, Personal Unsecured Loans are paid in a lump sum once you are approved for the loan.
Another major difference between Personal Lines of Credit and Personal Unsecured Loans is the method of repayment. Personal Lines of Credit generally have a minimum monthly payment, but you will only be required to pay back on what you borrow. For Personal Unsecured Loans, you will have a set monthly payment with a fixed interest rate.
Loan application required. Offer is for creditworthy applicants who qualify for an American Savings Bank (ASB) Personal Line of Credit (PLOC).
- There are fees assessed annually during the 3-year draw period. A Document Prep Fee of $25 is assessed during the first year and a $25 Annual Fee during the second and third years.
* Annual Percentage Rate (APR) is 3.99% fixed for six months (months 1 through 6 introductory rate), from the date your new PLOC is opened. Introductory rate is based on borrower’s credit score and for approved applications received 12/01/2020 to 02/28/2021 that fund by 03/31/2021. Introductory rates are subject to change or discontinuance without prior notice. Bank reserves the right to not apply introductory rate to anyone receiving it previously. After the Introductory Rate ends, the interest rate is variable. Current variable rate effective 12/01/2020 is 7.00% APR, and is subject to change monthly based on the highest Prime Rate published in the Wall Street Journal, plus a margin (subject to the floor rate of 5.25%; maximum APR is 18.00%). There is a one-time $25 Document Preparation Fee and a $25 Annual Fee during the Draw Period. Offer is subject to submission of PLOC application, credit history, income verification, and ASB’s underwriting policy. Rates are subject to change at any time without prior notice.