Student Loans
Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
Flex Line of Credit
Instant, Ongoing Funds Whenever You Choose
Because life happens, and when it does, your Flex Line of Credit will help you make ends meet.
What is a Flex Line of Credit?
It’s a loan approved for a predetermined amount, or credit limit. You decide how much you’d like to use and for what. You can use it all, or part of it, anytime you want without having to reapply, all with no annual fees or cash advance fees. By repaying what you borrow on your line of credit, that amount becomes available for you to use again, making it a great funding option for whatever life throws your way.
A smart, personal, and flexible solution
Consolidate or Pay Off Debt
Use your Flex Line of Credit to help you find relief from credit card balances and other high-interest debt. You can use the funds to pay off a variety of bills and help manage payments at a competitive rate.
Make Home Improvements
Your Flex Line of Credit can be a great option to use if you want to remodel your house or fix issues around the home.
Cover Emergency Expenses
When the unexpected happens, having easy access to your Flex Line of Credit makes it a great option to have in your back pocket.
Take Vacations
We all need to relax once in a while. Use your Flex Line of Credit to fund your next dream getaway.
Flex Line of Credit at a Glance
| Minimum Line Amount | $1,000 |
| Maximum Line Amount | $10,000 |
| Minimum Draw Amount | $500 |
| Collateral | None |
| Rate | Variable rate, based upon Wall Street Journal Prime Rate* |
| Prepayment | No prepayment penalty |
| Draw Period | 5 years |
| Access | Easily withdraw funds anytime with GLCU Online & Mobile Banking. Transfer funds directly into your checking or savings account. |
| Annual Fee | None |
Flex Line of Credit
Effective Date: Wednesday, December 11, 2024
| Loan Amount | APR* as low as | |
|---|---|---|
| $1000 -10,000 | 14.24% | Get Started |
*The Annual Percentage Rate (APR) is variable and is based upon an index plus a margin. The APR will vary with Prime Rate (the index) as published in the Wall Street Journal. Loan limits are between $1000 and $10,000. Subject to underwriting approval. The initial rate will remain in effect until the first rate change date as described. The subsequent APR is a variable rate based on the highest Prime Rate as listed in the Money Rates Section of the Wall Street Journal on the first business day of the month, which was 7.75% on 11/08/2024.
FAQ's
You can apply online via the buttons above, in-person by visiting one of our branch locations, or by calling our Member Contact Center at (847) 578-7000.
You can access your Flex Line of Credit yourself by making a transfer to your GLCU checking account using Online or Mobile Banking. You can also call us at (847) 578-7000 or visit a branch.
The Flex Line of Credit has variable rates, so the rate may vary monthly based on the prime rate.
To request a credit limit increase, visit a branchor call our Member Contact Center at (847) 578-7000 (Mon-Fri, 8:30am-6pm, Sat 9am to 2:00pm).
The prime rate is the interest rate banks and credit unions offer their most creditworthy customers and is largely determined by the federal funds rate. The most used prime rate is the one published daily in the Wall Street Journal.
If the rate is fixed, it stays the same for the entire length of the loan. A variable rate is subject to change based on the prime rate.