ANAHEIM HILLS, Calif.–Credit Union of Southern California (CU SoCal) said it is now offering a low first-year 1.77% APR on its home equity line of credit (HELC).
The promotion, which runs through Oct. 1, encourages members to use the funds to renovate their home, consolidate debt, or pay off large ticket items such as college tuition or medical bills.
This promotion will apply only to new HELOCs at CU SoCal, but it can be used to refinance HELOCs from other lenders, CU SoCal said.
The product offers loan amounts up to 80% of their home’s combined loan-to-value, with a maximum line of $250,000. The credit union said the application process is streamlined and funds are easily accessible via mobile or online banking.
‘High Demand’
“Personal loans are in high demand right now, and for some Members, a HELOC serves the same purpose because funds can be used for anything,” said President/CEO Dave Gunderson. “For those who are still recovering financially from the pandemic, our HELOC campaign provides an affordable source of credit that’s easy to access through our Digital Banking platform.”
Additional details can be found here.