Lines of Credit

Sometimes you need to stay flexible. Lines of credit can help.

A line of credit is a simple financing tool built around flexibility. Instead of giving you a lump sum of money to spend, it keeps money available for you to draw on whenever you need it. It’s perfect for projects and purchases where costs can be unpredictable. As long as you don’t go over your limit, the money will be there to pay for whatever you need.

Did we mention flexibility? Lines of credit allow you to be more flexible in your personal finances and give you more flexible repayment terms.

As long as you are comfortable with potential interest rate fluctuations, lines of credit can give you just what you need to fund home improvement projects, new furniture or technology. They can also help you prepare for the unexpected, including being able to take advantage of good opportunities when they come up.

If you’re not comfortable with interest rate changes or don’t think you’ll be disciplined about paying down debt, you might consider a fixed personal loan instead.

Four different types of lines of credit are available:

  • Home Equity Line of Credit
    This line of credit is secured by the equity you have in your home. It typically carries a low interest rate and offers the added flexibility of giving you periods when you pay interest only and other periods when you pay principal and interest together.




  • Secured Line of Credit
    If you have a Pinnacle CD or savings account, you can use that as collateral for a line of credit to get a lower interest rate. That way you can keep earning interest on your savings – without having to spend it or pay early withdrawal penalties. Here are the types of accounts you can use as collateral:
    • CDs, savings, checking or money market accounts
    • Mutual funds
    • Stock (NASDAQ, NYSE, AMEX)
    • Government and other bonds
    • Brokerage accounts
    • Cash value of a whole life insurance policy




  • Unsecured Line of Credit
    You don’t need to use your home or other assets to borrow money. You can use your line of credit all at once or a little at a time. You also have the flexibility to borrow different amounts at different times, and your monthly payment may vary.




  • Overdraft Line of Credit
    When tied to your checking account, the line of credit can save you from the fees and embarrassment of coming up short.




If one of these sounds like the right fit for you, apply using the links above. We accept online applications from residents of Tennessee, North Carolina, South Carolina and Virginia.

You can also stop by one of our offices and talk to one of our financial advisors. They can walk you through it and let you know quickly if it’s been approved.