A personal line of credit gives you the freedom of borrowing and repaying money more flexibly than a traditional loan.
Access your funds conveniently up to the available credit limit, and pay interest only on the amount you use.
A personal line of credit is a simple alternative to a classic loan. You may borrow as much or as little as you need within the approved line of credit limit. This gives you unparalleled flexibility and control in financing your expenses, and you only pay interest on the amount you actually use.
It takes only a few minutes to fill out an application for a line of credit online. All you have to do is decide on a credit amount and provide some basic information. There is not tedious paperwork involved. It wouldn’t take you longer than the application for a fast cash loan.
When you apply for a personal line of credit online through OnlineLoansYouNeed, you will receive an instant loan decision. Final approval usually takes a few hours. Your funds will generally be deposited on your bank account within one business day.
With an online line of credit, you are in control. You decide how much of the funds to use, up to your maximum credit limit. If you do not borrow against the full amount for which you were approved, you pay interest on the money you use only. Make payments according to a flexible schedule.
Principle all paid off? You can borrow more if it is necessary. You do not need to submit another loan application. Your credit line will be active for up to 24 months.
If you get your line of credit paid off early, you will not be charged additional fees. Multiple repayment options are offered so that there is a flexible solution for every customer.
Many of lenders are willing to open online lines of credit for applicants with bad credit. They perform alternative credit checks instead of traditional ones. These soft checks do not damage your credit score.
In order to apply for an online line of credit to finance your exppenses, you must meet the following requirements:
While personal lines of credit are available in most states, residents of some may not be eligible. There are different laws and regulations in each state that dictate the legal status of each type of loan. Find out whether you can get an instant line of credit in your state.
Before applying for instant online lines of credit loans, you should consider some safety warnings. Only borrow the money you can afford to pay back and be aware of websites which “guarantee” approval or make other unrealistic promises. Also, watch out for debt collection scams.
OnlineLoansYouNeed doesn’t charge any fees for submitting an online application. However, using a personal line of credit online involves different fees and charges which may or may not apply to you based on your specific situation. These include:
For your convenience, online direct lenders may offer several easy repayment methods, including making a one-time or set up recurring payments online, setting up automatic payments from your checking or savings account, pay in person at the office, make payments by phone or even mail your payments. Each lender sets its own terms for repayment, and the details may vary slightly. Overdraft protection may be offered with some of credit lines.
One of the benefits of online lines of credit is that there are never any penalties for prepayment. You are very welcome to pay your loan off at any time or pay more than the amount due, whenever you can. Making payments early will reduce the overall interest you pay over the term of your credit line.
We work with a vast network of reputable online direct lenders to bring you competitive offers and good loan products. Our online application process is fast and easy. The money is funded on the next business day. Fill out the form and find out instantly whether you qualify, and what is the amount of your credit limit. We respect your privacy and share your information with our network of direct lenders only, never with any other third parties, so you are in complete security with us.
Customer experience is our top priority. If you have questions, uncertainties or need help at any point, our friendly support agents are standing by.
With an installment loan, you have to submit separate applications every time you need money. A personal line of credit requires only a single application, and then you can always withdraw funds up to your available credit limit. The two are also different with respect to repayment schedules. Unlike installment loans, lines of credit usually don't have fixed payments or deadlines.
All types of debt carry some degree of risk. With an online line of credit, the rates can change from month to month. The fact that lenders charge a variable interest rate may confuse some borrowers. The rate is calculated based on a benchmark rate plus a constant margin, and the actual amount you end up paying can range from 7% to 25%. Therefore, if you're unlucky and the rate happens to rise sharply, your monthly payment could be unaffordable. Use overdraft protection option if you want to protect yourself from overdraft fees.
A secured line of credit is guaranteed by some sort of collateral such as a home or a car, whereas an unsecured line of credit is merely based on the promise to pay the money back. The approval process for an unsecured line is faster. However, the credit limit for a secured line tends to be higher, and the interest rates are usually lower.
A credit limit refers to the maximum balance you're allowed to have on your account at any given time. In other words, it determines how much money you're able to withdraw from your credit line. You can borrow against your credit limit as long as you don't go over the available limit.
In order to keep your personal line of credit open, you have to make timely payments of a minimum amount each billing cycle. This amount is usually calculated as a percentage of your balance at the end of the billing cycle and varies depending on lender.
Yes. It's always possible to pay more than the minimum amount or repay the full amount at once. In fact, this can help you avoid high interests. Interest starts to accrue as soon as you borrow money from your line of credit. If you want to pay less in interest, you can choose to make repayments as quickly as possible.
All payday loans are subject to state regulations, approval by the lender, and eligibility. The APR for a cash advance loan is contingent on a variety of factors including location, lender, the amount borrowed, fees, and terms. A single short-term cash advance term ranges from two to four weeks, and must not be used as a long-term financial solution. Accounts which are not paid in full or on time may be sent to collections. This may have a negative effect on credit score and overall financial status. Loan rollover leads to extra fees and charges. Consumers with delinquent accounts or insufficient funds may incur other fines and penalties as well. Customers with credit difficulties should seek consumer credit counseling.
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OnlineLoansYouNeed is not a lender and therefore is not part of any decision making associated with lending or offering loans.We are an online service that connects borrowers and lenders. We do not charge any fees for this service. The user has the right to review the terms and condition before accepting any loan product or service offered. OnlineLoansYouNeed does not endorse any particular lender. We don’t store or access information about fees and charges associated with any loan offers. Not all states allow short-term loans, so the potential borrower needs to check that information. OnlineLoansYouNeed cannot guarantee that a user of our website will be approved for any loan product, nor can we ensure that you will be connected with a lender, or if they will provide you with a loan as per your online form request. Loan products can vary in their terms and conditions and can depend on numerous factors. These may include but not be limited to your state of residence and your credit standing as well as the terms applied by individual lenders.