Line of Credit

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How does a Line of Credit work?

There are many options when it comes time to borrowing money. A Borrower can go to a bank for a traditional loan, turn to payday loan lenders like, or borrow money from friends or family.  Finding the best personal loan from a bank or an online payday loan lender like are excellent options. A line of credit for an individual is a credit extended by a financial institution that enables the approved customer to draw on the approved amount when the customer needs funds.

A line of credit is in a fact a source of fund that can readily be drawn at the borrower’s discretion. Interest is paid only on money actually withdrawn. Lines of credit can be both secured by collateral or may be unsecured.

Lines of credit are often offered by financial institutions and other licensed consumer lenders to creditworthy customers, much like payday loan lender to address fluctuating cash flow needs of the customer.

To sum up, lines of credit is beneficial in situations where there will be repeated cash payouts, but the amounts may not be known upfront.

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