Want More Money? Get A Line Of Credit!
Investopedia defines a line of credit as a loan in which a bank or credit union establishes a maximum loan balance that it will permit you to borrow. You will be able to withdraw money from the line of credit at any time, as long as you do not exceed the maximum amount that had been established in the agreement. So how do you know if a personal line of credit is right for you? Let’s dive in.
As previously stated, a personal line of credit is an unsecured, revolving line of credit in which monthly payments are based upon only the outstanding amount. Since lines of credit are unsecured loans, no collateral is necessary. When it comes to borrowing money, there are many choices available, but there are certain situations in which a personal line of credit could be beneficial.
When A Personal Line Of Credit Can Be Useful
- According to Forbes, a personal line of credit would be useful to a person who wishes to have a specified amount of money available whenever he or she needs it. This is much easier than applying for a personal loan every time money is needed, paying it off, and continuing the cycle.
- Personal credit lines are not intended to be used to fund a one-time purchase such as a home, car, motorcycle, boat, etc. Launch CU has mortgages, auto loans, and boat loans, for that. Forbes advises that individual lines of credit are intended to help cover income and expenses, and to finance projects in which upfront money is necessary.
- A personal line of credit may be a great option for you if you have a career in which your income is unpredictable, such as a career in which your income in based upon commission. A line of credit may be able to offer you lower interest rates and more flexible repayment schedules than other loan types.
- Lines of credit can also be a good option to help someone fund estimated quarterly tax payments.
- A personal line of credit is useful in situations where repeated cash outlays are necessary, but the amounts of these cash outlays are not known upfront.
- Personal lines of credit can also be beneficial for large cash deposits, such as for a wedding venue down payment.
Benefits of a Launch CU Personal Line Of Credit
- Only pay interest on what you have borrowed, not the entire amount of the loan limit
- Quick access to funds
- Ability to only tap into the funds when you need them
- Ability to tap into your line of credit without having to apply for new loans over and over
- No collateral required
- Simple interest
- Low rates
- Payroll deduction available
- No application fee
If a personal line of credit sounds like it would be a good match for you, fill out an application online. Applying online for your personal line of credit is easy, quick, and secure. If you feel as though a personal line of credit is not for you, Launch CU also offers signature loans, savings secured loans, and credit cards, all with great low rates and flexible terms. If you live, work, or worship in Brevard or Volusia counties you are eligible! To apply for your loan online today, click here. All are great options for money right at your fingertips!
© Copyright 2015 Launch Credit Union. All Rights Reserved