Line Of Credit
UnRevealed Secrets. Obtain over $250k in Cash Line of Credit Without Attaching Any of Your Personal Information, No SSN# No D.O.B! All in Less than 30days! Priceless info [K] [i] [n]
Manuel Charkchyan (Kindle Edition) Manuel Charkchyan 2008-12-03
Release date: 2008-12-03
Price:
$9.95
Answers
How come on a Personal line of credit loan you get charged an apr and a periodic finance charge? Why not just get a credit card then? I dont get it.. I know credit card rates are high now but most times you can find credit cards with lower rates then my line of credit. someone please tell me the positives of have a line of credit loan...
A "line of credit" is nothing more than a pre-negotiated, pre-approved loan. It has a maximum value you can draw. You have no charges until you actually USE some or all of the available funds. What you pay for this convenience is that there is no grace period as there is with a credit card and interest accrues immediately. Unlike a credit card, there is no "approval" process needed or required. You write a "check" against the line of credit and it is honored automatically since you are pre-approved. A line of credit is a fallback to other forms of loans. In essence, when someone calls your bank about your "check" they are informed by the bank that your check is equivalent to a certified check with the full backing of the bank behind it. What you are paying for with the interest and such is the convenience, pure and simple.
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Looking to apply for a 4k loan or line-of-credit (maybe even less than 4k, I might only need $500) is there any difference between a unsecured personal loan and line-of-credit?
I have a cosignor with good credit because I have fair credit. Are there any sites that compares the different companies or a site where people that have loans with companies share their experience?
I don't know about sites for shopping lenders, but I would be surprised if there weren't. As to the question of which, go for the LOC. It's like a renewable, reusable loan for however much you need - rather than a fixed amount one time.
What are the major differences in terms or payments, interest rates, etc.
A "loan" is a fixed amount of $$ that is delivered at the time the promise to pay is delivered to the lender. A "line of credit" an amount set aside in an account, in exchange for a promise to pay, that the borrower draws as he needs it. The advantage of the credit line is that the borrower doesn't have to pay interest on $$ until he needs it.
How come I can get a Personal Line of Credit for $25000 at 17%, but I can only get a $10000 Personal Loan?
I know that personal line of credit is revolving and personal loan is an installement.
I am looking at consolidating debt, so is a personal line of credit pretty much the same thing, just pay it off and close it off?
A personal line of credit OPERATES like a credit card. You draw against the account as needed an do not have a fixed monthly payment. Depending on your current balance, there is a MINIMUM payment and the interest rate is usually variable.
A personal loan operates like a car loan, you receive a fixed amount at one time and make fixed monthly payments over a fixed term.
17% is a LOUSY rate for either.
I would need 10 000$ to buy a used car. I have only 455$ credit card debt, my credit score is excellent. Can you tell me the advantages/disadvantages of a line of credit and a personal loan. I asked my bank adviser and he told me to take a personal loan, but why? I was a little bit skeptic.
Ryan is not quite correct. There are personal lines of credit that are not secured by collateral, but personal lines of credit only go to those with long, superlative credit histories.
The main difference between a line of credit and a personal loan is that the loan is a one time deal. You pay down the debt until it's gone and that's it. A line of credit doesn't necessarily mean that you have borrowed money. Money is available for you to borrow, up to the credit limit, and as soon as any of the principal is repaid, it becomes available to borrow again. Loans last for a fixed term and lines of credit can last for years. Most lines of credit ARE secured by one's home, and that's the main disadvantage of them. If you are undisciplined, you can get in trouble and lose your house. If you default on an auto loan, you'll lose the car. If you default on an unsecured personal loan, you can be sued and get a default judgement against you, but the creditor can't touch your house. Disadvantages of personal loans is that they usually have higher rates than lines of credit.
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At Last: Straight Talk about Online Payday Loans
There’s a lot of confusing talk about Online Payday Loans
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