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Personal Line of Credit

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Apply for Line of Credit with Nation21

With the economy slowing down, it’s common for financial emergencies to sneak on you when you don’t have enough cash at hand. If you’ve ever been in a situation where you genuinely need some cash but there isn’t enough money in your account, you shouldn’t feel alone. The truth is most Americans haven’t saved sufficient cash for financial emergencies that may come up. The good thing is that there are multiple loan products that are designed to help you navigate a rough financial patch. One of the most attractive products is the line of credit which is preferred by both business owners and individuals alike.

To and individual, this loan can help you build a sufficient emergency fund that safeguards your financial future. If you are a business person, it is the perfect source of funds when you need it within a short time. Whatever your financial needs are, Nation 21 can help you get the perfect source of funds that ensures you won’t be worried about emergency expenses.

What are lines of credit?

This is a loan product which acts like a fixed amount reserve fund and it’s provided by both banks and non-conventional lending institutions. The service is available to commercial borrowers as well as individual borrowers. When you sign up, you are at liberty to utilize all the available funds or just a portion of the fund.

The funds available in your account are depleted as you make withdrawals and to top it up, you have to make payments on the spent amount. The payments cover both the principal, associated charges, and interests. As long as your account is current, you can hold and utilize your line of credit as long as you like. Customers who exhibit good payment history and credit scores can request to increase the funds available on their account.

Here are some qualification requirements for a line of credit with most lenders.

  • Verifiable and stable income
  • A government issued ID
  • A strong credit history
  • A good relationship with the lender in previous transactions can help

Credit cards and personal lines of credit

There are several similarities between credit cards and personal lines of credit. Credit cards are a form of revolving fund credit and customers are allocated a defined amount just like it happens with lines of credit. Normally, credit card holders spend their allocated funds by making purchases as well as requesting cash advances. To replenish, you have to make monthly payments which are usually done in installments.

When you maintain an impressive payment history as well as a good credit score, you can ask your credit card provider to raise the available funds in your account. This is similar to what happens with most lines of credit.

Benefits of lines of credit

Feature Benefit
Borrow larger sums of money. It helps you deal with huge ticket purchases
Interest rates are lower.You end up saving cash as opposed to alternative loans.
Get instant cash. You don’t have to wait until the financial situation gets out of hand.
No limitation on what you can spend it on.You have the liberty to spend the money as you wish.

Home equity lines of credit (HELOC) 

A HELOC is a defined pool of funds which is usually drawn from home equity. These loans rose to prominence just before the housing bubble came tumbling down. During this time, most homeowners were allowed to take huge sums of money despite the fact that they had made minimal payments towards the mortgages they held. Although there was a significant decline in the popularity of HELOC funds after the housing bubble, they didn’t vanish from the market.

While a normal loan will give you a one-off loan, a HELOC makes it possible to borrow multiple times while making payments each time. Basically, you are allowed to take the amount you need when you need it and you’ll only be charged interest on what you’ve borrowed.

In most cases, they start with a low-interest rate but the rates are adjustable according to the prevailing financial situation. As such, there are set benchmarks that determine how much you’ll be paying each month. There are many lenders who will freely let you set aside a certain fraction of your outstanding HELOC into a fixed loan but still have some amount available to do draw from when the need arises.

Need some credit? Nation 21 is here for you

If you need a source of funds that offer you continuous financial freedom, then lines of credit may be the best option you can take. At Nation 21, we are committed to helping people like you get the best loan that blends with your current financial situation.

Whether you’ve been shown the door by your bank, you still stand a chance to get a good line of credit. Basically, we don’t just look at your credit score to determine your creditworthiness.