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Welcome. July 30, 2010
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Personal Credit Line
Personal credit lines are offered in several forms, and may be secured (backed by collateral, such as your home) or unsecured (based solely on your credit and income). In a Revolving Line of Credit, you are allowed to withdraw funds at any time, up to a specified amount. Your monthly payments are based only on the amount that you have withdrawn. If you repay all that you borrow, the account remains open and you may withdraw funds whenever you need to. A revolving line of credit is very similar to a credit card, and may be unsecured or secured by collateral. Banks often offer personal credit lines as a form of overdraft protection. In a Home Equity line of credit, the equity in your home serves as collateral, which usually allows you to get your line of credit at a lower interest rate.
With a personal credit line, you can borrow any amount you wish at any time, so long as you do not exceed the preset credit limit established when your line of credit is approved. You will find that in many ways, using a personal credit line is similar to getting a cash advance using your credit card – only obtaining funds from a personal credit line is usually quite a bit cheaper than using your credit card at your local ATM.
When you work with American Unsecured, getting a personal credit line can be easier than you think! Our personal loan program is great for individuals who are searching for a loan option that does not require collateral or equity. In addition to our unsecured personal credit line programs, American Unsecured also offers traditional personal loans, small business loans, as well as payday loans.
Fill out a short application today! A professional loan consultant will evaluate your application and contact you with a no-obligation rate quote. Getting a personal credit line has never been easier!
