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A personal line of credit is a loan you can access when you need it. Rates vary among lenders. See 12 of the Best Personal Lines of Credit.
Personal loans are best for one-time, set expenses. Personal lines of credit are best for projects or purchases that require flexibility. Both options offer lower average rates than credit cards ...
Banks, credit unions and online lenders are top ways to borrow because of their competitive interest rates and quick applications. Lenders may offer both secured and unsecured options, but the ...
v. t. e. A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. A financial institution makes available an amount of credit to a business or consumer during a specified period of time.
Some banks charge a small monthly fee regardless of whether the line of credit is used. This form of overdraft protection is available to consumers who meet the creditworthiness criteria established by the bank for such accounts. Once the line of credit is established, the available credit may be visible as part of the customer's available balance.
1. Credit cards. People often choose credit cards over personal loans because of the payment flexibility they offer. You can use as much or little of your available credit as you want, versus ...
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