Line of Credit
A personal money bucket for continuous access to working capital. With changes being a part of life, every business needs to be able to adjust and overcome. Particularly in times of expanding or on the contrary, cash flow issues. When you need cash and flexible terms for repaying borrowed funds, an unsecured line of credit can often be an ideal solution. (Typically requires a minimum of 675 credit)
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Line of Credit
A line of credit is a type of loan where you borrow money from a bank or financial institution. You pay back the amount borrowed plus interest over time. A line of credit may be secured or unsecured. Secured means that the lender requires collateral (something valuable) to secure the loan. Unsecured means that the borrower does not need to provide any collateral.
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Interest Rate
Interest rates are the fees charged by banks or lenders for borrowing money. Banks charge different interest rates depending on their risk tolerance. Lenders generally have a range of interest rates they offer borrowers.
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Payment Schedule
Payment schedules vary based on the type of product you qualify for. Some people prefer weekly payments while others prefer bi-weekly or monthly payments.
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Repayments
Repayments depend on how much you borrow and what kind of loan you take out, but generally, you make regular payments each month.
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Balance
Your balance is the total amount you owe on your loan. Your payment will cover the principal and interest owed.
