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Line of Credit

Many financial experts advise saving for a rainy day.  A revolving line of credit can enhance a savings plan or provide contingency funds to partially or completely replace savings, just as a loan can. In fact, many people view a revolving line of credit as being equivalent to an installment loan. However, while there are similarities, an installment loan from LoanNow differs significantly from a revolving line of credit.

What Is a Line of Credit? 

A line of credit is a fixed amount of reserve funds provided by a bank or other lender to individual and commercial clients.  Customers may use some or all of the funds in a line of credit as they see fit. Available funds are reduced by the amount withdrawn; funds are replenished by making payments that include interest charges and administrative fees. Customers may retain a line of credit indefinitely – as long as their accounts remain current.  A line of credit may also be increased by request for customers who maintain good credit and a consistent history of on-time payments.

Line of CreditHome Equity Line of Credit (HELOC) 

A home equity line of credit (HELOC) is an available pool of funds drawn from the equity of borrowers’ homes. HELOCs were especially popular during the height of the housing bubble, when many homeowners were able to obtain large sums despite having made very few payments against their mortgages. HELOCs declined dramatically in popularity when the housing bubble burst, but never entirely disappeared.

Line of Credit versus Credit Cards 

A line of credit shares many features in common with credit card accounts. As a revolving form of credit, credit card holders are assigned a specific amount as a credit limit – just as with a line of credit.  Cardholders deplete their credit limits with purchases and cash advances and replenish them with monthly installment payments. Cardholders who maintain good payment records may also obtain credit limit increases, just as customers can obtain increases in a line of credit.

Line of Credit versus Installment Loans

Though many people view a line of credit and an installment loan as interchangeable, there are definite differences between the two. After a specified number of monthly installments, an installment loan balance is paid in full. As an installment lender, LoanNow provides loans rather than revolving lines of credit. However, once an initial loan is paid off – LoanNow customers are welcome to borrow again – often at a lower interest rate than their original loan. Now that’s what you call a real win-win!

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* Funds will be distributed via ACH. Most banks will post the funds to your account by the next business day. Subject to underwriting approval.

** Subject to online availability and underwriting may request additional items prior to final approval.

† Loan approvals are subject to underwriting criteria and the approval process may take longer if required items are not able to be verified online or additional items are requested.

‡ Funds will be distributed via ACH. Most banks will post the funds to your account by the next business day. One’s bank will determine when funds are actually available.

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