Instant Line of Credit
You’ve heard the saying, “Hope for the best, plan for the worst.” It’s good advice, especially when it comes to finances.
What if you could put a plan in place to prepare for financial emergencies? Building an emergency fund is the best option, of course, but what if you don’t have much in savings? Consider an instant Line of Credit!
Let’s dive deeper into what lines of credit are, how they work, and why they might be a good option for you.
What is an instant Line of Credit?
An instant Line of Credit is a revolving credit line you have immediate access to. It’s similar to a credit card because it’s an open-ended personal loan with a set borrowing limit. You can either repay the full borrowed amount at one time or make smaller payments over time. Either way, you only pay interest on the money you actually borrow, not the full credit line amount.
Whether you need the money immediately or at a later time, you don’t have to draw from your Line of Credit until you need to. The big advantage of having a Line of Credit is knowing you have access to funds if an emergency occurs.
Secured vs. unsecured line of credit
There are two types of lines of credit to know about: secured and unsecured.
Secured lines of credit require you to have some form of collateral, such as a house or a car. Unsecured credit lines do not have collateral requirements.
Borrowers who don’t have or want to risk valuable items can apply for unsecured credit lines.
What can I use an instant Line of Credit for?
An instant Line of Credit is a good financial solution for emergency expenses like:
- Medical bills
- Car repairs
- Home appliance repairs or replacements
- Higher-than-expected living expenses
But they’re not just for emergencies. A Line of Credit can also help pay for things like:
- Home improvement projects
- Appliance upgrades
- Large purchases
- Vacations
Do I qualify for an instant Line of Credit?
You may be thinking, “This sounds great, but I have some credit problems. Can I still get a Line of Credit?”
Yes! Even if your credit is fair or poor, you may still be able to open an online Line of Credit.
Many lenders will take other factors into consideration when making a decision about your application. They’ll look at things like your employment status and the amount you earn, so don’t let past credit problems discourage you from applying.
What are the benefits of an instant Line of Credit?
An instant Line of Credit offers a number of advantages that make it different from other types of personal loans. For example, you:
- Can borrow the amount of money you need, when you need it.
- Have the flexibility to repay what you borrow all at once or over time.
- Get a “reusable” loan that remains open for however long you need it.
- Can use the money however you like; there are no restrictions.
- Don’t need good credit to get approved.
Having an open Line of Credit gives you immediate access to funds, so you don’t have to spend precious time looking for a loan in an emergency, worrying about where the money will come from, or wondering how long you’ll have to wait to receive it.
A Line of Credit gives you peace of mind in knowing you’ll have funds ready to deal with whatever emergencies may arise.
How do I get an instant Line of Credit?
Does an instant Line of Credit sound like the right option for you? Here are the steps for applying:
1. Research lenders
Do online research to find out which lenders offer lines of credit. Take time to check their Google ratings and customer reviews. If other customers have been happy with their experiences, that can be a good sign.
Advance America has been a trusted lender for over 25 years. We have over 200,000 reviews on Google and a 4.8-star rating on Trustpilot (over 80,000 of them are 5 stars)!
2. Compare your options
Once you have some lenders you feel good about, look at the Line of Credit loans they offer. Compare details like interest rates, terms, fees, and whether a Line of Credit is secured or unsecured.
If you have questions about a credit line product you’re interested in, contact the lender to ask. They’ll be happy to answer your questions.
Once you’ve compared your options, choose the Line of Credit that best meets your needs and financial situation.
3. Gather the necessary documents
Now that you’ve selected the Line of Credit you want to apply for, make sure you have the documents with the information you’ll need to provide on your application.
Items you may need to provide include your:
- Driver’s license (or other form of government ID)
- Social Security number
- Pay stubs (or other proof of income)
- Checking account routing and account number
4. Fill out and submit your application
Once you’ve gathered all your personal and financial details, you’re ready to fill out an online application.
Be sure to read over your completed application carefully to make sure everything is accurate and you haven’t forgotten anything. Otherwise, there could be delays with your application decision.
When you’ve verified that your application is complete and the information is correct, submit it to the lender.
5. Wait for the approval decision
You won’t have to wait long to find out if your application has been approved. Many lenders will give you an instant decision; others may take a few minutes to let you know if you’re approved.
6. Withdraw funds as needed
If you’re approved, you can start withdrawing money as needed. Your funds are available for use shortly after you’re approved.
Should I get an instant Line of Credit?
Like any kind of loan, you should carefully consider whether it’s right for you. It may help to ask yourself the following questions:
- Will I borrow money only when I need to?
- Will I borrow only the amount of money I need?
- Can I make payments on time?
- Can I sometimes make more than the minimum payments?
If you answer “yes” to these questions, then a Line of Credit could be a very good financial option that allows you to plan ahead for emergency expenses or large purchases.
Get an instant Line of Credit with Advance America today
At Advance America, you don’t need a good credit score to be approved for an instant Line of Credit. Opening one before you need it means that when an emergency does happen, you’re not dealing with the stress of worrying about how you’ll pay for expenses.
Ready to put your financial plan in place? Visit Advance America to get started with your credit line application.
