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Bank Line of Credit

A bank line of credit is usually open-ended and thus differs from traditional loans and credit cards. People who choose this type of loan many times need increased flexibility that the open-ended status provides. Once a line of credit is approved, a pre-set limit is established. Bank lines of credit can range anywhere from $1,000 to $100,000 depending on your credit history, employment status and other strict guidelines.

Personal lines of credit through banks usually follow a quick approval process. This line of credit is available to existing customers of the respective bank. To obtain an unsecured line of credit, banks usually require that you have a strong credit standing otherwise, a secure loan is required. A minimum income should range from $10,000 to $40,000.

A bank line of credit is generally used for businesses although personal lines of credit are issued to customers for personal use. A personal line of credit can operate on a revolving basis with limits from $2,500 to $50,000, which allows you to draw from you line of credit when you want and use the loan for a number of needs. Some people take out bank lines of credit to have the security of a cash reserve for emergency or non-emergency circumstances. Uses for this type of personal line of credit differ from financing major purchases and consolidating higher interest bills to taking a honeymoon.

Depending on which bank you obtain your line of credit from, the interest rate might differ slightly. Most banks use the interest rate determined by the Wall Street Journal Prime Index. Washington Mutual has a monthly payment of the greater of 2.5% of the principal balance or $50. This is a pretty standard model used by most banks.
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