Unsecured Personal Line of Credit
Do you
have bad credit or no credit at all? Unsecured personal
lines of credit offered by many banks help you in
re-building your poor credit. These banks offer credit
limits ranging from $1,000 to $50,000 even if you have
poor credit or no credit at all. Unsecured credit line
helps you to manage your cash flow during business
fluctuations. They allow you to borrow funds for
purchasing equipment, remodeling, or expanding your
business premises as well as personal expenses.
Some of the benefits of unsecured personal
lines of credit are:
- Minimum
payments of interest
- Competitive
interest rates are offered
- Minimum
annual fee
Some of the other major advantages of unsecured
personal lines of credit are as follows
No long delay
Approval for unsecured credit cards is easy and quick.
Generally you would get approved within a day no matter
how poor you credit history is. Many unsecured credit
lines are pre-approved.
No hassles
You
receive checks that allow you to make draws on your line
whenever you want. Your credit line checks give you the
ability to use your credit line whenever you need it.
No sky-high interest rates * Read terms and
agreement
Banks offers very
competitive rates, which are generally based on the Wall
Street Journal Prime Rate. You only pay
interest on what you actually draw down on your line. Your
rate is also based on the movement of the Wall
Street Journal Prime Rate, allowing your
borrowing costs to always be competitive.
No collateral needed
You are not
required to pledge any collateral as these are unsecured
credit lines. Banks can do this by evaluating your
personal situation as a principal and a guarantor of the
Line of Credit.
No bills to mail - * read terms and agreement
Repayment of your Line of Credit is easy too. Through
automatic deduction to your Checking Account, you can
enjoy the convenience of knowing that your payment has
been made on time and not too early and not too late.
Every month, the
bank would send you a statement that shows your account
status and the payment due. Such Line of Credit is
flexible too. Generally, you are only needed to repay the
amount of interest that is due for that month.
Interest-only repayment enables you to decide how much of
the outstanding balance you want to repay at any given
time.
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