Get More Financial Flexibility With A Personal Line Of Credit

Sometimes credit cards just won't cut it. Say you're planning a big event, like a wedding, and soon discover vendor after vendor doesn't accept credit cards. How can you make the purchases you need? This is where a personal line of credit comes in.

A personal line of credit is sort of like an unsecured loan. It makes getting cash advances simple, so paying for a big expense is much easier. Even without a big purchase to pay for, personal lines of credit are great for emergency funds. A smart person gets a this type of credit as soon as they're eligible for one, just so they can cover any unexpected bills that may come up.

Most major banks offer personal lines of credit. Sometimes up to $100,000 is available, though a much more rigorous review process is required for requests over $50,000. Many local credit unions will even offer this financial option to customers. To apply for a credit line, most institutions require a documentation of income, which is not something a credit card application needs.

There are some differences between a credit line and a credit card. For instance, most credit cards offer a grace period on purchases, so no interest is applied to new purchases for up to 60 days. There are no grace periods in a personal line of credit.

On the other hand, interest is only applied to the amount of money borrowed, not the entire line of credit. Credit cards will also usually limit the amount of credit available for a cash advance. Personal credit lines, however, provide 100 percent of the available limit for cash advances.

What's more, this financial account can be accessed through checks, cards, Internet transfers, local bank branches, or automated teller machines, depending on the institution. Such an option can help consolidate debts, pay education fees or medical costs, cover home improvements, or establish an emergency fund for life's unexpected events.

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