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Line of Credit

What Is a Line of Credit?

A line of credit, we call it a Ready Line, is a flexible loan that allows you to borrow up to a certain limit. Unlike a traditional loan, you can access funds as needed, repay them, and borrow again, making it a versatile financial tool for managing cash flow, covering unexpected expenses, or funding large purchases.

Types of Lines of Credit

There are several types of lines of credit available to suit different needs. A personal line of credit is ideal for individuals needing flexible access to funds for personal expenses, such as home improvements, medical bills, education costs, and even overdraft protection for your checking account. A home equity line of credit (HELOC) is secured by the equity in your home and offers a revolving credit line with typically lower interest rates, making it suitable for major expenses like home renovations.

Benefits of a Line of Credit

Lines of credit offer several benefits, including flexibility, interest savings, and revolving credit. You can borrow only what you need, when you need it, and repay on your schedule. You pay interest only on the amount you borrow, not the entire credit limit. Additionally, a line of credit provides a financial safety net for unexpected expenses.

How to Apply

Applying for a line of credit is straightforward and easy with us. When you're ready, you can apply online

Frequently Asked Questions

While both offer revolving credit, a line of credit typically has lower interest rates compared to credit cards.

Yes, lines of credit can be used for various purposes, but it's important to use them responsibly and for financially sound reasons.

Interest is calculated based on the amount you borrow, not the total credit limit. It accrues daily and is typically charged monthly.









Woman doing home renovations

Get a HELOC for the House You Already Love.

If you have equity in your home and need funds for home repairs, renovations, a vacation, or anything else, you could use a Home Equity Line of Credit (HELOC) to make it happen!

HELOCs