Why to use Credit Line?

In this section of the manual, you will know what credit line can be used for.

Credit line can be used for Individual/Personal and Business Credit Lines.

An unsecured personal line of credit is a revolving credit account which allows you to draw funds up to a limit. It’s similar to a personal credit card because it allows you to borrow funds as needed, without having to take the full amount in one lump-sum payment. They’re useful for long-term projects with variable costs or for borrowers with irregular income streams.

A business line of credit is a flexible form of financing that businesses can access as needed. A line of credit is usually revolving, meaning that you can tap into it again and again (as long as you haven’t hit your credit limit).

Once you secure your line of credit, you will need to pay back the amount you draw on (plus interest) within a predetermined repayment period. You could also pay back the amount immediately to save on interest.

Benefits of using Credit Line:

A line of credit offers clear benefits that every business should take advantage of. Before you actually obtain a line of credit, compare your options to make sure you get the best deal.

Also, analyze your company’s current financial situation and long-term goals. A line of credit in combination with long-term funding can ensure your capital needs are met and help you work toward big-picture goals.