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Be Prepared – Get a Line of Credit

23 April 2016 No Comment

cash-1169650_640Barring superheroes with the ability to see far into the future, no one can predict when a car might break down, when a fridge will require repairs, or when a cold will turn into the flu and require and a round of antibiotics. If you, like the rest of the world, are waiting on your superpowers to kick in, you might not be able to foresee when extra cash will be needed to cover sudden expenses; but you can get through your financially fraught times with a line of credit. Online lenders offer reliable, fast-acting loans that help you be prepared, even if you can’t see the future.

A personal line of credit is a simple way of borrowing the cash you need to cover those sorts of things you didn’t expect to have to pay for, like essential renovations or car repairs. How you use your line of credit is up to your discretion. You can apply for the line of credit knowing you’ll use it as soon you have access to it; or you may choose to apply for a line of credit in the knowledge of one day needing its assistance, and you’ll sit on the borrowed money until that emergency (whatever it is) occurs. However, if you do end up using it, your line of credit is more than just a loan; it’s a sense of security during a financially difficult time in your life. You’ll never have to stress over how you’ll cover a non-reoccurring, emergency bill again because your line of credit can help cover it.

For many reasons, the best options for a personal line of credit are through online lenders. These lenders don’t require lengthy financial interviews to qualify your application, nor do they need you to provide collateral should you be approved. That means even those people with poor credit can apply. Their applications are simple and straight forward, and they require only that you supply a valid email address and proof that you have a regular source of income and a valid bank account.

When applying with a direct lender, this information is used to create your financial profile and is never circulated or “shopped around” to other companies. It’s typically used by the lender you applied with to determine if you’re a suitable candidate for a line of credit. Throughout the qualification, approval, and repayment process, your financial data is protected by state-of-the-art firewalls and other online security measures to keep your information safe.

If approved, an online lender will normally start you with a credit limit of $1,000. To ensure the limit of your loan and its associated fees, rates, and conditions are to your advantage, it’s important to confirm the online lender you’ve chosen abides by local state laws. This information shouldn’t be hard to find. In fact, it should be as easy as checking out the online lender’s homepage. If you can’t see that an online lender is state licensed, then it’s time to exit the window and find another lender.

Eventually, you’ll find a lender that’s state licensed and offers amazing personal lines of credit. You might not have superpowers, but, once approved, you’ll have the next best thing: you’ll have the flexibility and security to cover even your most unexpected bills, repairs, and renovations.

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