LendNation
What Can I Use A Line of Credit For?
Life can get hectic, and LendNation understands that it’s not always possible to have the funds you need when you need them. Whether you are currently experiencing a shortage of cash, trying to make sure your finances are organized, or making sure you have enough money for the next time you have an emergency, you would benefit from learning more about how to apply for and get a line of credit. As you will see, there are many reasons why you might enjoy the security that a line of credit can provide.
Read on to learn more about LendNation’s line of credit solutions, benefits, everyday uses, and how to apply for one today.
What is a Personal Line of Credit?
To put it simply, a personal line of credit is a set amount of money that a lender will allow you to borrow. Once approved for a line of credit, this option is like having cash on standby. You can borrow as much or as little as needed and after paying it back, that amount will be available again when needed. The borrowing limit is based on certain criteria that can typically include credit score, employment, and other factors. Line of credit availability is based upon your state and location, as well.
How Does a Line of Credit Work?
Many borrowers enjoy having a line of credit because it is an easy, flexible way to borrow. Unlike traditional loans, a line of credit works on revolving credit. Basically, this means that you can borrow against your approved amount as many times as you need, as long as you stay under your approved limit. With an installment loan or payday loan, you would receive a set amount of money, and pay it back on a set schedule. But then once you paid that amount back, you would have to reapply the next time you needed cash.
A line of credit also allows you to pay off your balance all at once, or over time. As long as you make the minimum payments and stay under your balance, you will always have cash readily available when you need it.
Everyday Uses of a Line of Credit
If you are thinking about taking out a line of credit and wondering what a line of credit can be used for, there are countless reasons why you might find peace of mind by having one available for when you need quick access to cash.
Here are five top reasons you may need extra cash:
- Emergency funds. You never know when the unexpected is going to happen. Whether it’s a home expense, car repair, or medical emergency, it’s nice to know you have an emergency amount of cash you can access quickly, if needed.
- Home maintenance or repairs. Owning a home can be expensive and sometimes an emergency repair is unavoidable. Whether you are looking to pay for a repair or looking to upgrade appliances, you may need some extra cash to get through. A line of credit may be a smart option in order to have cash available if and when you need it.
- Bridging the gap between paychecks. Sometimes life happens and you just need more money than you expected to get you to your next paycheck. Whether you have just started a new job and have an unexpected gap between paychecks, or you had a more costly month than expected, accessing your line of credit could help ease the stress of waiting for your next paycheck.
- Seasonal expenses. There are typically two times a year when people find themselves looking at seasonal expenses: the holiday season during the winter months, and the vacation season during the summer. Sometimes, it’s impossible to keep up with seasonal expenses and you just need extra cash to get through.
- Tuition & school supplies. Whether you are looking to start school, continue your education, or have kids starting school back up, school-related expenses can be overwhelming. If the unexpected costs of school are putting a crimp in your finances, a line of credit could potentially bridge the gap in needed funds.
Life can be unpredictable. So why not make sure you’re ready to respond, no matter what comes your way, with a LendNation line of credit!
Benefits of Using a Line of Credit from LendNation
There are several reasons why borrowers enjoy working with LendNation. We do everything we can to offer high-quality financial services and customer service to set us apart from other lenders.
Here are the top benefits of working with LendNation for short-term loans and line of credit funding:
- Flexible & convenient—this option gives you the convenience of having money readily available without having to go through the application process every time. From the amount you borrow to your repayment options, LendNation’s lines of credit work for you.
- Quickly access your funds when needed—no waiting days or longer to receive approval and get your cash.
- A way to build credit history and higher score—this can be the first step toward creating a credit history that could help with approvals on a home purchase or auto loan down the road.
- Competitive interest rates compared to credit cards—this could result in hundreds of dollars in savings over the timeline of repayment.
With LendNation, you can find out quickly if you are approved for a line of credit or other type of short-term loan. Once approved, you can typically have your cash in your bank account within thirty minutes. We also take a personal approach to line of credit and short-term lending. We will patiently answer your questions and make sure you understand your options, the terms of your loan, and anything else that might factor into your decision.
How to Apply for a Line of Credit?
LendNation tries to make it as simple as possible to apply for a line of credit or one of our short-term loan services.
To help you prepare, here is a quick list of what you need to start your application for a line of credit with us:
- Current US-issued photo ID
- Proof of income
- Bank statement from within last 30 days
- An active checking account
- Current phone number
Get a line of credit loan today – Apply online or in-store
Why Choose LendNation?
LendNation distinguishes itself by making a commitment to deliver fast, reliable, and accessible loan services. We focus on meeting customer needs, especially during financial challenges. We strive to be your trusted partner when you need financial support the most.
Start your online application for a line of credit today!
Resources:
- https://www.lendnation.com/services/line-of-credit/
- https://www.lendnation.com/resources/wiki/line-of-credit/
- https://www.lendnation.com/resources/wiki/credit-score/
- https://www.lendnation.com/resources/wiki/credit-utilization/
- https://www.lendnation.com/blog/article/what-is-a-line-of-credit/
- https://www.lendnation.com/blog/article/are-online-loans-safe/
- https://www.lendnation.com/services/line-of-credit/is-a-line-of-credit-a-payday-loan/
- https://www.lendnation.com/location/index.html
- https://www.lendnation.com/state-selector
- https://www.lendnation.com/apply/