Shopping for Personal Lines of Credit

by admin on July 5, 2011

Lines of credit come in two varieties – personal and business ones. The personal variety is intended for individual clients and goes with a set credit limit much like the credit card limit. The personal line of credit will be secured with collateral, which can be your house or other personal property. The creditor can take possession of the valuable if you default on your debt.

Various US banks offer personal lines of credit to their clients. You can check the line of credit offered by Wells Fargo, along with an array of banking products and services. You can use this product to pay your property taxes, buy big-ticket items, or consolidate high interest rate loans. This line of credit will help you balance your income and expenses and cover unplanned expenses, be it now or at some point in the future. It is a renewable source of funding, and you will have access to cash in as little as one to two working days. With Wells Fargo, you can access your credit line at a time of your convenience. You can draw funds from the line of credit and transfer them to your savings or checking account at Wells Fargo. You can do that by phone, online, or at any of the Wells Fargo stores. You won’t need collateral, and no cash advance or balance transfer fees apply, unlike other forms of credit. The minimum payments are low, and you can pay the line of credit anytime.

The U.S. Bank is another financial institution that offers personal lines of credit. You can use the money to finance your education, buy a new car, renovate your home, or just have access to cash whenever you have to cover unexpected expenses. In addition, you can consolidate high interest loans if you opt for U.S. Bank’s Premier Line Personal Line of Credit. This product is a revolving, open-end line of credit that goes with competitive interest rates, no annual fee, and generous credit limit. Funds can be advanced at no added cost over the Internet, by phone, through Bank Premier Line Access Checks, or branch teller. The low annual percentage rate applies to purchases and cash. No collateral is required to apply for this line of credit. You can access cash in as little as 2 days. Additional benefits include free account alerts and online statements, Bill Pay, and U.S. Bank internet banking. The BalanceShield Program is an optional feature which helps clients rest assured that their credit is safe.

Citibank features the Checking Plus personal line of credit which gives you access to cash whenever you need it. This is a revolving line of credit you can use on demand. You can take out a lump sum for big-ticket items or have overdraft protection for your account. The card goes with flexible terms of repayment and no application fee. When you apply for this line of credit, you can request up to $10,000. With the custom credit line, you get funds in the amount of $1,500 to $50,000.  Depending on your account balances, you may qualify for lower annual percentage rate at the time of application. There is no cash advance fee. You can access your personal line of credit by phone, online, through checks, or in the branches of Citibank. The convertibility feature is a unique option which gives you the opportunity to covert all or part of your outstanding balance at variable rate into fixed term and fixed rate payments.  No application fee applies.

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