Both individuals and businesses at some point or another could use a little extra funding. Whether it is to take that long-desired vacation or to hire that lawyer to sort out the legal nitty-gritty of your business, having extra cash on hand can prove useful. A line of credit is one of the most convenient and flexible ways of acquiring extra funds.
A line of credit involves an arrangement where a lending agency like &Solved reserves an amount of money for you that you can draw upon as and when required. The amount is fixed depending on various criteria like credit scores, loan history, income and so on. The applicant can withdraw only the required fund when they are required between the set minimum and maximum limits.
Interest is charged only on the amount that has been withdrawn. The withdrawn funds along with interest will need to be paid back within a pre-set duration of time. The funds from a line of credit can be used for whatever the recipient needs them for. There are two main types of lines of credit which include secured line of credit and unsecured line of credit.
An unsecured line of credit does not require any form of collateral when you are applying for it. A line of credit unsecured is of high risk to the lending agency. If you are unable to pay back the borrowed amount, the lender has nothing of yours that they can claim to make up their losses. For this reason, the maximum amount allocated for an unsecured line of credit is lower than that of a secured line of credit. The amount is also significantly lower than that of a loan.
The main advantage of applying for an unsecured line of credit is that you can get the extra funds even if you don’t have assets of great value. You will, however, have to meet certain criteria of the lending agency to be eligible for an unsecured line of credit. This type of credit is a good idea when you are in need of a moderate amount of funding at the earliest.
&Solved Line of Credit
&Solved offers an unsecured line of credit which is of low risk to you and with no hidden costs. For all your business or personal projects that need funds up to $30,000, &Solved’s unsecured line of credit is one of the most versatile loan alternatives. As long as you have all your paperwork in place and satisfy all our requirements, you can have your extra funds on reserve in a matter of just a few days. Contact us to know more.
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