Line Of Credit
A Flexible, Low-Cost Way to Borrow Money, You could save thousands of dollars a year and easily manage your credit with Foreign Finance Bank Credit Line.
Credit Line could save your money and time, and help you easily manage your credit.
Here are some of the valuable benefits that you can enjoy:
Enjoy the convenience of a readily available source of money you can use whenever you want and for whatever you need. It’s a great option if you’re looking for flexibility.
A line of credit is basically a flexible loan from a bank or financial institution to an individual or business. As a loan, a line of credit will charge interest as soon as money is borrowed, and borrowers must be approved by the bank (and such approval is a byproduct of the borrower’s credit rating and/or relationship with the bank).
Most commonly, individual lines of credit are intended for the same basic purpose as business lines of credit – to smooth out the vagaries of variable monthly income and expenses, and/or to finance projects where it may be difficult to ascertain the amount of funds needed upfront.
Lines of credit can be useful in situations where there will be repeated cash outlays, but the amounts may not be known upfront and/or the vendors may not accept credit cards, and in situations that require large cash deposits.
Like any loan product, lines of credit are both potentially useful and potentially dangerous. If investors do tap a line of credit, that money has to be paid back (and the terms for such paybacks are spelled out at the time when the line of credit is initially granted). Accordingly, there is a credit evaluation process and would-be borrowers with poor credit will have a much harder time being approved for a line of credit.
Lines of credit are often extended by banks, financial institutions and other licensed consumer lenders to creditworthy customers (though certain special-purpose lines of credit may not have creditworthiness requirements) to address liquidity problems; such a line of credit is often called a personal line of credit. The term is also used to mean the credit limit of a customer, that is, the maximum amount of credit a customer is allowed.