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What is a Credit Line

The plastic card as in the today’s world is meant to be definitive convenience. The main advantage of a credit card to each customer is handiness. Compared to debit cards and checks, a credit card allows diminutive short-term loans to be swiftly made to a client who need not calculate the credit remaining before every transaction, provided the total charges do not surpass the maximum credit line for the card.

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Do You Know Credit Line Uses?

Credit line commonly known as the ‘credit limit’ is an available sum of money that you can borrow. What is a credit line used for? A person can get a credit line for personal or business spending and just about all consumer needs.

Instead of scrounging a definite amount of money and paying it back over time, the bank allows you to borrow any amount you need, up to the level of your credit limit, whenever you need it.

In other words, Credit lines may also be taken as "overdraft lines," since they are used to fund overdrafts from business cash flow.

Going For a Loan or a Credit Line

In contrast, the credit line to a loan, where you borrow a fixed and specific amount of money and start paying back the loan with each payment, whereas, the loan needs to be paid in full and on time whenever borrowed.

Many financial institutions and card issuers or Banks offer lines of credit, which costs considerably less than credit cards when it comes to interest rates.

Are Credit Line Good For Us?

Credit lines are good and convenient because they’re flexible. You don’t have to apply for a new loan each time you need money. As an alternative, you get a credit line that allows you to borrow money as and when needed.

A bank typically charges more for a credit line than for a fixed term deposit or loan, but an individual only pays interest on the amount that has been withdrawn and not paid back. Nonetheless, Credit lines are sometimes taken as ’unsecured loans’ as opposed to mortgages and term loans, which are secured in most cases.

Credit limits are frequently determined based on evidence contained in the application of the person seeking credit, or that person's credit score or rating. 

However, a borrower's credit limit may be raised or elevated after he or she exhibits timely and full repayments with good history.  Conversely, having a high credit limit and multiple lines of credit could possibly hurt a person's overall credit rating. 

The handiness of lines of credit makes them the funding source of choice for many home-based or commercial businesses. A line of credit is also a great way to pay off high-interest credit card debts —so  just don't rack up the credit card bills, particularly until the line of credit is paid off.

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