Home » Loans » Personal » Line of Credit
What it is
A line of credit is a loan in which a borrower is approved for instant access to a certain amount of money that is kept in a line of credit bank account. Lines of credit offer flexible financing for a variety of different borrowers and are attractive to different people for different reasons. Usually lines of credit can be obtained for amounts anywhere from $5,000 to $50,000 and offer very competitive interest rates based on prime rates. The flexible options provide borrowers with total financial control.
People who obtain lines of credit for new furniture or decorating, renovating a home, buying a new car, going on a vacation, education, and many other opportunities. People with lines of credits can access their money through a line of credit check, cash withdrawals and branches or ATMs, or cash transfers via the Internet or telephone banking. Lines of credit typically have fixed payments and a fixed interest rate. Borrowers choose how much they would like to pay each month, as little as three percent or $50, whichever is cheaper. People can pay "interest only" when the line of credit is secured with the equity of a home.
Who it's for
A line of credit is for borrowers who want the ultimate in flexibility. Once a line of credit has been opened, borrowers can access the full credit limit of the loan right away. Once, the borrowers pay off the credit, they can access the full amount again. Borrowers who like easy access to their money will also want a line of credit. They can access their funds through the telephone, the Internet and ATMs.
What you need to do to apply
In order to obtain a line of credit, interested applicants will need to contact a local lending institution and inquire about the different options and rates available. Personal and financial history, including a credit report, will need to be made available to the lending institution. An appraisal of a property may be required.
Apply for a Line of Credit
Click here
to apply for a personal loan at PlanetLoan:

Popular Credit Cards
Recommended Credit Card
The The Platinum Card® from American Express is one of the most popular cards available. Your Credit Advisor recommends it as our favorite in this category.
|
|
- 25,000 Membership Rewards® points when you spend $1,000 during your first three months of Card membership
- GLOBAL Travel benefits: Priority Pass select airport club access, No Foreign Transaction Fees, Global Entry expedited U.S. immigration pass
- Up to $200 in Airline Fee Credits annually to cover incidental charges on your airline of choice, including checked-baggage fee
- 24/7 Platinum Card® Concierge service for assistance with reservations, travel, gifts, and more
- FINE HOTELS & RESORTS Program: exclusive upgrades and amenities at over 700 boutique, resort, and luxury hotels worldwide
- Apply online now at American Express's Web site.
|
| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| No Introductory Rate Available |
No APR |
Very Good |
$450 |
|
|
- 0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the APR will be 11.99%-21.99% based upon your creditworthiness.
- Extra Cash from Citi: enjoy discounts on gift cards, travel, merchandise and more
- Citi® Identity Theft Solutions
- Secure, free online account management
- No annual fee*
- Read our review or apply online now at Citibank's Web site.
|
| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| 0% Intro APR* |
11.99% - 21.99%* (Variable) |
Very Good |
$0* |
|
|
- Starpoints® Bonus: 10K with your first purchase and another 15K when you spend $5k within 6 months - enough for up to 6 free nights at a Category 1 or 2 hotel
- Free nights, free flights: Redeem Starpoints with over 350 airlines through SPG Flights and more than 1,000 hotels and resorts worldwide. No blackout dates
- 2011 SmarterTravel® Award for "Best Travel Rewards Card"
- $0 introductory annual fee for the first year, then $65
- Read our review or apply online now at American Express's Web site.
|
| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| No Introductory Rate Available |
15.24% - 19.24% variable |
None |
$65* |
|
|
- No Annual Membership Fee
- Low variable rate of 7.25%, 10.25%, or 13.25% (Prime + 4.00%, Prime + 7.00%, or Prime + 10.00%) as of 4/1/10 based on the creditworthiness. This APR will vary with the market based on the Prime Rate. (If there is an interest charge, the charge will be no less than $1.00).
- Low Introductory APR on balance transfers of 1.99% for your first 6 billing cycles, this rate will not change during the introductory period. Applies to balance transfers processed within three months of your account open date. After that, your APR will be the same as your assigned purchase rate, based on your creditworthiness.
- Online Access to Credit Card Account Information
- Apply online now at the card issuer's Web site.
|
| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| 1.99% APR for 6 Months |
7.25%, 10.25%, or 13.25%* |
None |
$0 |
|
|
- Earn 10K Membership Rewards® points, redeemable for select gift cards valued at $100, when you spend $1,000 in your first 3 months of Card membership
- Exclusive access to Gold Card Events - select concerts, shows, major sporting events, and more
- Purchase Protection covers loss, theft, and damage of eligible items within 90 days of purchase
- Redeem Membership Rewards® points for an exclusive array of travel, shopping, dining and entertainment rewards.
- Get approved in 60-seconds.
- Read our review or apply online now at American Express's Web site.
|
| Intro APR |
Regular APR |
Credit Needed |
Annual Fee |
| No Introductory Rate Available |
No APR |
Good |
$125 |