Unsecured line of credit: An unsecured line of credit is one, which does not require any liability or equity to be put up as security for the loan. These types of loans often have higher interest rates, as there is more risk for the bank or lender who is giving you the money. These loans are smaller amounts of money with less time to repay them.
An unsecured line of credit for a credit card is when you have a certain amount of money that you can borrow on your credit card. There is a cap on this, for example $1000 and you cannot borrow more than this. However, you can take a couple of smaller loans as long as they do not add up to be more than your limit.
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An unsecured line of credit can be used for a personal loan, or towards paying off a consolidation debt. It is good for emergencies, when you need a small amount of money in a hurry. It can be arranged quickly and you can have the money in your hand within days.
Credit card debt consolidation: Unsecured loans can be used for this. Consolidation is when you put all your credit card debts under one loan. Usually it is a lower rate of interest, which makes it easier to pay off. When you just have one payment per month instead of many you will be able to handle your finances better, there is also a chance that you can pay off your debt faster.
Personal loan: this is a common form of unsecured loan. They are usually quite a small amount of money and have a fairly short time to pay them back. These loans will require that you furnish job earnings information and any personal assets you may have. Interest rates can be quite high as there is a fair bit of risk for the lending company or bank.
These lines of credit can only be issued, usually, if you have a good credit score and a steady job for at least a year. This reduces the risk for the lender. If your credit remains good or improves, you can sometimes increase your line of credit on your credit card. This will give you more flexibility. The more often you pay back the loan the better your credit will be and the more you can increase your line of credit with the credit card company.
Unsecured loans are quick and convenient and can be used for most emergencies. They are also useful for establishing and reestablishing credit lines and improving your credit score. Once you do this you can borrow more and get a more flexible loans. These are good loans to have and because of their small amount they are easier to pay back.
You can check with your credit card company whether you are eligible for an unsecured line of credit against your card. It is always a useful thing to have, as you never know when an emergency will come up.
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