Unlike the usual credit that has a certain moment when the client accesses his loan, credit line consists in a reestablished sum of money that can be divided in smaller amounts thus obtaining a number of loans without re-applying each time. The rule of thumb is not to exceed the initial limit. This is used for larger amounts because usually in larger projects you don’t need all your money at once. You can access a personal credit line with an online bank too. Limit is usually at $50,000 and you can access them whenever and wherever you want. Credit line has other advantages as well, for example competitive interest rates. If you pay back one of the personal credits used, the credit becomes available again.

The procedure is simple: you write a Line of Credit cheque, make the cash withdrawals at a bank, and add your Line of Credit to your card, so you can use it with automated banking machines worldwide. You can also transfer using telephone or internet banking. Monthly payment can be chose from 3$ to $50, whichever is greater. You only pay interest when the Line of Credit is secured with the equity in your home. There is also a Fixed Rate Advantage Option you can access any time, to lock in a part of your balance with fixed payments and a fixed interest rate. You can also make a Line of Credit Illness or Life Insurance that helps your family and estate. The insurance can be suited for your needs, based on your average daily credit line balance.