What is an online line of credit loan?
It is an unsecured open line of credit and comes with credit limits. You will only be charged with interest and fees only for the amount you withdraw.
How does a line of credit compare to a payday loan?
A line of credit comes with credit limits and lets you borrow money up to your approved limit. A payday loan is a short-term loan that helps you get quick cash to cover your expenses and must be paid back by your next payday. Unlike a payday loan, an online line of credit can be a better choice as it gives you the flexibility to repay at your own pace in conveniently scheduled payments.
Line of credit vs. credit card cash advance
A personal line of credit and a credit card are both unsecured revolving credit products. A personal line of credit may have a higher annual percentage rate (APR) than a cash advance on a credit card, but you may be able to borrow a larger amount on a line of credit