There are times when emergencies occur and immediate cash is needed, but most people don’t have excess funds for the unexpected. Some vendors and retailers don’t accept credit cards but only cash or check. When you’re planning a wedding, you don’t want to miss out on the venue of your dreams because they won’t take a credit card. In those times you need an easy way to make payments without taking out a huge loan. At Insouth Bank we offer an array of credit options, one being a Personal Line of Credit. A Personal Line of Credit is perfect for emergencies and unexpected needs.
As an unsecured, revolving line of credit, Personal Lines of Credit differ from a Personal Loan. It’s a great option for making large purchases like college tuition or weddings. Unlike a Personal Loan, it’s not a lump sum loan but an account that can be drawn from at any time. Let’s say you open a loan account for $5,000 but only take out $1,000. You’ll only pay interest on the $1,000. The interest does not begin to accrue until money is withdrawn and it’s only applied to the amount withdrawn. You can use as much or as little of the loan as you need. Should you use it all, once the money is paid back fully, it can be withdrawn again when needed.
In order to obtain this type of loan, an application must be filled out and a credit check performed. The amount of money made available will be determined by these two factors. Contact us today if you think a Personal Line of Credit is right for you!
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