What’s a Personal Line of Credit?
Personal Lines of Credit are a lot like bank loans with a lot more flexibility involved. Just like a loan that you’d get from a bank, these loans are from major institutions that will report your activity to credit bureaus. Unlike Business Lines Of Credit, these Lines Of Credit are not meant for commercial transactions. With lines of credit of any kind, you basically get money in the form of a credit card that is used as needed. Then, when you spend money, you can either pay it back immediately or pay it back over time.
How much can I receive?
We can get you anywhere from $5,000 to $25,000 depending on a number of factors. This is done through obtaining 6 to 8 different lines of credit.
How do you determine how much I get?
We go through different lenders to try to get you as much money as possible. Things that can influence how much you receive can include your credit score and your income.
What kind of credit score do I need?
You need at least a 720, and you cannot have any derogatory marks in order to qualify.
I don’t have a good credit score. What can I do? We offer a great Personal Credit Repair Program that you can use. Check it out!
How much does it cost to get these Personal Lines Of Credit?
We charge a $1000 deposit for all the credit lines you get, as well as a small percentage of the lines of credit that you receive.
How much would the monthly payments be on these credit lines?
It all depends on you. All lenders will have a monthly minimum, but you can pay more than that if you so choose.
How do I pay?
You can pay through automatic payments, through mail, or through phone calls.
So, my credit score is perfect. Why do I need your help?
Most people who decide to apply for lines of credit on their own will only get 3 to 4 different ones. This means less money for you, and less success.
Can I use this form of funding to pay off loans that have higher interest rates?
Absolutely. In fact, it’s one of the more common uses for debt consolidation.
Can I withdraw cash from a line of credit?
Yes, and there are even ways to do it via ATM. There are limits to how much you can withdraw, though. These limits vary from lender to lender.
How is interest calculated?
It’s calculated on a number of factors, including the type of transaction, your credit score, and whether or not you have collateral in place. Some lines of credit also offer a good interest discount with a cosigner.
Do I need an attorney’s assistance?
It’s never harmful to speak with an attorney regarding personal and business matters, and often times, it may be the best thing you can do if you think that an attorney’s advice can help you. Although we aren’t a law firm and we cannot provide anyone with any legal advice, you are more than welcome to speak with an attorney that we use for our company. We truly want to get familiar with our clients, and help them in any way we can. Simply send an email to info@thecreditexpress.org and we’ll be sure to forward it.
Still need help? If you have a question that isn’t answered here, or if you feel like you could use advice when it comes to the best route of financing for your personal needs, we are here to help you make the best choice! You may call us at (678) 983-4555 or email: info@thecreditexpress.org. You’re also more than welcome to visit our office. Evening and weekend appointments are available.