Credit Lines
Have you ever dreamed of being your own "banker"? Have you dreamed
of having money available to you whenever you need it? A line of credit
can make this dream a reality.
A credit line (or line of credit) provides you with funds that you
can use for just about any purpose.
A credit line differs from a loan in that you are approved for an
amount (called a credit limit) - but you can access that limit anytime.
Each month you are only obligated to repay the interest owed, if
any, that has accumulated. You may pay off the principal in full,
without penalty, at any time.
A line of credit can be a great tool to use to consolidate debt and
make your credit obligations less expensive and easier to manage.
An unsecured line of credit is a simple loan without collateral security.
A secured line of credit uses collateral as security, thereby securing
you a lower interest rate.
A home equity line of credit or MeritLine™ allows you to use
the equity in your home to secure our most affordable line of credit.
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