They say that money can’t buy happiness, but whoever “they” are probably never had to worry about money. Not having to fret about how you’ll pay for things certainly takes a weight off. When you have the freedom to pay off unexpected expenses without anxiety, your life runs a lot smoother. A personal line of credit is an accessible and flexible way to have the money you need for when sudden bills, weddings, check-ups, and repairs demand payment.
Some people might not the see the difference between a personal line of credit and a conventional small dollar loan. Not knowing the differences can lead these individuals to miss out on the advantages a line of credit can afford. Unlike small dollar loans that start to incur interest immediately upon issue and are expected to be paid off in full, a line of credit offers a more amenable lending alternative. Interest is only charged when you decide to use your credit, and no matter how much of the predetermined loan you use, you can pay back as little or as much of it as you like as long as you cover the minimum monthly payments.
Many families, who only need quick access to cash during certain times of the year, find this a more manageable addition to their finances than other small dollar loans. Not having to pay interest when they’re not using it is certainly one reason. Another is how easy it can be to apply. When you contact direct online lenders for your personal line of credit, you don’t have to attend long meetings that analyze your long and often sordid financial history. Instead, you can apply from the comfort of your home by filling out a quick online application. Approval is instantaneous and access to credit can arrive within one business day.
Personal lines of credit can come in all shapes and sizes, so recognizing which one is a healthy choice for your families’ financial situation is paramount to your overall financial success. Don’t settle with just any direct online lender. At the bare minimum, the organization that issues your credit should be a state licensed lender that actively practices and encourages responsible lending. When you contact direct online lenders like MoneyKey, you can relax knowing they are members of the Community Financial Service Association of America (CFSA) and the Online Lender’s Alliance (OLA), and as such, are committed to following all state rules and regulations to provide realistic lending opportunities. They will provide manageable limits to your line of credit, so you aren’t overwhelmed or tempted to overspend.
When you secure a line of credit that’s within your means, you live stress-free knowing you have the flexibility to pay for unexpected expenses that come your way. It can be your ace in the hole when you need a little extra help, which means you’re a little closer to attaining that happiness that money supposedly can’t buy.