Personal Lines of Credit

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Discover the definition of financial terms related to personal lines of credit.

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About Personal Lines of Credit

A personal line of credit is a type of loan that allows the borrower to access funds on an ongoing basis, up to a predetermined limit. Personal lines of credit are typically unsecured, meaning they are not backed by collateral, and they may have a variable interest rate. The borrower can access the funds in their line of credit by writing a check, making a withdrawal from an ATM, or using an online banking platform. Personal lines of credit can be useful for managing unexpected expenses, such as medical bills or home repairs, or for consolidating high-interest debt. The terms and fees of a personal line of credit will vary depending on the lender and the borrower's creditworthiness. It is important to carefully compare the terms of different personal lines of credit before choosing one.