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May 02, 2022

Major Types of Line of Credit

Line of credit is the pre-defined amount that you can borrow at a time from a financial institution. This limit is not defined for a single loan tenure. You can borrow the same amount again once you repay the outstanding amount first. Here are different types of line of credit which you can choose depending on your financial needs:

Personal Line of Credit

This type of line of credit covers those loans where the purpose of loan is not required to be stated. This option is acquired mostly to deal with unexpected emergency expenses.

Mortgage Line of Credit

Mortgage line of credit involves the use of collateral for loan security. You can use your home as collateral in this line of credit so that the lender has the authority to recover payments if you are not able to make timely repayments.

Unsecured Line of Credit

This line of credit does not require any collateral on the loan. Such a loan depends on the creditworthiness of the borrower. The lender has no right to claim to the borrower’s assets if the borrower defaults the loan.

Fast Cash Loans offers the best loan options to make it easier for you to deal with emergency financial situations.

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