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Author: admin | Category: Auto Rate Calculator | Date: 24.03.2016

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Your local bank or mortgage lender may be able to offer you a line of credit, though it’s not always advertised. In times of financial hardship or emergency situations, you may need assistance in paying the bills and filling in the financial gaps. If you want a smarter loan option, consider the lesser-used line of credit, which has some great benefits for consumers. A line of credit, or LOC, is a type of loan that banks extend allowing you to borrow, or draw down, money for a particular purpose. If you’re self-employed with cash-flow problems, or want to start a business but don’t have the collateral for inventory, you may want to think about a line of credit to give you the leverage you need.
A line of credit differs from a traditional loan, where you receive an influx of cash and immediately start making payments on the balance. If your line of credit is for $10,000 and you don’t withdraw any money, you won’t have to pay any interest.
A line of credit works in a similar way to a credit card, in that you have the freedom to use the funds when it best suits you. In addition, a line of credit usually comes with a much higher account limit for spending, whereas a credit card’s limit is much lower. You will also receive a monthly statement showing your balance, your minimum payment due, and summary of interest and fees. There are many different reasons why you may want to apply for a LOC, depending on where you are financially. In many cases, a line of credit is a much cheaper option than applying for a personal loan or using a credit card for large purchases. Secured: A secured LOC is backed by collateral, such as a home, vehicle, boat, or other valuable asset you own. Unsecured: This is not backed by collateral, making it a bit more difficult to apply for, as it has higher interest rates to account for the greater risk. Now that you understand the types of LOCs available, you can determine the best category based on why you need the money. If it’s attached to your personal property, making it a secured loan, the interest and fees will be quite a bit lower. You can apply for a personal LOC at the same institution where you have a checking account (in fact, the account is usually required), where you can then make regular transfers into your account, or even write checks for purchases directly from the line of credit.
For the most part, you are free to use the money how you choose, but since your assets are held as collateral, they may be seized in the event you can’t pay off the balance in time. As mentioned above, a HELOC allows you access to the funds for home improvement projects, or repairs and emergency fixes. A home equity line of credit can be applied for with your mortgage lender, or other financial institution, and comes with a set timeline for when you can withdraw the money. If your business is just starting out, you may want to use a business LOC to create more consistent cash flow to tackle those unpredictable costs.
When applying for any type of line of credit, lenders will look to see how creditworthy you are, which is proven by your ability to repay the loan and your credit score. If you have a good credit score, your interest rate will be much lower, and your borrowing limit will be much higher. Before heading to your bank, you need to know what your overall credit history looks like so you can be prepared. Beware that financial institutions will likely look at your income, where you live, and what kind of job you have, along with any other factors that could benefit (or deter) you from being approved for the loan.
Make sure you check all these off before applying, and that you have your financial paperwork in order.


With a HELOC, your limit is based on a calculation involving the market value of your home. In other words, take what your house is worth, multiply that by about 80%, subtract what you still owe, and you’ll likely qualify for that amount. If you decide you don’t want a line of credit after applying for a HELOC account, the federal Truth in Lending Act allows you to change your mind up to three days after you set it up. Depending on the agreement signed with your financial institution, you may be required to pay back the balance of the line of credit at any time the bank chooses. It’s important to budget your funds to cover any annual lump-sum payments, and to not use more credit than is absolutely necessary. Taking out a line of credit can be a smart move in order to recover from a financial hardship, or to start a business, or invest in an upcoming opportunity. A car dealer may only provide you with the total price and monthly payment for your new car, but a loan calculator can allow you to determine the actual interest rate for your loan.Who Establishes the Interest Rates of Loans? But those generally come with a high price, and keep you in debt much longer than you’d like due to the outrageous interest rates and fees. Banks don’t usually advertise lines of credit, but they can be a much more budget-friendly solution than the high interest rates that come with a credit card. For instance, home equity lines of credit (HELOC) are usually used for remodeling your residence. The only advantage to a LOC versus a credit card, though, is that the interest rate is usually considerably lower.
As long as you draw down the funds, you’ll be required to repay the money each month, as agreed upon with your financial institution.
It can be used to help bridge the financial gap, pay for an emergency, or even fund your child’s college education.
This type of loan usually comes with a much lower interest rate, since it’s less of a risk for the lender. If it’s not backed by any sort of collateral, making it an unsecured loan, you’ll like pay a much higher interest rate.
It’s usually backed by your home’s value and therefore considered a secured line of credit. This type of loan is designed to fund short-term finance needs, like purchasing inventory, paying operating expenses, or buying new equipment. A business line of credit is usually secured by assets owned by the business, such as inventory or equipment. You’ll want to check your report with all three of the most popular credit bureaus when possible (since you don’t which one a particular bank will be looking at): Experian, TransUnion, and Equifax. So you’ll need copies of past tax returns, employer information, investments, and bank statements when applying. Do research and check the rates and terms with other lenders so you can get the best deal possible. Subtracting what you still owe on your mortgage from about 75% to 80% of the market value of your home will determine your limit. And if you don’t feel comfortable with taking out a personal or business LOC, then don’t push the issue. In some instances, you’ll need to bring the balance of the LOC account to zero at the end of each year. When a bank “calls” your loan, this means your full balance is due and your line of credit will be reduced. So be cautious when taking down money from a line of credit, as you want to keep a manageable balance that you can pay back relatively quickly. However, the rankings and listings of our reviews, tools and all other content are based on objective analysis.


Because of this, HELOCs generally have very low interest rates since there’s less risk to the lender. Can you get approved for a higher LOC balance at your local bank, versus going to a new one? For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure.
You’ll want to print this report to take along with you when applying for a line of credit. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. On the other hand, if there’s too much cash in supply, the prices can increase too quickly.For this reason, central banks establish interest rates as a way to better manage price movements.
Borrowing money with high interest rates costs more money overall, therefore the economy tends to slow down and prices drop.
Also, higher interest rates make people want to deposit their cash in banks, which in turn reduces the amount of available money.
It’s easier to get credit and make monthly payments with lower interest rates, but also serves to encourage economic growth in the end.
In general, central banks lend money out to commercial banks at a predetermined rate that the board thinks will keep prices more stable.How Banks Determine Interest Rates Most commercial banks primarily base their own interest rates off of those the central bank uses, while adding a profit margin for themselves. Even though banks can charge whatever rates they like, banks that are competing for your business pay close attention to what other banks are doing in terms of loaning out money. This rate is important since banks use it across the board in order to borrow money from the Federal Reserve. A prime rate is a special rate that banks often use regarding the ideal banking customer that has a strong payment history and credit score. Other factors that banks take into consideration include the level of inflation, the loan market trends across the country, and the level of stock market trading.
All of these factors are crucial to the livelihood of the economy.Many kinds of loans tend to base their interest rates according to a certain indicator. For example, mortgages get their base rate from the primary interest that’s charged on Treasury bills, which are government-based securities the government auctions off in order to get revenue.Banks decide how much money to charge their customers based on a few fundamental aspects. For starters, the bank takes into account the overall expense that the bank incurs in order to raise the funds to lend out, whether these funds are obtained via certain channels or customer deposits. Next, the bank considers how much it will cost to process the loan, including payment and application processing, in addition to a percentage of all their operating costs as well.
Also, the bank will determine a profit margin based on each loan that will give the bank a decent return.How to Get the Ideal Interest Rate Without a doubt, the best way to get a great interest rate is to maintain a good credit score. For instance, put up significant collateral in order to obtain a substantial down payment or loan. Also, you can decrease a loan rate by utilizing several services, such as savings, checking, mortgages, or brokerage from the same bank in order to receive a discount. You can often negotiate for better loan terms if the economy is somewhat slow.No matter where or how you get your loan, be very aware of the interest rate of the loan and check it with the use of a convenient loan calculator for best results. She is a contributing writer to this and other blogs and also writes email newsletter articles, press releases and web content. Prior to her writing career, Natalie worked in various fields including real estate, equipment leasing and banking.
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