With a personal loan or line of credit from U.S. Bank, you’ll get to enjoy easy access to your funds. Find the loan that’s perfect for you and apply online today. A line of credit, like a credit card, is an unsecured “revolving” credit line with a limit and a variable interest rate. It’s best-suited for ongoing expenses, such as an unpredictable home repair. Credit Union 1 has competitive rates for your new home or refinancing your existing residence including Mortgage Loans, Home Equity and Line of Credit Loans. There are plenty of general differences between loans and lines of credit. Standard loans are often given for bigger-ticket debts such as a house or car and are more likely to be secured against. A line of credit is a pool of available money that you can borrow from as you need it, something like a credit card. You have the ability to spend the money after you've been approved, but you don't actually have to borrow it or pay interest until you do access the funds. How Do Lines of Credit Work? A line of credit loan from Speedy Cash is similar to a credit card. You apply once and can draw funds as often as you need up to your credit limit. What is a credit limit? A credit limit – credit line – is the amount that you're approved to borrow. For example, if you're approved to borrow $750 then $750 is the maximum amount that you can. A Line of Credit gives you the ability to do just that without having to fill out a new loan application each time you want to make a draw. With our line of credit loans, you only need to apply for a line of credit one time and after you obtain approval, you can withdraw funds up to your available credit. A home equity line of credit, or HELOC, is a type of home equity loan that works like a credit card. You’re given a line of credit that’s available for a set time frame, usually up to 10 years.