Personal Line of Credit (PLOC): An unsecured credit line which requires no collateral down. PLOC’s typically have higher interest rates and lower limits than HELOC’s. Home Equity Lines of Credit (HELOC): A secured line with your home being used as collateral. A line of credit is a type of loan that lets you borrow money up to a pre-set limit. You don't have to use the funds for a specific purpose. You can use as little or as much of the funds as you like, up to a specified maximum. You can pay back the money you owe at any time. Elastic offers a line of credit that could be a cheaper alternative to a high-cost payday loan if you use it wisely. While your credit line is limited to anywhere from $500 to $4,500, that's not necessarily a bad thing. It can help you pay for short-term expenses without racking up thousands of dollars in excess debt. A line of credit is an open-end financial product that lets you borrow up to a predetermined credit limit and repay based on what you borrowed. As you repay, your credit becomes available again, letting you borrow as needed. Some common features of a line of credit include: You may borrow money up to your available credit limit. When not to use a line of credit. If you know you can’t afford payments or your income is unstable, a line of credit might not be a good choice. If you default on payments, your credit will most likely suffer. What’s more, on a secured line of credit, the lender may take possession of the collateral. A line of credit (LOC) is an arrangement between a financial institution, usually a bank, and a customer that establishes the maximum amount a customer can borrow. Get Approved today and use your equity in your home to get a secured line of credit or what is also called a HELOC! With a Home Equity Line of Credit or HELOC, equity can be released to be used for any purpose and is usually a minimum interest-only payment option. A HELOC is attached to a chequing account and simple to use. A no doc business line of credit is one of most accessible sources of funding for startup entrepreneurs and micro-enterprises. It works for nearly any business. For new and growing businesses, it can be a lifesaver. During those times, it’s a challenge for lending institutions to take a risk. Easiest busnerss line of credit to get is here. No credit Check. Get qualified in 3 minutes. Funded in 1 day. (317) 589-0118 for business loan advice. Personal Line of Credit Loans What is a Personal Line of Credit Loan. A personal line of credit loan is a loan from $500 to $25,000 that you apply for here online. A personal line of credit loan is like an installment loan in that you make regular installment payments on the loan.