What are the types of lines of credit?
Unsecured line of credit
When a line of credit is unsecured, that means it’s not backed by collateral like a home or car. Unsecured lines of credit can be more hard to get if if you have bad credit.
Secured line of credit
A secured line of credit is one that requires collateral. Collateral could be a house, investment account, car, boat or any other asset.
Business line of credit
A business line of credit is like a personal line of credit, but for business ventures rather than personal ones. These usually have higher credit limits since business owners tend to need larger amounts of money.
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Should I Get a Personal Line of Credit or Loan?
Getting a personal line of credit or personal loan will have to determine what your financial situation is. You can learn more by visiting our personal line of credit vs personal loan page.
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