Online Line of Credit


Whenever you apply for a loan, you have to go through a whole application process every time you need a little extra cash. But with an online line of credit, the money you need can be available anytime. After you’ve applied and been approved, you can withdraw however much you need up to your maximum amount of credit.

Traditional loans require fixed payment amounts that—once paid back—close out the loan entirely. A line of credit is different; you can borrow money in increments and pay it back, borrowing again and again (and paying back again and again) as long as the line of credit stays open.

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Online lines of credit or lines of credit through banks or other money lenders are most commonly used in the following scenarios:

  • Business Settings: Many businesses find it very useful to have an open line of credit readily available for use. This is because lines of credit provide greater control for the money in question—businesses can use it for whatever they want, such as operating costs, handling emergencies, taking advantage of opportunities, covering gaps in cash flow, etc. This flexibility is really useful. It’s also easier to get approval for a line of credit.
  • Personal Financing: A line of credit can also be very useful for personal finances. Lines of credit remain open for use, so even if you’re not sure when/if you’ll need the money, it’s always on hand, just in case.
  • Build Up Good Credit: If you can get approved for a line of credit and not borrow the entire amount on that line, you can improve your credit score. This is possible because you’ll be lowering your credit utilization score, which often results in a lower credit score in general.
Money Stash - From $100 to $1,250


Can I get a line of credit with bad credit?

It’s usually pretty difficult to qualify for an online line of credit when you have bad credit. However, there are types of lines of credit known as “bad-credit” lines of credit, which you might qualify for. In general, it’s advisable to look at all your loan options to see which ones you can get and which ones will get you the best deals on interest.

What is a good credit score for a line of credit?

Each lender—whether for an online line of credit or through a bank or credit union—is going to have different standards when it comes to the credit score they’d prefer to see. Shop around a bit before deciding which offer to take. Higher is always going to be better. And, in general, be aware that lenders offering lines of credit like to see a credit score of 680 or higher.

What does a $300 credit line mean?

Having a $300 credit line means that you don’t have a set income of your own and might also have poor or bad credit. You’ll need to stick in the $50-$100 spending range if you decide to use your $300 credit line. As you continue to pay off your credit card bills or other loans consistently, your credit score will improve and you’ll likely have a higher credit line.

Can you get a line of credit without a job?

Only people with some source of income are approved for lines of credit, so it is still possible, though difficult, without that income coming from a job. If you already have a card and lose your job, you’ll still be able to access your line of credit. However, if you try to apply for a greater line of credit, you could be denied.

How long does a line of credit last?

A line of credit will typically last about 10 years. Your online line of credit will have a draw period and a repayment period. The 10 years or any other number of years agreed upon will be the draw period. Following the amount of time you have to borrow and use the money, you’ll have the repayment period—a set amount of time for you to pay back what you borrowed plus interest.

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