A line of credit is a great way to combine the benefits of personal loans and credit cards with far greater flexibility and control than any traditional loan options. And for people with a low CIBIL score or rejected loan applications, they may be the only option for overcoming financial obstacles.
Here are some examples of what you can you use a credit line for:
- Debt Consolidation – Consolidate high-interest debt and pay credit card bills with a low-interest line of credit.
- Home Improvement – Conduct home renovations and repairs when needed, instead of putting them off.
- Educational Expense Aids – Cover your child’s education-related expenses or even your own further study.
- Wedding Expenses – Book venues, pay vendors or keep the credit line as a backup for unplanned expenses.
- Medical Emergencies – When you need an emergency fund for unexpected medical bills, use a line of credit.
- Vacation/Travel – Pay for tickets, accommodation,and tours while planning a dream vacation or weekend getaway.
- Major Purchases – Buy digital (laptops, smartphones, cameras, smart watches, etc.) or non-digital items (home appliances, furniture, used vehicles, etc.) on EMI.
- Other – You can use a personal line of credit for any reason and don’t need to disclose it to anyone!
Here’s why you should use MoneyTap’s app-based credit line for the above:
- Versatility – This low-cost consumer durable loan is designed to suit various financial requirements. Whether you’re seeking funds for short-term needs, ongoing expenses, or unforeseen emergencies in the future, you get instant credit at competitive rates.
- Flexibility – Unlike traditional loans, the MoneyTap credit line allows you to make repayments on your own terms. Pay in installments, make additional payments or repay the complete amount in advance without incurring early closure fees or penalties.
- Affordability – Opting for a line of credit instead of a personal loan can help you save money since you only pay interest on what you use rather than the entire approved limit. Interest rates for cash withdrawals are also lower than most credit cards.
- Convenience – You can decide the repayment term and frequency based on your own needs and abilities, and extend or reduce the repayment period according to your financial situation. Repayments also recharge the available credit for later use.
- Control – You only pay interest when you make a withdrawal from the line of credit or purchases with the credit card, and then only on the amount used. This helps you plan your expenses better, keep track of your spending, and stick to a budget. An instant loan from MoneyTap can prove to be a blessing in times of need, especially if you don’t have access to other forms of credit. Download their salary advance loan android app or iOS app now and get approved in less than 4-minutes.
- Freedom – Even if you are approved for a high credit limit, you have the freedom to use only as much as you need. This allows you to apply for a higher amount as a safety net for unexpected expenses, without any pressure to withdraw it all at once.