A line of credit is a type of revolving loan that lets you borrow money up to an approved limit, repay what you use, and borrow again as long as the account remains open and in good standing. Unlike a traditional installment loan, you do not receive the full amount all at once. Instead, you use only what you need and generally pay interest on the amount you have borrowed.
At People Driven Credit Union, a line of credit may refer to a Home Equity Line of Credit, or HELOC. A HELOC uses the equity in your home to provide flexible access to funds that you can use for expenses such as home improvements, debt consolidation, unexpected costs, or other major purchases.
Because a line of credit is designed for flexibility, it can be a good option when you are not sure exactly how much you will need to borrow upfront. If you want help deciding whether a line of credit or another loan option is the better fit, contact People Driven Credit Union at 844-700-7328 or visit our HELOC page to learn more.
