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Name: LYNN WU
If I want to try and get personal line of credit,What does it mean?
A line of credit is like a credit card. You use it when you know how you will pay it off.
It was that a line of credit was required to have collateral, like a home loan. But unlike a loan, there is no set payment plan. You are simply charged interest on the unpaid balance.
You do have to make regular payments.
A personal line of credit normally has a checking account or savings account associated with it.
A line of credit is used for very short termed loans up to the limit of the credit line. A company might use it to make payroll while waiting for receivables to come in.
Does that make sense? Your question isn't too clear. Do you mean you don't know what a line of credit is, or do you mean you don't know why you would do that?
If it's the first option - a line of credit is basically overdraft or extendible credit that a bank or finance company can give to you to use when your short some cash. You're obligated to pay it back of course, with interest.
If it's the second - then it means that you haven't figured out how to save money and find yourself constantly short of funds and always having to borrow money on credit. Not a good situation to be in, especially if you're always late on payments or getting in over your head.
