How to Apply for a Line of Credit Loan
Get an instant lending decision online or in store.
Once approved, we’ll give you a credit limit.
Get your cash, up to your approved amount.
Make regular payments over time.
As you make payments, withdraw cash up to your limit.
How Does a Line of Credit Compare to a Payday Loan?
A line of credit gives you more flexible options than other short-term credit products, such as payday loans. Let’s compare. A payday loan is a short term loan that offers you cash that is typically scheduled to be paid back in full on your next pay day, along with a flat fee. A line of credit loan allows you to make monthly payments and not pay off the full loan at one time. A line of credit allows you to pay down your loan, and then access more cash - up to your credit limit - at any time. Whereas with a payday loan, if you need more cash, you have to apply for a new loan.
|Line of Credit Loans||Payday Loans|
|Repayment Terms||There are several repayment options to choose from, including making minimum payments gradually over time or repaying your balance in full to reduce interest.||Payday loans are typically due to be paid in full on or around your next pay day.|
Pay daily interest for the time you use the cash. If you do not have a balance, there are no fees to keep your loan open.
View an example finance charges.
Usually you will pay a flat fee or flat percentage for the amount you borrow.
View an example fee schedule.
|Additional Cash||Apply only once and request cash advances as often as you need up to your available credit limit. As you pay down your balance, you have more credit to access.||If you need additional cash, you will have to apply for a new payday loan once your current loan is paid in full.|