Line of Credit loan

Line of Credit Loan: This is a flexible loan that allows you to have funds transferred to your cheque account when required (it often even has a cheque facility built in).

Consider this like a giant credit card; you pay it off simply by putting money into the loan and leaving it there – generally there are no set repayments - for this reason its generally not suitable for people buying their own home as usually you want to pay these off as soon as possible and it can be difficult to make progress in repaying lines of credit. That’s not to say it can’t be done – it can, but it takes more discipline and understanding.

Often there’s a higher interest rate for a line of credit as well. This type of loan might suit investors who want ready access to cash and the flexibility of a long term interest only loan.

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Two Red Shoes Copyright © 2020 All rights reserved. Call on 02 9002 0380, 0404 494 929, email us  or 'old school' fax 02 9002 0381

Jarrett Group Pty Ltd atf Jarrett Group Discretionary Trust trading as Two Red Shoes hold Australian Credit Licence No: 428614 and are members of an external dispute resolution scheme. Details of our complaint resolution process can be found here or please see our credit guide. All information contained on this site is general information only, and does not take into account your particular financial situation or needs. You should consider your personal objectives, financial situation along with the recommendations of your trusted advisors.

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